Oswal Pumps IPO GMP, Date, Price, Allotment Status

Oswal Pumps Limited, a leading manufacturer of solar-powered and grid-connected pumps, is launching its Initial Public Offering (IPO) on June 13, 2025. This mainboard IPO, aimed at raising approximately ₹1,387.34 crores, marks a significant step for the Karnal-based company, known for its expertise in low-speed monoblock pumps and turnkey solar pumping systems. 

This article overviews the Oswal Pumps IPO, including grey market premium (GMP), key dates, price band, allotment details, financial performance, and investment considerations.

Oswal Pumps IPO Details

The Oswal Pumps IPO is a Book Built Issue comprising a fresh issue of 1.45 crore equity shares aggregating to ₹890 crores and an offer for sale (OFS) of 81 lakh equity shares aggregating to ₹497.34 crores, each with a face value of ₹1. The IPO is set to list on the BSE and NSE, with a tentative listing date of June 20, 2025.

Oswal Pumps IPO Key Timeline

Key IPO Details:

• IPO Open Date: June 13, 2025
• IPO Close Date: June 17, 2025
• Issue Size: ₹1,387.34 Crores (2,25,95,114 shares)
• Fresh Issue: ₹890 Crores (1,44,95,114 shares)
• Offer for Sale: ₹497.34 Crores (81,00,000 shares)
• Face Value: ₹1 per equity share
• Price Band: ₹584 to ₹614 per share
• Lot Size: 24 shares
• Minimum Investment (Retail): ₹14,736 (1 lot at the cutoff price)
• Minimum Investment (sHNI): ₹2,06,304 (14 lots, 336 shares)
• Minimum Investment (bHNI): ₹10,02,048 (68 lots, 1,632 shares)
• Market Maker Portion: Not applicable (mainboard IPO)
• IPO Reservation:
  • Qualified Institutional Buyers (QIB): Not more than 50%
  • Non-Institutional Investors (NII/HNI): Not less than 15%
  • Retail Investors: Not less than 35%
• UPI Mandate Confirmation Cut-off: 5:00 PM on June 17, 2025

Investors can apply through ASBA (Application Supported by Blocked Amount) via their bank’s net banking, UPI through registered brokers, or offline forms submitted through stockbrokers. 

The IPO is managed by IIFL Capital Services Limited, Axis Capital Limited, CLSA India Private Limited, JM Financial Limited, and Nuvama Wealth Management Limited as book-running lead managers, with MUFG Intime India Private Limited (Link Intime) as the registrar.

About Oswal Pumps Limited

Incorporated in 2003, Oswal Pumps Limited, based in Karnal, Haryana, is a prominent manufacturer and distributor of pumps catering to domestic, agricultural, and industrial applications. 

The company specialises in solar-powered and grid-connected pumps, including submersible pumps, monoblock pumps, pressure pumps, sewage pumps, electric motors, submersible winding wires, cables, and electric panels. It operates under the ‘Oswal’ brand and is a key player in India’s clean energy transition through its turnkey solar pumping systems.

Key Highlights

• Market Leadership: One of India’s fastest-growing vertically integrated solar pump manufacturers, with a revenue CAGR of 45.07% from FY22 to FY24.
• PM-KUSUM Scheme: As of August 31, 2024, Oswal Pumps executed 26,270 turnkey solar pumping systems under the PM-KUSUM Scheme across states like Haryana, Rajasthan, Uttar Pradesh, and Maharashtra, supplying 43.8% of the total installed solar pumps under the scheme by March 31, 2024.
• Manufacturing Facility: A 41,076-square-meter facility in Karnal, Haryana, supports the production of pumps, solar modules, and components.
• Distribution Network: Expanded from 473 distributors in March 2022 to 925 as of December 31, 2024, with the ‘Oswal Shoppe’ initiative launched in 2024 to enhance retail visibility.
• Promoters: Vivek Gupta, Amulya Gupta, Shivam Gupta, Ess Aar Corporate Services Private Limited, Shorya Trading Company Private Limited, and Singh Engcon Private Limited.

Product Portfolio

• Solar and Grid-Connected Pumps: Submersible and monoblock pumps for agricultural, residential, commercial, and industrial use.
• Electric Motors: Induction and submersible types.
• Solar Modules and Controllers: For turnkey solar pumping systems.
• Other Products: Pressure pumps, sewage pumps, submersible winding wires, cables, and electric panels.

Competitive Strengths

• Strong positioning in the solar pump market, driven by government schemes like PM-KUSUM.
• Extensive distribution network and brand recall.
• In-house manufacturing of pump components using recycled scrap metal for cost efficiency.
• Experienced management and skilled engineering team.

Financial Performance

Oswal Pumps has demonstrated robust financial growth, particularly in FY24 and the nine months ending December 31, 2024. Below is a summary of its restated consolidated financials:

Key Performance Indicators (KPIs)

• Market Capitalisation: ₹6,998.2 Crores (at upper price band)
• Revenue Growth: 96.4% from ₹387.47 Cr in FY23 to ₹761.23 Cr in FY24.
• PAT Growth: 185.6% from ₹34.20 Cr in FY23 to ₹97.67 Cr in FY24.
• Price-to-Earnings (P/E) Ratio: It is not explicitly stated, but peers like Kirloskar Brothers (41.94), Shakti Pumps (66.72), and KSB Ltd (66.79) suggest a high valuation.
• Debt: ₹308.57 Cr as of April 2025 (standalone basis).

The company’s revenue and PAT growth reflect its strong positioning in the solar pump market, which is driven by government schemes. However, reliance on policy-driven demand and high debt levels poses risks.

Objectives of Oswal Pumps IPO

The net proceeds from the fresh issue will be utilised for:

• Capital Expenditure: ₹89.86 Cr for company expansion.
• Investment in Subsidiary (Oswal Solar): ₹273 Cr for a new manufacturing facility in Haryana and ₹31 Cr for debt repayment.
• Debt Repayment: ₹280 Cr to reduce company borrowings.
• General Corporate Purposes: Balance amount.

These investments aim to enhance manufacturing capacity, reduce financial leverage, and support long-term growth in the renewable energy sector.

Oswal Pumps IPO GMP Today

The GMP of the Oswal Pumps IPO today is 95, indicating a potential listing price of ₹709 per share (15.47%  above the upper price band of ₹614). However, the GMP has shown volatility, ranging from ₹33 (June 9) to ₹50 (June 10), reflecting cautious investor sentiment.

The modest GMP suggests limited short-term listing gains, with some analysts noting low oversubscription potential due to the high issue price.

Things to Consider Before Applying for Oswal Pumps IPO

Positives:

• Strong revenue and PAT growth (CAGR of 45.07% from FY22 to FY24).
• Leadership in solar pumps, supported by government initiatives like PM-KUSUM.
• Extensive distribution network and brand presence in key agricultural states.
• Investments in manufacturing and debt reduction will drive future growth.

Risks:

• Heavy reliance on government schemes; any policy changes could impact profitability.
• High debt levels (₹308.57 Cr as of April 2025) despite planned repayments.
• Aggressive pricing at ₹584–₹614, with peer P/E ratios indicating potential overvaluation.
• Modest GMP suggests limited listing gains, with risks of negative listing if sentiment weakens.

Given the company’s growth trajectory and policy-driven demand, the IPO may appeal to long-term investors with a high risk appetite. However, retail investors should carefully weigh the high valuation and policy risks.

How to Apply for Oswal Pumps IPO?

Investors can apply for the Oswal Pumps IPO through the following methods:

• Online ASBA: Use your bank’s net banking platform to apply via ASBA.
• UPI: Apply through UPI using a registered broker or trading app.
• Offline: Submit a physical application form through your stockbroker.

Steps to Apply via Broker:

• Log in to your stockbroker’s app or website.
• Navigate to the IPO section and select “Oswal Pumps IPO.”
• Enter your UPI ID, quantity (minimum 24 shares), and price (preferably the cutoff price of ₹614).
• Submit the application and confirm the UPI mandate by 5:00 PM on June 17, 2025.

Oswal Pumps IPO Allotment Status

The Oswal Pumps IPO allotment status check is available on MUFG Intime India Private Limited (Link Intime) website after June 18, 2025, once the registrar releases it. Follow these steps:

• Visit the Link Intime website
• Select “Oswal Pumps Limited” from the dropdown menu.
• Enter your PAN, application number, or DP/Client ID.
• Click “Search” to view your allotment status.

Alternatively, check the status on the BSE website by selecting “Equity” and “Oswal Pumps Limited.” Investors will also receive allotment updates via email.

Company Contact Details

Oswal Pumps Limited

Oswal Estate, NH-1, Kutail Road,

P.O. Kutail, Karnal, Haryana-132037, India

Phone: +91 18 4350 0307

Email: compliance@oswalpumps.com

Registrar:

MUFG Intime India Private Limited (Link Intime)

C 101, 247 Park, L.B.S. Marg, Vikhroli (West),

Mumbai - 400083, India

Phone: +91-22-4918 6270

Email: oswalpumps.ipo@linkintime.co.in

Conclusion

The Oswal Pumps IPO offers an opportunity to invest in a leading player in India’s solar pump market, bolstered by strong financial growth and government-backed demand. However, risks such as policy dependence, high debt, and aggressive pricing warrant caution. Long-term investors with a deep understanding of the renewable energy sector may find the IPO attractive, but retail investors should carefully assess market conditions and fundamentals before applying.

Note: For detailed information, refer to the Oswal Pumps IPO Red Herring Prospectus (RHP) available on the company’s website or through the registrar. Monitor subscription status and GMP trends to make an informed decision.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered investment advice. Investors are advised to conduct their own research and consult financial advisors before making investment decisions.

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