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Oswal Pumps Makes Modest Market Debut After 34x Oversubscribed IPO

Haryana-based Oswal Pumps marked its stock market debut on the BSE and NSE with a listing price of Rs634 per share, a 3.26% premium over its issue price of Rs614. On the BSE, the shares opened slightly lower at Rs632. Despite strong investor interest and oversubscription, the listing fell short of grey market expectations. The IPO, open from June 13–17, 2025, was subscribed 34.42 times overall. The QIB category led with 88.08x subscription, while NIIs and retail investors subscribed 36.70x and 3.60x, respectively.

Through the IPO, Oswal Pumps raised Rs1,387.34 crore—Rs890 crore from a fresh issue of 1.45 crore equity shares and Rs497.34 crore from an offer-for-sale of 81 lakh shares. The funds will be used for capital expenditure, debt repayment, and setting up new manufacturing facilities in Karnal, Haryana.

Notably, the company will invest Rs419.16 crore in its wholly-owned subsidiary, Oswal Solar, for establishing new solar manufacturing units, and an additional Rs16 crore to repay Oswal Solar’s debts. Oswal Pumps currently operates two manufacturing plants in Karnal, one focused on pumps and motors and the other on solar modules, highlighting its growing role in the renewable energy equipment sector.