Oswal Pumps IPO Skyrockets with 34.42x Subscription on Closing Day
The IPO of Oswal Pumps closed with significant demand, achieving a 34.42 times subscription. The size of the offering reached Rs 1,387.34 crore, combining a fresh issue and offer-for-sale. The funds raised are intended for capital expenditures, new manufacturing units, debt repayment, and investment in Oswal Solar.
- Country:
- India
The initial public offering (IPO) of Oswal Pumps witnessed overwhelming demand, achieving a 34.42 times subscription upon closing. According to the National Stock Exchange (NSE) data, the Rs 1,387.34-crore IPO attracted bids for over 55 million shares, vastly exceeding the 16 million shares initially offered.
The segment for Qualified Institutional Buyers (QIBs) led the demand with an 88.08 times subscription, while non-institutional investors showed substantial interest with a 36.70 times oversubscription. Meanwhile, the Retail Individual Investors (RIIs) portion was 3.60 times subscribed.
The offering combines a new share issue worth Rs 890 crore and an offer-for-sale by promoter Vivek Gupta valued at Rs 497.34 crore. Proceeds will fund capital expense projects, new manufacturing facilities in Karnal, Haryana, debt repayment, and investments in wholly-owned subsidiary Oswal Solar.
(With inputs from agencies.)
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