Oswal Pumps IPO Sees Robust Subscription Amidst Investor Enthusiasm
The initial public offering (IPO) of Oswal Pumps was highly subscribed at 1.61 times on its second day. Retail and non-institutional investors showed significant interest, and the company raised Rs 416.2 crore from anchor investors. The total issue size aggregates to Rs 1,387.34 crore.
- Country:
- India
The IPO of Oswal Pumps experienced strong investor demand as it reached a subscription level of 1.61 times on Monday, the second day of its bidding process. According to the NSE data, bids were received for approximately 2.61 crore shares, dwarfing the 1.62 crore shares available.
Investor interest was notably high among non-institutional investors, with a 4.50 times subscription rate, while retail investors subscribed at 1.12 times. However, the tranche for Qualified Institutional Buyers (QIBs) saw a more modest 27% subscription. Earlier, Oswal Pumps successfully raised Rs 416.2 crore from anchor investors.
The Rs 1,387.34 crore IPO includes a fresh share issue valued at Rs 890 crore and an offer-for-sale (OFS) of 81 lakh shares by promoter Vivek Gupta, priced between Rs 584 and Rs 614 per share. The funds generated will support various strategic goals, including debt reduction, capital expenditures, and creating new manufacturing facilities.
(With inputs from agencies.)
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