• Source:JND
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Oswal Pumps announced on Tuesday that it has set a price range of Rs 584 to Rs 614 per share for its IPO, which is expected to raise Rs 1,387 crore. According to a statement from the company, the first share sale will go live on June 13 and run through June 17.

The IPO is a combination of promoter Vivek Gupta's offer-for-sale (OFS) of 81 lakh stocks valued at Rs 497.34 crore at the upper end of the price range and a new issue of shares valued at Rs 890 crore. The total issue size is Rs 1,387.34 crore.

The company's capital expenditures, debt or equity investments in its wholly owned subsidiary Oswal Solar, the establishment of new manufacturing facilities in Karnal, Haryana, debt repayment, and other corporate needs will all be financed with the proceeds of the new issue.

Starting out in 2003, Oswal Pumps produced low-speed monoblock pumps before growing to produce electric motors and grid-connected submersible pumps.

Under the "Oswal" brand, the company produces electric motors, including induction and submersible motors, solar modules, and solar-powered and grid-connected submersible and monoblock pumps.

Oswal Pumps' operating revenue climbed 97% to Rs 758.6 crore in FY24 from Rs 385 crore the year before, and its profit increased to Rs 97.66 crore from Rs 34.20 crore.

Qualified institutional buyers will receive half of the issue size, retail investors will receive 35%, and non-institutional buyers will receive the remaining 15%.

The issue's book-running lead managers are IIFL Securities, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management.

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