Oswal Pumps has received go ahead from market regulator Securities and Exchange Board of India (SEBI) to float initial public offerings (IPO). The IPO is a combination of fresh issue of equity shares worth Rs 1,000 crore and an offer-for-sale (OFS) of up to 1.13 crore equity shares by promoter Vivek Gupta.
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 for general corporate purposes. IIFL Securities, Axis Capital, CLSA India, JM Financial and Nuvama Wealth Management are the book-running lead managers to the issue.
Oswal Pumps commenced its operations in 2003 by manufacturing low-speed monoblock pumps and over the years, it expanded its operations to manufacture grid-connected high-speed monoblock pumps, grid-connected submersible pumps, and electric motors. The company manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors as well as solar modules, and sells under the 'Oswal' brand.
