Oswal Pumps' Initial Share Sale Receives 34.42 Times Subscription; 55,80,29,976 Share Bids Against 1,62,12,980 On Offer Shares

New Delhi: The initial share sale of Oswal Pumps received 34.42 times subscription on the closing day of bidding on Tuesday.The Rs 1,387.34-crore initial public offering (IPO) got bids for 55,80,29,976 shares against 1,62,12,980 shares on offer, as per NSE data.

The quota for Qualified Institutional Buyers (QIBs) fetched 88.08 times subscription while the category for non-institutional investors got subscribed 36.70 times.

The portion for Retail Individual Investors (RIIs) received 3.60 times subscription.Oswal Pumps on Thursday mopped up Rs 416.2 crore from anchor investors.The IPO is a combination of a fresh issue of shares valued at Rs 890 crore and an offer-for-sale (OFS) of 81 lakh shares worth Rs 497.34 crore at the upper end of the price band, by promoter Vivek Gupta.

This aggregates the issue size at Rs 1,387.34 crore.The IPO has a price range of Rs 584-614 per share.Proceeds from the fresh issue will be used for funding certain capital expenditures of the company, investment in wholly-owned subsidiary Oswal Solar in the form of debt or equity, setting up new manufacturing units at Karnal, Haryana, payment of debt, and general corporate purposes.

Oswal Pumps commenced operations in 2003 by manufacturing low-speed monoblock pumps and over the years, it expanded operations to manufacture grid-connected submersible pumps and electric motors.

IIFL Capital Services, Axis Capital, CLSA India, JM Financial and Nuvama Wealth Management are the book-running lead managers to the issue.

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