…India’s leading solar pump manufacturer gears up for public listing with strong financials and aggressive expansion plans.
- IPO opens on June 13 and closes on June 17, 2025
- Price band set at ₹584–₹614 per equity share
- Includes a fresh issue of ₹890 crore and an Offer for Sale of 81 lakh shares
- Strong financial performance with FY24 profit rising to ₹97.66 crore
- Expanding manufacturing footprint and solar capabilities in Karnal, Haryana
India’s fastest-growing solar pump manufacturer, Oswal Pumps Limited, is launching its much-anticipated Initial Public Offering (IPO) on Friday, June 13, 2025, with a price band of ₹584 to ₹614 per equity share. The offer will remain open for subscription until Tuesday, June 17, 2025, with a lot size of 24 shares and bids in multiples thereafter.
The IPO consists of a fresh issue aggregating up to ₹890 crore and an offer for sale of up to 81 lakh equity shares by promoter Vivek Gupta. The company intends to use the proceeds for various strategic initiatives, including capital expenditure, investment in its wholly-owned subsidiary Oswal Solar for new manufacturing units in Karnal, Haryana, and debt repayment. A portion of the funds will also be used for general corporate purposes.
Founded in 2003, Oswal Pumps has evolved from producing low-speed monoblock pumps to becoming a vertically integrated manufacturer of solar and grid-connected submersible pumps, monoblock pumps, electric motors, and solar modules under the ‘Oswal’ brand. The company serves diverse applications across agriculture, residential, commercial, and industrial sectors and has over 22 years of domain expertise.
Oswal has been a significant contributor to national clean energy missions, delivering over 38,000 solar pumping systems under the PM-KUSUM Scheme across Haryana, Rajasthan, Uttar Pradesh, and Maharashtra. It has also supplied to empanelled vendors under the Mukhyamantri Saur Krushi Pump Yojana in Maharashtra. Its manufacturing site in Karnal is one of India’s largest single-site pump facilities, covering more than 41,000 sq. meters, and its solar module plant, via Oswal Solar Structure Pvt. Ltd., has a capacity of 570 MW. The company had a distribution network of 925 distributors as of December 2024.
Financially, Oswal Pumps has shown exceptional growth. Revenues surged from ₹385.04 crore in FY23 to ₹758.57 crore in FY24, while net profit grew from ₹34.19 crore to ₹97.66 crore. For the nine months ending December 2024, it posted revenue of ₹1,065.67 crore and a net profit of ₹216.71 crore.
The IPO is being managed by IIFL Capital Services, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth, with MUFG Intime India serving as the registrar. The offer follows the book-building process, with allocations structured for Qualified Institutional Buyers (up to 50%), Non-Institutional Investors (at least 15%), and Retail Investors (at least 35%).
Oswal Pumps’ strong financials, expanding infrastructure, and alignment with India’s renewable energy goals make this IPO a compelling opportunity for investors looking to tap into the growing clean-tech manufacturing sector.
