Oswal Pumps Limited, the fastest growing vertically integrated solar pump manufacturers in India in terms of revenue growth during the last three fiscals, with our revenues growing at a CAGR of 45.07% between Fiscal 2022 and Fiscal 2024, has fixed the price band of ₹584/- to ₹614/- per Equity Share of face value ₹1/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Friday, June 13, 2025, for subscription and close on Tuesday, June 17, 2025. Investors can bid for a minimum of 24Equity Shares and in multiples of 24Equity Shares thereafter.
The IPO is a mix of fresh issue of up to Rs 890 crore and an offer for sale up to 81,00,000 equity shares by Vivek Gupta.
The proceeds from its fresh issuance, to extent of Rs Rs 89.86 crore for funding certain capital expenditure of the Company; Rs 272.76 crore for investment in its wholly-owned Subsidiary, Oswal Solar, in the form of equity, for funding the setting up of new manufacturing units at Karnal, Haryana; Rs 280 crore for pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the Company; Rs 31.00 crore for investment in its wholly-owned Subsidiary, Oswal Solar, in the form of equity, for repayment/prepayment, in part or full, of certain outstanding borrowings availed by Oswal Solar; and general corporate purposes.
Oswal Pumps commenced its operations in 2003 with the manufacturing of low-speed monoblock pumps. Over the years, it expanded its operations to manufacture grid-connected high-speed monoblock pumps, grid-connected submersible pumps and electric motors.
The company manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors as well as solar modules, which it sells under the ‘Oswal’ brand. It has over 22 years of experience in pumps and caters to the diverse requirements of end-users in the agricultural sector for irrigating fields; the residential sector for maintaining gardens and fountains, extracting water, supplying water to overhead tanks and cleaning households and small establishments; commercial premises; and industries.
Oswal Pumps started supplying pumps to players participating and providing Turnkey Solar Pumping Systems under the PM Kusum Scheme, including Tata Power Solar Systems Limited.
As of December 31, 2024, it had executed orders for 38,132 Turnkey Solar pumping Systems directly under the PM Kusum Scheme for several states such as Haryana, Rajasthan, Uttar Pradesh and Maharashtra. It also supplied pumps to certain vendors empanelled under the Mukhyamantri Saur Krushi Pump Yojana launched by the Government of Maharashtra in 2019.
The company operate a manufacturing facility located at Karnal, Haryana, which is one of India’s largest single-site facilities for manufacturing pumps, covering a total land area of 41,076 square meters as of December 31, 2024. (Source: 1Lattice Report). It also operates a manufacturing facility through its wholly-owned Subsidiary Oswal Solar Structure Private Limited for manufacturing solar modules for its Turnkey Solar Pumping Systems. Its annual installed capacity was 570 megawatts (“MW”) for solar modules. The company has an extensive network of 925 distributors as of December 31, 2024.
Oswal Pumps’ revenue from operations increased by 97.01% from ₹385.04 crore in Fiscal 2023 to ₹758.57 crore in Fiscal 2024, primarily due to an increase in the revenue from total sale of products. Profit for the year was ₹ 34.19 crore in Fiscal 2023 compared to ₹ 97.66 crore in Fiscal 2024.
For the nine months ended December 31, 2024, revenue from operations stood at Rs 1,065.67 crore and Profit after tax stood at Rs 216.71 crore.
IIFL Capital Services Limited, Axis Capital Limited, CLSA India Private Limited, JM Financial Limited, and Nuvama Wealth Management Limited are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the issue.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional bidders, and not less than 35% of the offer shall be available for allocation to retail individual bidders.
