Oswal Pumps Share Price Live: Stock makes a lukewarm debut, opens with 3.26% premium at ₹634 on NSE
The initial public offering for shares began on June 13 and ended on June 17. Oswal Pumps IPO allotment was finalised on Wednesday, June 18.
A notice on the BSE indicated the equity shares of Oswal Pumps Limited are available for trading on the Exchange as part of the 'B' Group of Securities.
Oswal Pumps IPO price band was fixed in the range of ₹ 584 to ₹ 614 per equity share of the face value of Re 1. Oswal Pumps IPO lot size was 24 equity shares and in multiples of 24 equity shares thereafter.
Oswal Pumps IPO subscription status was 34.42 times by the end of the bidding period. The allocation for Qualified Institutional Buyers (QIBs) saw a subscription rate of 88.08 times, while the non-institutional investors' category was subscribed 36.70 times. Retail Individual Investors (RIIs) experienced a subscription rate of 3.60 times.
Half of the total issue size has been allocated for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional buyers.
Oswal Pumps started its journey in 2003, initially producing low-speed monoblock pumps, and has since broadened its scope to include the production of grid-connected submersible pumps and electric motors.
The company produces both solar-powered and grid-connected submersible and monoblock pumps, as well as electric motors, which include induction and submersible varieties, in addition to solar modules, all marketed under the 'Oswal' brand.
Mahesh M. Ojha, AVP of Research and Business Development at Hensex Securities Pvt Ltd, recommends that investors adopt a medium to long-term holding strategy. Short-term investors who have entered solely for listing gains might think about partially realizing profits if the stock opens at or above ₹ 675; however, maintaining some exposure could be wise due to potential re-rating as clarity improves after the listing.
Long-term investors may want to continue holding, especially considering the company's size, market share, and its alignment with India's renewable energy and agricultural infrastructure objectives. The solar pump sector presents consistent growth opportunities, and Oswal is strategically well-placed.
Oswal Pumps secured ₹ 416.2 crore from anchor investors just one day prior to the commencement of its initial public offering for public subscription. Among the anchor investors are ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Aditya Birla Sun Life Mutual Fund, Quant Mutual Fund, Societe Generale, Edelweiss Life Insurance, BNP Paribas, the Paris-based asset management firm Amundi, and the financial services company Capital Group, as stated in a circular published on the BSE's website.
According to the circular, Oswal Pumps allocated 67,78,533 equity shares to these anchor investors at a price of ₹ 614 per equity share, which corresponds to the upper limit of the pricing range. The lower limit of the IPO has been set at ₹ 584 per share.
Oswal Pumps share price made a tepid debut on the bourses today. On NSE, Oswal Pumps share price opened at ₹ 634 per share, 3.26% higher than the issue price of ₹ 614. On BSE, Oswal Pumps share price today opened at ₹ 632 apiece, up 2.93% than the issue price.
According to Mahesh M.Ojha, AVP Research and Business development, Hensex Securities Pvt Ltd, the Oswal Pumps IPO has garnered strong investor interest across segments This is a clear indicator of positive market sentiment, bolstered by -a solid anchor book and credible domestic and global institutional participation. The listing is expected to be between 8-12% premium over the upper band of ₹ 614.
Prashanth Tapse suggests that due to robust subscription demand and current market trends, Tapse expects Oswal Pumps to list with a gain of around 10–15%. The IPO was heavily oversubscribed, indicating strong confidence in the company's fundamentals and valuation.
'We consider Oswal Pumps to be an attractive long-term investment option, particularly in line with the government's ongoing focus on rural electrification and the advancement of solar-powered irrigation systems,' said Tapse.
Oswal Pumps IPO GMP today is +41. This indicates Oswal Pumps share price was trading at a premium of ₹ 41 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Oswal Pumps share price is indicated at ₹ 655 apiece, which is 6.68% higher than the IPO price of ₹ 614.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
The initial public offering (IPO) consists of a new issue of shares valued at ₹ 890 crore, along with an offer-for-sale (OFS) of 81 lakh shares worth ₹ 497.34 crore, at the highest end of the price range, by promoter Vivek Gupta. This brings the total size of the issue to ₹ 1,387.34 crore.
Funds obtained from the new share issue will be allocated to several capital expenditures, investments in the wholly owned subsidiary Oswal Solar in the form of either debt or equity, the establishment of new manufacturing units in Karnal, Haryana, debt repayment, and other general corporate needs.
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