Oswal Pumps IPO Surges in Market Debut

Oswal Pumps Ltd saw its shares close with a nearly 2% premium over the issue price, marking a strong entry into the market on Friday. On both the BSE and NSE, the stock recorded significant gains before slightly retracting but maintaining an upward trajectory.

The IPO of Oswal Pumps generated substantial interest, attracting 34.42 times subscription on its closing day. The offering, which raised a total of Rs 1,387.34 crore, comprised a fresh issue of Rs 890 crore and an offer-for-sale of Rs 497.34 crore by promoter Vivek Gupta.

The company plans to use the funds for capital expenditures, investment into its subsidiary Oswal Solar, setting up new manufacturing units, debt repayment, and other corporate purposes. Since its inception in 2003, Oswal Pumps has evolved from manufacturing low-speed pumps to a broader portfolio that includes grid-connected submersible pumps and electric motors.

(With inputs from agencies.)