Solar pump maker Oswal Pumps' Rs 890 crore IPO to open between June 13-17 to fund capex

IPO

Integrated solar pump manufacturer Oswal Pumps will open its initial public offering (IPO) for subscription on June 13, with the offer closing on June 17 as per the latest red herring prospectus filed with Sebi.

The anchor book will open on June 12, and the basis of allotment will be finalised on June 18 while refunds and credit of equity shares will be initiated on June 19.

The stock is expected to be listed on the exchanges on June 20.

The IPO comprises a fresh issue of equity shares amounting to Rs 890 crore and an offer for sale of up to 8.1 million shares by one of the promoters - Vivek Gupta - who currently holds a 25.17 percent stake in the company.

From the proceeds, Rs 89.86 crore will be allocated for capital expenditure, Rs 273 crore will be invested in subsidiary Oswal Solar to set up a new manufacturing facility in Haryana, Rs 280 crore will go towards debt repayment, and Rs 31 crore will be used to repay debt in Oswal Solar.

IIFL Capital, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management are the lead managers to the issue.

The company manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors including induction and submersible motors, as well as solar modules, all marketed under the ‘Oswal’ brand. With over 22 years of experience, it has established strong expertise in engineering, product design, manufacturing, and testing. As of December 31, 2024, Oswal Pumps had executed 38,132 turnkey solar pumping system orders under the PM Kusum Scheme across states such as Haryana, Rajasthan, Uttar Pradesh, and Maharashtra.

In the financial year 2024, the company reported a revenue of Rs 758.57 crore, up from Rs 385.04 crore in the previous year. Net profit rose to Rs 97.67 crore from Rs 34.20 crore. For the nine months ended December 2024, the company reported a revenue of Rs 1,065.67 crore and a net profit of Rs 216.71 crore. As of April 2025, total outstanding borrowings on a standalone basis stood at Rs 308.57 crore.