ET Intelligence Group: Oswal Pumps, a pump manufacturer, plans to raise ₹890 crore through an issue of fresh shares to repay debt, and for . It will raise another ₹497 crore through an offer for sale. The promoter group's stake will fall to 80% after the IPO from 100%. The company has shown traction in revenue over the past three years.

However, more than three-fourth of the revenue comes from the government contracts under the . In addition, the time taken to collect sales outstanding has increased significantly, which has, in turn, increased the company's .

While the IPO valuation looks cheaper than peers, given the above factors, investors may wait and track the company's performance after the listing.

Incorporated in 2003, the company manufactures solar-powered and grid-connected pumps, electric motors and solar modules.

It has two manufacturing facilities in Karnal, Haryana. The company has exported its products to 22 countries including Australia, Bangladesh, Cyprus and Dubai. However, the proportion of exports in revenue reduced to 3.7% in the nine months to December 2024 from 10.9% in FY22. As of December 31, 2024, the company has executed 38,132 solar pumping system orders directly under the PM-Kusum Scheme across states. The direct and indirect contribution of the scheme to revenue increased to 87.3% in the nine months to December 2024 compared with 55.3% in FY22. Its network has grown to 925 distributors as of December 31, 2024 from 473 distributors as of March 31, 2022.