The stock opened at ₹200 on both the NSE and the BSE, compared with the IPO price of ₹185, translating into a premium of 8.11% on debut.
The issue received bids for 4,81,50,288 shares against 63,35,001 shares on offer. The non-institutional investor (NII) portion was subscribed 18.50 times, while the retail category received 5.39 times subscription. The qualified institutional buyers (QIBs) portion was subscribed 3.22 times.
In the grey market, the latest recorded grey market premium (GMP) was ₹8 as of September 30, indicating an indicative listing price of around ₹193 against the upper issue price of ₹185. This represents a premium of around 4.32% over the upper end of the IPO price band.
However, GMP is an unofficial indicator based on activity in the grey market. It is not an exchange-traded price and does not guarantee the actual listing price or post-listing returns.
The Rajasthan-based power project services provider had fixed the IPO price band at ₹175–₹185 per share. The ₹160.88-crore issue comprised a fresh issue of ₹128.50 crore and an offer for sale of up to 17.50 lakh shares, valued at around ₹32.38 crore.
Ahead of the IPO, the company raised ₹48.26 crore from anchor investors. Swastika Infra allotted 26.08 lakh shares to six anchor investors at ₹185 apiece.
Shine Star Build-Cap, Minerva Ventures and Longthrive Capital VCC were among the largest participants, with each investing around ₹10 crore for 5.4 lakh shares. Krone Finstock acquired 4.46 lakh shares for around ₹8.25 crore, while Swyom India Alpha Fund and Asas Global Fund Incorporated VCC Sub Fund each invested ₹5 crore.How will Swastika Infra use the IPO proceeds?
Swastika Infra plans to deploy ₹90 crore from the fresh issue towards its incremental working capital requirements. The remaining proceeds from the fresh issue will be used for general corporate purposes.
Working capital is a key requirement for the company as its engineering, procurement and construction (EPC) projects involve upfront expenditure on materials, equipment and project execution before payments are received from customers.
About Swastika Infra
Swastika Infra is an engineering, procurement and construction (EPC) company focused on power transmission and distribution (T&D) infrastructure projects.
The company provides turnkey services spanning the conceptualisation, design, supply, installation, testing and commissioning of power infrastructure projects. Its projects include work for power utilities and infrastructure requirements across various parts of India.
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First Published: Sept 30, 2026 6:58 AM IST