APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a> raised about US$162m in its India IPO.</li>
<li>Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Oswal Pumps (1019841D IN) raised about US$162m in its India IPO.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Oswal Pumps IPO Trading - Decent Anchor; Strong Overall Demand

Materials| Industrials |Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.</li>
<li>Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.</li>
<li>Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.</li>
</ul>


Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.
Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.
Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.


Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a> is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.</li>
<li>Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Oswal Pumps (1019841D IN) is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Rosita Fernandes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a>  (OPL), established in 2003, specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.</li>
<li>The company has established itself as a leading player in the solar pump market, benefiting from government initiatives such as the PM Kusum scheme</li>
<li>OPL aims to use its IPO proceeds to fund its expansion plans, including increasing manufacturing capacity and diversifying its product offerings.</li>
</ul>



Oswal Pumps (1019841D IN)  (OPL), established in 2003, specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
The company has established itself as a leading player in the solar pump market, benefiting from government initiatives such as the PM Kusum scheme
OPL aims to use its IPO proceeds to fund its expansion plans, including increasing manufacturing capacity and diversifying its product offerings.


Oswal Pumps Pre-IPO - Revenue Surge Driven by Growing Demand in Solar Projects

Nicholas Tan

<ul>
<li>Oswal Pumps Limited is looking to raise about US$122m in its upcoming Indian IPO. The deal will be run by IIFL Securities, Axis Capital, CLSA, JMF and Nuvama Wealth Management.</li>
<li>Oswal Pumps is the fastest growing vertically integrated solar pump manufacturer in India.</li>
<li>The firm manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors as well as solar modules, sold under the ‘Oswal’ brand.</li>
</ul>


Oswal Pumps Limited is looking to raise about US$122m in its upcoming Indian IPO. The deal will be run by IIFL Securities, Axis Capital, CLSA, JMF and Nuvama Wealth Management.
Oswal Pumps is the fastest growing vertically integrated solar pump manufacturer in India.
The firm manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors as well as solar modules, sold under the ‘Oswal’ brand.


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Oswal Pumps (1019841D IN)

Oswal Pumps IPO Trading - Decent Anchor; Strong Overall Demand

Oswal Pumps raised about US$162m in its India IPO. In this note, we will talk about the demand and trading dynamics, having looked at the...

Akshat Shah

Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)

Oswal, India's largest solar pump supplier, plans to expand and diversify but faces risks from subsidy dependence and policy challenges.

Rahul Jain

Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oswal Pumps is looking to raise about US$162m in its upcoming India IPO. We have looked at the company’s past performance in our previous notes. In...

Akshat Shah

Oswal Pumps Pre-IPO - Revenue Surge Driven by Growing Demand in Solar Projects

Oswal Pumps is a key player in the solar pump market, set to expand with IPO proceeds for manufacturing capacity and product diversification.

Rosita Fernandes

Oswal Pumps Pre-IPO Tearsheet

Oswal Pumps is the fastest growing vertically integrated solar pump manufacturer in India and is looking to raise about US$122m in its upcoming...

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Oswal Pumps IPO Trading - Decent Anchor; Strong Overall Demand

Oswal Pumps raised about US$162m in its India IPO. In this note, we will talk about the demand and trading dynamics, having looked at the...

Akshat Shah

Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)

​Oswal, India's largest solar pump supplier, plans to expand and diversify but faces risks from subsidy dependence and policy challenges.

Rahul Jain

Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oswal Pumps is looking to raise about US$162m in its upcoming India IPO. We have looked at the company’s past performance in our previous notes. In...

Akshat Shah

Oswal Pumps Pre-IPO - Revenue Surge Driven by Growing Demand in Solar Projects

​Oswal Pumps is a key player in the solar pump market, set to expand with IPO proceeds for manufacturing capacity and product diversification.

Rosita Fernandes

Oswal Pumps Pre-IPO Tearsheet

Oswal Pumps is the fastest growing vertically integrated solar pump manufacturer in India and is looking to raise about US$122m in its upcoming...

Nicholas Tan

Oswal, India's largest solar pump supplier, plans to expand and diversify but faces risks from subsidy dependence and policy challenges.

Oswal Pumps is a key player in the solar pump market, set to expand with IPO proceeds for manufacturing capacity and product diversification.