SEBI Approves Oswal Energies IPO; Issue Size ₹250 Crore Fresh Issue Plus OFS

The Securities and Exchange Board of India (SEBI) has approved the Initial Public Offer (IPO) of Oswal Energies on December 9, 2025. The company will proceed with the next steps to launch the IPO, subject to market conditions and other statutory approvals.

The SEBI approval is valid for 12 months, giving the company flexibility to time the issue. Key details such as IPO dates, price band, and lot size will be announced later.

IPO Structure and Listing Plans

The proposed IPO is a Book Build Issue comprising a fresh issue of ₹250.00 crore and an offer for sale (OFS) of up to 0.46 crore equity shares. The equity shares are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Monarch Networth Capital Ltd. will act as the book-running lead manager for the issue. MUFG Intime India Pvt. Ltd. has been appointed as the registrar to handle allotment and investor services.

Company Overview and Business Divisions

Incorporated in 2013, Oswal Energies Limited is an integrated engineering, procurement, and construction (EPC) company and a manufacturer of process equipment and packages. The company provides end-to-end solutions from concept to commissioning across multiple industrial projects.

It operates through two primary divisions: the Project Division and the Heavy Engineering Division. These divisions enable the company to deliver EPC services and manufacture specialised heavy equipment for diverse clients.

Project Division and Heavy Engineering Capabilities

Under the Project Division, Oswal Energies undertakes EPC services for surface facilities, early production facilities, steel pipeline networks, gas processing plants, and cross-country pipelines. The Heavy Engineering Division focuses on manufacturing and supplying heavy equipment, including process equipment, process skids, and process packages.

The company operates a dedicated manufacturing facility located in Gandhinagar, Gujarat. This integrated approach allows Oswal Energies to serve both domestic and international clients efficiently.

Client Portfolio and Recent Projects

The company’s customer portfolio includes Frontier Petroleum Services LLC, Vedanta Limited, Synergia Energy Limited, Sun Petrochemicals Private Limited, Thermax Limited, Fives India Engineering & Projects Private Limited, and Koerting Engineering Private Limited. Since the beginning of Fiscal 2023, Oswal Energies has executed five EPC projects under the Project Division with a total contract value of approximately ₹3,348.64 million.

It has also completed 21 contracts under the Heavy Engineering Division, valued at approximately ₹991.83 million. These achievements highlight the company’s strong execution capabilities and industry presence.

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Conclusion

SEBI’s approval of Oswal Energies Ltd.’s IPO marks a significant step toward its public listing. The proposed issue combines fresh capital for growth with an OFS by existing shareholders. With a strong track record in EPC projects and heavy engineering, the company aims to expand its market presence and strengthen its financial position. Investor response will depend on upcoming disclosures regarding pricing, timelines, and market conditions.

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