IPO
Oswal Pumps’ Rs.1,387-Cr IPO subscribed 34 times
The initial public offering (IPO) of Karnal, Haryana-based Oswal Pumps was subscribed 34.42 times. Qualified institutional buyers (QIBs) subscribed 88 times, wealthy investors 36.70 times, and retail investors 3.60 times.The INR 1,387-crore IPO comprised a fresh issue of INR 890 crore and an offer for sale of INR 497 crore. The IPO was priced in the range of INR 584 to INR 614 per share.Oswal Pumps had raised INR 416 crore from anchor investors last week ahead of its IPO.Oswal Pumps makes solar-powered and grid-connected submersible and monoblock pumps, as well as electric motors. The company plans to use the proceeds from the fresh issuance to fund capital expenditure, invest in its wholly owned subsidiary, Oswal Solar, and for setting up of new manufacturing units at Karnal, and repayment of debts.
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