Company executed orders for 38,132 Turnkey Solar pumping Systems directly under the PM Kusum Scheme
MUMBAI, June 17 (The CONNECT)- The Initial Public Offering of Oswal Pumps Limited, maker of solar-powered and grid-connected submersible and monoblock pumps, was subscribed 34.42 times on the final day.
The issue received bids of 55,79,15,688 shares against the offered 1,62,21,980 equity shares, at a price band of ₹584-614, according to the data available on the stock exchanges.
Qualified Institutional Buyer Portion and Non-Institutional Investors Portion were subscribed 88.08 times and 36.69 times respectively, whereas Retail Portion was subscribed 3.6 times.
IIFL Capital Services Limited, Axis Capital Limited, 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.
Company Information
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  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, the company recorded revenue from operations of Rs 1,065.67 crore ,with Rs 216.71 crore profit after tax.
