Oswal Pumps Makes “Muted Debut” on Stock Exchanges, Lists at Modest Premium
Mumbai, June 20, 2025 – Oswal Pumps Limited (OPL) made its much-anticipated debut on the Indian stock exchanges today, listing at a modest premium over its initial public offering (IPO) price. While the listing saw gains for investors, it fell short of the higher expectations set by the Grey Market Premium (GMP) in the days leading up to its market entry.
On the National Stock Exchange (NSE), Oswal Pumps shares opened at ₹634, a premium of 3.26% over its issue price of ₹614. Similarly, on the Bombay Stock Exchange (BSE), the stock listed at ₹632, reflecting a 2.93% premium. This performance, while positive, was considered a “muted debut” by some market observers, as the unlisted shares had commanded a higher grey market premium, suggesting a potential listing around ₹655.
The ₹1,387.34 crore IPO, which ran from June 13 to June 17, 2025, witnessed a robust overall subscription of 34.42 times. The Qualified Institutional Buyers (QIB) portion was heavily oversubscribed at 88.08 times, followed by Non-Institutional Investors (NIIs) at 36.70 times. Retail investors showed interest with a subscription of 3.60 times.
Oswal Pumps, a prominent manufacturer of solar and grid-connected pumps and electric motors, aims to utilize the IPO proceeds for several key objectives. A significant portion of the funds will be directed towards capital expenditure, investment in its wholly-owned subsidiary, Oswal Solar, for setting up new manufacturing units in Karnal, Haryana, and repayment of existing debt.
The company has demonstrated strong financial performance in recent periods, reporting a revenue from operations of ₹1,067.34 crore and a profit after tax (PAT) of ₹216.71 crore for the nine months ending December 2024. For the full financial year 2023-24, Oswal Pumps posted a revenue of ₹761.23 crore and a net profit of ₹97.67 crore.
Analysts hold mixed views on Oswal Pumps’ long-term prospects. While some recommend holding the stock, citing the company’s strong positioning in the solar pump segment and the tailwinds from government initiatives like the PM-KUSUM scheme, others caution about the aggressive pricing of the IPO and increasing competition in the market.
Today’s listing indicates cautious investor sentiment, with the stock delivering moderate gains at debut. Investors will now be closely watching Oswal Pumps’ post-listing performance and its execution of expansion plans to assess its long-term growth trajectory in the competitive pump manufacturing sector.