The ₹890 crore IPO of **Oswal Pumps Ltd.**, a leading integrated solar pump manufacturer, closed for subscription on June 17, 2025, with an impressive **overall subscription of 34.42 times**. Strong demand was led by **Qualified Institutional Buyers (QIBs)**, whose quota was oversubscribed **88.08 times**, while **Non-Institutional Investors (NIIs)** booked their portion **36.70 times**. The **Retail Individual Investor (RII)** segment also showed decent interest, subscribing **3.60 times**. Offered in a **price band of ₹584–₹614**, the issue included a **fresh equity raise of ₹890 crore** and an **Offer for Sale (OFS)** of **0.81 crore shares** by promoter **Vivek Gupta**, who currently holds **25.17%** stake. The IPO has generated buzz in the grey market as well, with a **GMP (Grey Market Premium) of ₹57**, hinting at a possible **listing gain of around 9%**. However, investors are advised to treat GMP cautiously as it remains an unofficial and volatile indicator. With solid institutional interest and decent retail participation, the IPO is expected to make a promising debut, reinforcing investor appetite in the renewable and sustainable energy space.

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