Oswal Pumps' IPO Makes Big Waves in Initial Trading
Oswal Pumps launched its Rs 1,387-crore IPO, which saw 17% subscription on the first day. Funds will aid manufacturing expansion and debt reduction. The offering splits into Rs 890 crore new shares and Rs 497.34 crore for sale by the promoter. Revenue soared significantly in the fiscal year 2024.
- Country:
- India
Oswal Pumps set the financial stage ablaze on Friday by launching its Rs 1,387-crore initial public offering, receiving 17% subscription within hours. The bidding, set to end on June 17, is priced between Rs 584 and Rs 614 per share.
Backed by a fresh issue of Rs 890 crore and a promoter sell-off worth Rs 497.34 crore, the IPO aims to expand the company's manufacturing and reduce its debt. The firm, which started in 2003, has evolved into an industry leader in solar and grid-connected pump manufacturing.
In a significant financial leap, Oswal Pumps reported a 97% increase in revenue to Rs 758.6 crore. The IPO allocates half its shares for institutional investors, 35% for retail investors, and 15% for non-institutional buyers, managed by leading financial firms like IIFL Securities and Axis Capital.
(With inputs from agencies.)
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