Oswal Pumps IPO Day 3: Issue Booked 5.96x So Far; Check Latest GMP

Oswal Pumps' initial public offering (IPO) continued to witness decent investor interest on the last day of the bidding window. On July 17 (Tuesday), the issue was oversubscribed by 5.96x. According to BSE data, Oswal Pumps IPO received bids for 7,34,97,936 shares as against 1,62,12,980 shares on offer, as of 12:24 am.

The quota allotted for non-institutional investors (NIIs) and retail individual investors (RIIs) witnessed robust interest. The latter category witnessed bids for 1,57,74,216 shares as compared to 81,68,905 shares on offer, translating into an oversubscription of 1.93 times.

The bidding window for Oswal Pumps IPO started last week, June 13, 2025 (Friday) and will conclude today June 17, 20225 (Tuesday). The company is raising ₹1,387.34 crore via the public offering, comprising a combination of a fresh issue worth ₹890 crore and an offer-for-sale (OFS) of ₹497.34 crore.

Axis Capital Ltd., IIFL Capital Services Ltd, CLSA India Pvt. Ltd., JM Financial Ltd and Nuvama Wealth Management Ltd are the book-running lead managers of the IPO.

Oswal Pumps IPO GMP

GMP or grey market premium reflects the share price of the company in the unlisted zone. As of 12:40 pm, the shares of Oswal Pumps were trading at a GMP ₹64, indicating a premium of over 10.42%. The price band of the IPO is set at ₹584 to ₹614 per share.

"Oswal Pumps Ltd is one of the largest suppliers of solar-powered agricultural pumps under the PM Kusum Scheme, well positioned to capitalise on strong industry tailwinds with vertically integrated manufacturing competencies and a strong presence in major agricultural states in India including Haryana," Anand Rathi brokerage firm said in its report.

"At the upper price band company is valuing at P/E of 24.2x, EV/EBITDA of 22.8x and a market cap of ₹ 69,982 million post issue of equity shares," the brokerage firm said, maintaining a 'subscribe for long-term' on the IPO. However, the business is highly dependent on the performance of the agriculture sector. This might pose a seasonal risk as any adverse changes in weather conditions can impact the company's operations. Plus, the company is highly reliant upon its top 10 customers.