Oswal Pumps IPO Surges: A Promising Debut in Stock Market
Oswal Pumps Ltd shares debuted with a premium of over 3% on Friday. With a valuation of Rs 7,389.73 crore, the IPO, consisting of fresh shares and an offer-for-sale, received 34.42 times subscription. Proceeds will fund company expansion, debt repayment, and investment in subsidiary Oswal Solar.
- Country:
- India
On Friday, Oswal Pumps Ltd saw its shares debut with an impressive premium exceeding 3% over the issue price of Rs 614. Initially trading at Rs 632 on the BSE, the stock climbed to Rs 646.90, reflecting a 5.35% increase.
The debut on the NSE mirrored this success, starting at Rs 634, up 3.25%. The company's market valuation has been established at Rs 7,389.73 crore following the strong demand that saw a 34.42 times subscription rate for its initial share sale.
The IPO, priced between Rs 584 and Rs 614, totalled Rs 1,387.34 crore, combining fresh shares and an offer-for-sale by promoter Vivek Gupta. Funds raised are earmarked for various purposes, including capital expenditure, setting up new manufacturing units, investment in Oswal Solar, and debt repayment.
(With inputs from agencies.)
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