Oswal Pumps IPO Opens June 13 with Price Band of Rs 584–614; Eyes up to Rs 1,387.34 Cr
Solar Power Meets Profits: Inside Oswal Pumps’ Rs 1,387 Cr IPO
India’s fastest-growing solar pump maker to raise funds for expansion, debt repayment, and subsidiary investments; strong growth under PM Kusum Scheme powers its momentum
BILKULONLINE
Ahmedabad, June 11: Oswal Pumps Limited, one of India’s fastest-growing vertically integrated solar pump manufacturers, is set to launch its Initial Public Offering (IPO) on Friday, June 13, 2025, with a price band of Rs 584 to Rs 614 per equity share of face value Re 1 each. The issue will close on Tuesday, June 17, 2025.
IPO Details: Fresh Issue and Offer for Sale
The IPO comprises a fresh issue of equity shares aggregating up to Rs 890 crore and an Offer for Sale (OFS) of 81,00,000 equity shares by promoter Vivek Gupta. Based on the price band:
- Lower Band (@ Rs 584): Total issue size is approximately Rs 1,363.04 crore
- Upper Band (@ Rs 614): Total issue size touches Rs 1,387.34 crore
- Investors can place bids for a minimum of 24 shares and in multiples thereafter.
- Fund Utilization
Proceeds from the fresh issue will be used for: - Rs 89.86 crore: Capital expenditure
- Rs 272.76 crore: Investment in wholly-owned subsidiary Oswal Solar to set up new manufacturing units in Karnal, Haryana
- Rs 280 crore: Partial or full prepayment/repayment of outstanding borrowings
- Rs 31 crore: Investment in Oswal Solar for its debt repayment
- Remaining: General corporate purposes
A Legacy in Pump Manufacturing
- Founded in 2003, Oswal Pumps began with low-speed monoblock pumps and gradually expanded its portfolio to include:
- Grid-connected high-speed and submersible pumps
- Electric motors including induction and submersible types
- Solar modules under the in-house ‘Oswal’ brand
- Its offerings serve diverse applications in agriculture, residential water supply, commercial premises, and industry.
- Strong Alignment with Government Solar Schemes
Oswal has played a key role in delivering under major renewable energy schemes: - Executed 38,132 Turnkey Solar Pumping Systems under the PM Kusum Scheme in Haryana, Rajasthan, Uttar Pradesh, and Maharashtra
- Supplied to vendors under the Mukhyamantri Saur Krushi Pump Yojana, Maharashtra
- Notable clients include Tata Power Solar Systems Ltd.
- Manufacturing Infrastructure & Distribution
- Main manufacturing facility: Karnal, Haryana – one of India’s largest single-site pump units (spread across 41,076 sq. m.)
- Subsidiary facility: Oswal Solar Structure Pvt. Ltd., for solar modules (annual installed capacity: 570 MW)
- Distribution reach: 925 distributors as of December 31, 2024
- Robust Financial Performance
- Revenue FY24: Rs 758.57 crore (97% YoY growth)
- Profit FY24: Rs 97.66 crore (up from Rs 34.19 crore in FY23)
- 9M FY25 Revenue: Rs 1,065.67 crore
- 9M FY25 Profit After Tax: Rs 216.71 crore
- Revenue CAGR (FY22–FY24): 45.07%
Issue Allocation Breakdown
The offer follows a book-building process, with the following reservation structure:
- 50% for Qualified Institutional Buyers (QIBs)
- 15% for Non-Institutional Investors (NIIs)
- 35% for Retail Individual Investors (RIIs)
Lead Managers and Registrar
The IPO is managed by a consortium of leading financial institutions:
- Book-Running Lead Managers (BRLMs): IIFL Capital Services, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management
- Registrar: MUFG Intime India Private Limited
- With a compelling track record, deep market penetration, and strong alignment with national renewable energy goals, Oswal Pumps’ IPO offers a timely opportunity for investors looking to participate in India’s green energy infrastructure boom.
Headquartered in Karnal, Haryana, Oswal Pumps Limited has built a strong legacy over the past two decades as a leading manufacturer of solar-powered and grid-connected pumps, electric motors, and solar modules. The company has developed deep capabilities across the value chain—from manufacturing to distribution—making it one of the few vertically integrated players in the solar pump segment in India.
Promoter Vivek Gupta and his team were in Ahmedabad on Wednesday to announce the launch of Oswal Pumps Limited’s IPO.
Present at the press meet were Vivek Gupta, Chairman and Managing Director, Amulya Gupta, Whole-Time Director, Riddhi Dhakan of JM Financial, Harshvadhan Jain of IIFL Capital, Subodh Kumar, CFO, and Arjun Jani of Axis Capital, reflecting the depth of institutional support behind the IPO.
Founded and promoted by Vivek Gupta, the company remains under experienced and hands-on leadership. Gupta brings deep industry insight and strategic direction, driving the company’s aggressive growth across India’s irrigation and renewable energy sectors.
Under his stewardship, Oswal Pumps has not only scaled up manufacturing but also embraced government initiatives like PM Kusum and Mukhyamantri Saur Krushi Pump Yojana, enhancing its relevance in India’s rural transformation and clean energy drive.
“Our journey from a small pump manufacturing unit to becoming one of India’s fastest-growing solar pump solution providers has been driven by innovation, quality, and trust. With this IPO, we aim to strengthen our manufacturing capabilities, expand our presence across India, and contribute meaningfully to the country’s renewable energy goals. We remain committed to delivering sustainable, reliable, and affordable solutions to our customers across sectors,” said Vivek Gupta, Promoter and Managing Director, Oswal Pumps Limited.
Disclaimer: Readers are advised to carefully study the IPO prospectus and consult their financial advisors before making any investment decisions.
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