Oswal Pumps initial public offer (IPO) will open for public subscription on June 13. The company on Tuesday set the price band for its initial share sale at Rs 584 - 614 per share.
According to CNBC-TV-18, the investors can bid for 24 shares in one lot and its multiples thereafter. The maiden share sale by the integrated solar pump manufacturer will conclude on June 17.
The IPO comprises a fresh issue of equity shares worth Rs 890 crore and an offer for sale of 81 lakh shares by promoter Vivek Gupta, who currently holds a 25.17 percent stake in the company, added CNBC-TV-18 report.
Post-issue, the company's implied market capitalisation is expected to be in the range of Rs 6,700 crore to Rs 6,998 crore, according to the red herring prospectus.
At the upper end of the price band, Oswal Pumps’ price-to-earnings (P/E) ratio based on FY24 diluted earnings per share stands at 62.53. This is higher than the industry average P/E of 48.97, the company stated.
The company is engaged in the manufacturing of solar-powered and grid-connected submersible and monoblock pumps, electric motors, and pressure pumps.
For the financial year ended March 2024, Oswal Pumps reported a consolidated net profit of Rs 97.66 crore on revenue of Rs 759 crore.
The basis of allotment for the IPO is likely to be finalised on June 18, with the company expected to list its shares on the BSE and NSE on June 20.
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