Overview

• The IPO garnered bids for 1.15 crore shares against 1.62 crore on offer, reaching a 71% subscription rate at mid-day on June 16.
• Qualified institutional buyers have covered only 9% of their allocation, while non-institutional investors and retail applicants have oversubscribed by 1.36 times and 70% respectively.
• Grey market trades place the premium at ₹57 per share, implying an estimated listing price of ₹671 and about a 9.28% upside.
• The offer comprises a fresh issue of ₹890 crore and a ₹497.34 crore promoter sale, with proceeds earmarked for capex, subsidiary investment, debt repayment and general corporate needs.
• Analysts maintain a ‘subscribe for long-term’ stance, pointing to Oswal Pumps’ 45.1% CAGR between FY22 and FY24 and its strong position in solar‐powered pumping solutions.