The ₹1,387.34-crore initial public offering (IPO) attracted bids for 55,80,29,976 shares compared to the 1,62,12,980 shares available, according to NSE data. The allocation for Qualified Institutional Buyers (QIBs) was subscribed 88.08 times, while the non-institutional investors’ category was subscribed 36.70 times. Retail Individual Investors (RIIs) received 3.60 times the subscription.
This IPO consists of a fresh issue of shares amounting to ₹890 crore and an offer-for-sale (OFS) of 81 lakh shares valued at ₹497.34 crore at the maximum price range, by promoter Vivek Gupta. This brings the total issue size to ₹1,387.34 crore.
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Funds raised from the fresh issue will be allocated for various capital expenditures of the company, investments in its wholly-owned subsidiary Oswal Solar through debt or equity, establishment of new manufacturing units in Karnal, Haryana, debt repayment, and general corporate purposes.
Oswal Pumps began operations in 2003 with the production of low-speed monoblock pumps, and over time, has expanded its product range to include grid-connected submersible pumps and electric motors.
IIFL Capital Services, Axis Capital, CLSA India, JM Financial, and Nuvama Wealth Management serve as the book-running lead managers for the issue.
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