Oswal Pumps IPO subscribed 1.61 times on day 2 of offer

New Delhi, Jun 16 (PTI) The initial public offer of Oswal Pumps got subscribed 1.61 times on the second day of the bidding on Monday.

The share sale received bids for around 2.61 crore (2,61,58,080) shares against 1.62 crore (1,62,12,980) shares on offer, according to data available with the NSE.

The category for non-institutional investors received 4.50 times subscription while the portion for Retail Individual Investors (RIIs) attracted 1.12 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 27 per cent.

Oswal Pumps on Thursday mopped up Rs 416.2 crore from anchor investors.

The initial public offering (IPO) will conclude on Tuesday.

The IPO is a combination of a fresh issue of shares valued at Rs 890 crore and an offer-for-sale (OFS) of 81 lakh stocks worth Rs 497.34 crore at the upper end of the price band, by promoter Vivek Gupta. This aggregates the issue size at Rs 1,387.34 crore.

The IPO has a price range of Rs 584-614 per share.

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 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.

IIFL Capital Services, Axis Capital, CLSA India, JM Financial and Nuvama Wealth Management are the book-running lead managers to the issue. PTI SUM MR