Oswal Pumps IPO on June 13 at Rs 584-614/share

New Delhi: Oswal Pumps on Tuesday said it has fixed a price band of Rs 584 to Rs 614 per share for its Rs 1,387-crore initial public offering (IPO).

The initial share-sale will open public subscription on June 13 and conclude on June 17. 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.

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. Oswal Pumps’ revenue from operations increased 97 per cent to Rs 758.6 crore in FY24 from Rs 385 crore in the preceding year, while profit rose to Rs 97.66 crore from Rs 34.20 crore.