This big IPO is coming up
If you have applied for different IPOs several times and have not managed to get the IPO allotment every time, then you should wait a little longer. Now, a Haryana company is preparing its IPO and in it, new shares worth Rs 1,000 crore will be issued.
Yes, Haryana-based Oswal Pumps may launch its IPO soon. For this, the company has filed its initial public offering (IPO) drafts with market regulator SEBI.
There will be a mix of OFS and new shares in the IPO.
According to documents filed by the company on Tuesday, new shares worth Rs 1,000 crore will be issued in the IPO. The company’s promoter Vivek Gupta will also offer 1.13 crore shares in offer for sale (OFS). The company plans to raise up to Rs 200 crore before the IPO. If the company is successful in this, the size of the IPO will be slightly smaller.
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Where will the money from the IPO be spent?
The company has clearly stated in its filings that it will use the IPO proceeds to fund some capital expenditure of the company, invest in the form of debt or equity in its wholly-owned subsidiary Oswal Solar, set up a new manufacturing plant in Karnal, Haryana. The unit will repay its debts and maintain normal operations of the company.
Oswal Pumps started operations in 2003 manufacturing low speed monoblock pumps. Over the years, it has expanded to manufacture high speed mains connected monoblock pumps, mains connected submersible pumps and electric motors.
The company manufactures solar-powered and grid-connected monoblock and submersible pumps, submersible and induction motors, as well as electric motors with solar modules and sells them under the brand name “Oswal”. It has a large dealer network. It has increased from 473 on March 31, 2022 to 636 at the end of March this year.
