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Day 2 of Oswal Pumps’ IPO didn’t exactly light up the order books. The issue was subscribed around 41 per cent on Monday June 16, 2025). Retail investors showed up (around 41 per cent subscribed), but institutional buyers are still warming up.
That said, one thing hasn’t cooled – the grey market premium (GMP). It’s holding steady at Rs 45-50, hinting at a potential 7-8 per cent pop on listing day.
Day 2 subscription snapshot
| Category | Subscription |
|---|---|
| QIBs | 1 per cent |
| NIIs | 91 per cent |
| Retail | 41 per cent |
| Overall | 41 per cent |
So, why is the GMP still high?
- Strong numbers: Oswal’s FY24 ROE is a stellar 72.6 per cent while ROCE hovers around 56%. That’s premium territory.
- Massive order book: Over Rs 1,100 crore in hand, with another Rs 3,200 crore being bid for.
- Sectoral tailwinds: Government money is flowing into solar infrastructure. Oswal sits right in that slipstream.
About Oswal Pumps
Oswal makes submersible pumps, electric motors and solar pumping systems. With over a 20-year track record, it dominates India’s solar pump space.
It’s also a key player in government-backed solar pump schemes, especially PM-KUSUM, which aims to solarise India’s farmlands.
The final word
Oswal Pumps isn’t flooding the IPO charts just yet. But the steady grey market premium shows there’s enough fuel in the tank, especially if institutional bids kick in on the final day. For now, the company appears poised to deliver a solid debut, with long-term potential in a niche that’s only getting sunnier.
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Disclaimer: This is not a stock recommendation. This story was created with the assistance of artificial intelligence and is intended for informational purposes only. Please take it with a pinch of salt and do your own research or consult a financial advisor before making investment decisions.
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