Oswal Pumps IPO: Anchor Round Raises Rs 416 Crore — Capital Group Top Investor
The investors comprise US-based private equity major Capital Group, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, BNP Paribas, Edelweiss Mutual Fund and 360 One Flexicap Fund among others.
(Photo source: Canva stock)
Oswal Pumps Ltd. raised Rs 416.2 crore from anchor investors on Thursday ahead of the launch of its initial public offering. The company allotted 67.78 lakh shares at Rs 614 apiece to 25 anchor investors, according to an exchange filing.
The investors comprise US-based private equity major Capital Group affiliate SmallCap World Funds, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, BNP Paribas, Edelweiss Mutual Fund and 360 One Flexicap Fund among others.
SmallCap World Funds netted 36.04% of the allocation, while ICICI Prudential Energy Opportunities Fund and ICICI Prudential Innovation Fund secured 3.3% stake each.
Eleven domestic mutual funds have applied through a total of 15 schemes. They have collectively secured 43.71% of the anchor portion for Rs 181.91 crore, the filing stated.
ICICI Prudential, through two of its funds, has received an allocation of 6.60%, while Kotak Mutual Fund acquired 6.61% of shares.
The IPO price band has been set between Rs 584 and Rs 614 per share, with a minimum bid requirement of 24 shares, followed by multiples of the same.
The company plans to raise up to Rs 890 crore through a fresh issue and Rs 497.3 crore via an offer for sale, as mentioned in the red herring prospectus. The IPO will be open till Tuesday.
The company intends to invest the net proceeds in its wholly-owned subsidiary—Oswal Solar—to fund its new manufacturing unit at Karnal, Haryana.
IIFL Securities Ltd., Axis Capital Ltd., CLSA India Pvt., JM Financial Ltd. and Nuvama Wealth Management Ltd. are the book running lead managers of the offering and Link Intime India Pvt. is the registrar.
Shares of Oswal Pumps will be listed on Bombay Stock Exchange and National Stock Exchange.
