Swastika Infra IPO
Updated 11 Nov 2026, 6:45 pm.
Minimum investment (Retail)
₹14,985
1 lot · 81 shares at the upper price band
Price band
₹185
Latest GMP
₹7
+3.8% of the ₹185 upper band
Est. listing price
₹192
Issue size
₹160.87 Cr
Listing price
₹200.00
NSE SWASTIKAIN, special pre-open price
Listing gain
+8.1%
Listing price against the issue price
First-day close
₹210.00
Since issue
+4.7%
₹193.69 close, 13 Nov 2026
As NSE lists it
The exchange's own issue data, NSE symbol SWASTIKAIN · read 14 Nov 2026, 12:15 am
- Price band
- ₹175–185
- Bidding
- 23 Sept 2026 – 25 Sept 2026
- Subscribed (NSE)
- —
- Shares offered
- —
- Listed
- 30 Sept 2026
- Issue price
- ₹185
NSE's subscription counts bids on its own platform and can differ from the combined NSE + BSE figure above.
Allotment status
Check it on the registrar's page or either exchange with your PAN or application number.
- Allotment finalised28 Sept 2026(done)
- Refunds start29 Sept 2026(done)
- Shares credited to demat29 Sept 2026(done)
- Listing30 Sept 2026(done)
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 30 Sept 2026, 1:50 pm | ₹7 | ₹192 |
| 30 Sept 2026, 1:45 pm | ₹7 | ₹192 |
| 29 Sept 2026, 6:50 pm | ₹7 | ₹191 |
| 29 Sept 2026, 6:45 pm | ₹6 | ₹191 |
| 29 Sept 2026, 1:50 pm | ₹6 | ₹191 |
| 29 Sept 2026, 1:45 pm | ₹6 | ₹191 |
| 29 Sept 2026, 8:50 am | ₹6 | ₹191 |
| 29 Sept 2026, 8:45 am | ₹6 | ₹191 |
| 28 Sept 2026, 6:50 pm | ₹6 | ₹190 |
| 28 Sept 2026, 6:45 pm | ₹5 | ₹190 |
| 28 Sept 2026, 1:50 pm | ₹5 | ₹190 |
| 28 Sept 2026, 1:45 pm | ₹5 | ₹190 |
| 28 Sept 2026, 8:50 am | ₹6 | ₹190 |
| 28 Sept 2026, 8:45 am | ₹5 | ₹190 |
| 26 Sept 2026, 6:50 pm | ₹6 | ₹190 |
| 26 Sept 2026, 6:45 pm | ₹5 | ₹190 |
| 26 Sept 2026, 1:50 pm | ₹5 | ₹190 |
| 26 Sept 2026, 1:45 pm | ₹5 | ₹190 |
| 26 Sept 2026, 8:50 am | ₹6 | ₹193 |
| 26 Sept 2026, 8:45 am | ₹8 | ₹193 |
| 25 Sept 2026, 6:50 pm | ₹6 | ₹193 |
| 25 Sept 2026, 6:45 pm | ₹8 | ₹193 |
| 25 Sept 2026, 1:45 pm | ₹8 | ₹193 |
| 25 Sept 2026, 8:50 am | ₹8 | ₹193 |
| 25 Sept 2026, 8:45 am | ₹8 | ₹193 |
| 24 Sept 2026, 6:50 pm | ₹9 | ₹193 |
| 24 Sept 2026, 6:45 pm | ₹8 | ₹193 |
| 24 Sept 2026, 1:50 pm | ₹8 | ₹193 |
| 24 Sept 2026, 1:45 pm | ₹8 | ₹193 |
| 24 Sept 2026, 8:50 am | ₹9 | ₹193 |
| 24 Sept 2026, 8:45 am | ₹8 | ₹193 |
| 23 Sept 2026, 6:50 pm | ₹9 | ₹193 |
| 23 Sept 2026, 6:45 pm | ₹8 | ₹193 |
| 23 Sept 2026, 1:50 pm | ₹8 | ₹193 |
| 23 Sept 2026, 1:45 pm | ₹8 | ₹193 |
| 23 Sept 2026, 8:50 am | ₹8 | ₹193 |
| 23 Sept 2026, 8:45 am | ₹8 | ₹193 |
| 22 Sept 2026, 6:50 pm | ₹9 | ₹193 |
| 22 Sept 2026, 6:45 pm | ₹8 | ₹193 |
| 22 Sept 2026, 1:50 pm | ₹6 | ₹193 |
| 22 Sept 2026, 1:45 pm | ₹8 | ₹193 |
| 22 Sept 2026, 8:50 am | ₹8 | ₹193 |
| 22 Sept 2026, 8:45 am | ₹8 | ₹193 |
| 21 Sept 2026, 6:50 pm | ₹3 | ₹188 |
| 21 Sept 2026, 6:45 pm | ₹3 | ₹188 |
| 21 Sept 2026, 1:50 pm | ₹3 | ₹188 |
| 21 Sept 2026, 1:46 pm | ₹3 | ₹188 |
| 21 Sept 2026, 11:23 am | ₹3 | ₹188 |
| 21 Sept 2026, 8:45 am | ₹3 | ₹188 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹185
- Issue size
- ₹160.87 Cr
- Lot size
- 81
- Opens
- 23 Sept 2026
- Closes
- 25 Sept 2026
- Allotment
- 28 Sept 2026
- Listing
- 30 Sept 2026
- Est. listing price
- ₹192
- Listing price
- ₹200
- Listing gain
- +8.1%
- Registrar
- MUFG Intime India Pvt.Ltd.
- Minimum investment
- ₹14,985 (1 lot · 81 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Fresh issue
- ₹129 Cr
- Offer for sale
- ₹32 Cr
- Listing at
- BSE, NSE
- Refunds
- 29 Sept 2026
- Shares credited
- 29 Sept 2026
- Promoter holding
- 76.51% before · 57.41% after
- Lead managers
- Srujan Alpha Capital Advisors LLP, PhillipCapital India Pvt.Ltd.
Offer documents & links
Subscription by category
As of 25 Sept 2026, 6:53 pm.
Total subscription
7.91x
Full issue details
Details as published for this issue, read 29 Sept 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 23 to 25 Sep, 2026 |
|---|---|
| Listing Date | Wed, Sep 30, 2026 (tentative) |
| Face Value | ₹ 10 per share |
| Price Band | ₹175 to ₹185 |
| Issue Price | ₹185 per share |
| Lot Size | 81 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 86,95,946 shares (agg. up to ₹ 161 Cr) |
|---|---|
| Fresh Issue | 69,45,946 shares (agg. up to ₹ 129 Cr) |
| Offer for Sale | 17,50,000 shares of ₹ 10 (agg. up to ₹ 32 Cr) |
| Share Holding Pre Issue | 2,71,74,242 shares |
| Share Holding Post Issue | 3,41,20,188 shares |
IPO Timetable (Tentative)
- IPO Open
- Wed, Sep 23, 2026
- IPO Close
- Fri, Sep 25, 2026
- Allotment
- Mon, Sep 28, 2026
- Refund
- Tue, Sep 29, 2026
- Credit of Shares
- Tue, Sep 29, 2026
- Listing
- Wed, Sep 30, 2026
Issue Reservation
- QIB50.00%
- NII (HNI)15.00%
- Retail35.00%
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB | 43,47,973 | 50.00% | NA |
| - Anchor Investor | 26,08,782 | 30.00% | NA |
| - QIB (Ex. Anchor) | 17,39,191 | 20.00% | NA |
| NII (HNI) | 13,04,392 | 15.00% | NA |
| - bNII > ₹10L | 8,69,595 | 10.00% | 766 |
| - sNII < ₹10L | 4,34,797 | 5.00% | 383 |
| Retail | 30,43,581 | 35.00% | 37,575 |
| Total | 86,95,946 | 100.00% | — |
Swastika Infra IPO comprises a total issue size of 86,95,946 shares. Out of which, 43,47,973 (50.00%) are allocated to QIB , 13,04,392 (15.00%) allocated to NII 30,43,581 (35.00%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 81 | ₹14,985 |
| Retail (Max) | 13 | 1,053 | ₹1,94,805 |
| S-HNI (Min) | 14 | 1,134 | ₹2,09,790 |
| S-HNI (Max) | 66 | 5,346 | ₹9,89,010 |
| B-HNI (Min) | 67 | 5,427 | ₹10,03,995 |
Investors can bid for a minimum of 81 shares and in multiples thereof.
IPO Anchor Investors
| Bid Date | Tue, Sep 22, 2026 |
|---|---|
| Shares Offered | 26,08,782 |
| Anchor Portion (₹ Cr.) | 48.26 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Oct 28, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sun, Dec 27, 2026 |
Swastika Infra IPO raises ₹ 48.26 crore from anchor investors . Swastika Infra IPO Anchor bid date is September 22, 2026 .
📝 Anchor Investors Letter (PDF)
About Swastika Infra Ltd.
Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement and construction (EPC) company specializing in power transmission and distribution (T&D) infrastructure projects.The Company provides turnkey EPC solutions covering the supply, erection, installation, testing and commissioning of power infrastructure. Its key areas of work include underground cabling, construction of Gas Insulated Substations (GIS), Air Insulated Substations (AIS) and Grid Substations, rural and urban electrification, street lighting and renewable energy works. Its projects involve installation of power transformers, circuit breakers, ring main units and other electrical infrastructure required for power distribution.
As of July 31, 2026, the Company had completed 36 EPC Power Projects across six Indian states, covering 18,579.47 km of distribution lines, with an aggregate contract value of ₹76,467 lakh. Its order book comprised 18 ongoing EPC Power Projects across six states with an aggregate order value of ₹2,03,665 lakh. The Company has executed projects for government utilities including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL and RRVPNL. A significant portion of its projects are funded by the World Bank or supported by the Ministry of Power, Government of India.
The Company follows an asset-light business model, with erection work typically assigned to third-party contractors while its centralized procurement team supplies construction materials and electrical equipment. Its in-house project engineers and managers oversee project execution, quality, design specifications and timelines. The Company has a dedicated team of 65 engineers and technicians across electrical, mechanical and civil disciplines.
As of July 31, 2026, the Company had 182 full-time employees, including 65 Engineers & Technicians and 52 Project Execution Supervisors & Others.
Competitive Strengths
Experienced promoters and management team.
Asset-light business model with centralized procurement.
Scalable business model supported by a strong order book.
Proven execution track record across multiple Indian states.
Established track record with government utilities and infrastructure clients.
Strong project management and execution capabilities in EPC Power Projects.
Diversified capabilities across power distribution, transmission and renewable energy.
Company Financials (Restated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 412.24 | 258.54 | 143.26 |
| Total Income | 505.57 | 352.60 | 211.33 |
| Profit After Tax | 41.43 | 27.45 | 13.98 |
| EBITDA | 70.85 | 43.89 | 23.71 |
| NET Worth | 156.78 | 77.02 | 49.57 |
| Reserves and Surplus | 129.60 | 52.27 | 24.82 |
| Total Borrowing | 114.64 | 111.02 | 43.82 |
| Amount in ₹ Crore |
Swastika Infra Ltd.'s revenue increased by 43% and profit after tax (PAT) rose by 51% between the financial year ending with March 31, 2026 and March 31, 2025.
Recently Listed IPOs in Civil Construction
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| LCC Projects Ltd. | Mainboard | ₹427.14 Cr | ₹146 | 13.87 | ₹170.10 | +16.51% | ₹149.35 |
| Annu Projects Ltd. | Mainboard | ₹175.06 Cr | ₹99 | 14.33 | ₹75.60 | -23.64% | ₹47.86 |
| Technocraft Ventures Ltd. | Mainboard | ₹251.88 Cr | ₹212 | 14.73 | ₹311.15 | +46.77% | ₹476.95 |
| Om Power Transmission Ltd. | Mainboard | ₹150.06 Cr | ₹175 | 21.13 | ₹193.38 | +10.50% | ₹162.71 |
| Solarworld Energy Solutions Ltd. | Mainboard | ₹490.00 Cr | ₹351 | 33.77 | ₹323.50 | -7.83% | ₹131.49 |
| Infrax Renewable Ltd. | SME | ₹40.88 Cr | ₹104 | 11.19 | ₹105.50 | +1.44% | ₹129.65 |
| Paluck Technologies Ltd. | SME | ₹33.00 Cr | ₹48 | 6.95 | ₹49.14 | +2.38% | ₹45.05 |
| Oneindig Technologies Ltd. | SME | ₹27.65 Cr | ₹96 | 18.53 | ₹126.00 | +31.25% | ₹128.30 |
| Leapfrog Engineering Services Ltd. | SME | ₹88.51 Cr | ₹23 | 15.19 | ₹23.10 | +0.43% | ₹21.00 |
| Safety Controls & Devices Ltd. | SME | ₹48.00 Cr | ₹80 | 12.3 | ₹78.99 | -1.26% | ₹68.95 |
| Srinibas Pradhan Constructions Ltd. | SME | ₹20.32 Cr | ₹98 | 9.15 | ₹104.40 | +6.53% | ₹167.00 |
| GRE Renew Enertech Ltd. | SME | ₹39.56 Cr | ₹105 | 15.72 | ₹91.20 | -13.14% | ₹228.10 |
| E to E Transportation Infrastructure Ltd. | SME | ₹84.22 Cr | ₹174 | 15.44 | ₹327.80 | +88.39% | ₹317.60 |
| Valplast Technologies Ltd. | SME | ₹28.09 Cr | ₹54 | 12.75 | ₹58.63 | +8.57% | ₹37.50 |
| Chiraharit Ltd. | SME | ₹31.07 Cr | ₹21 | 13.95 | ₹15.96 | -24.00% | ₹11.50 |
| Telge Projects Ltd. | SME | ₹27.24 Cr | ₹105 | 14.04 | ₹110.45 | +5.19% | ₹278.00 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of incremental working capital requirements of the company | 90.00 |
| 2 | General Corporate Purposes | — |
| Total | 90.00 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 35.44% |
| ROCE | 25.76% |
| Debt/Equity | 0.73 |
| RoNW | 35.44% |
| PAT Margin | 8.23% |
| EBITDA Margin | 14.07% |
| NAV | 57.69 |
| Price to Book Value | 3.21 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 15.70 | 12.14 |
| P/E (x) | 11.78 | 15.24 |
| Market Cap at Offer Price | ₹502.72 Cr. | ₹631.22 Cr |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.
Shareholding Structure
Pre IPO
- Promoter and Promoter Group76.51%
- Public23.49%
Post IPO
- Promoter and Promoter Group57.41%
- Public42.59%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 76.51% | 57.41% |
| Public | 23.49% | 42.59% |
| Total | 100% | 100% |
Company Promoters: Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta.
.etc-Rk5dbsnpfiv5viur9flb:not(.show) table tbody > tr:nth-child(n + 6) { display: none; }
Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Vinay Gupta | Promoter | 2,73,500 | 5.06 |
| Ruchira Gupta | Promoter | 2,73,500 | 5.06 |
| Biren Parnami | Promoter | 3,28,000 | 6.07 |
| Manoj Modi | Promoter | 3,28,000 | 6.07 |
| Ishaan Bhartia | Other | 2,73,500 | 5.06 |
| Ishita Bhartia | Other | 2,73,500 | 5.06 |
| Total | — | 17,50,000 | 32.38 |
Swastika Infra IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 2 | 0 | 3 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 3.31 | 17,39,191 | 57,55,941 |
| NII | 19.35 | 13,04,392 | 2,52,33,525 |
| bNII (> ₹10L) | 20.92 | 8,69,595 | 1,81,89,522 |
| sNII (< ₹10L) | 16.20 | 4,34,797 | 70,44,003 |
| Retail | 5.64 | 30,43,581 | 1,71,60,822 |
| Total | 7.91 | 60,87,164 | 4,81,50,288 |
The Swastika Infra IPO is subscribed 7.91 times on September 25, 2026 6:53:09 PM (Day 3). The public issue subscribed 5.64 times in the retail category, 3.31 times in the QIB category, and 19.35 times in the NII category. Check Day by Day Subscription Details (Live Status)
Reload
Total Applications: 1,95,824
IPO Registrar
MUFG Intime India Pvt.Ltd.
022-49186000
swastikainfra.ipo@in.mpms.mufg.com
IPO Lead Manager(s)
Srujan Alpha Capital Advisors LLP
PhillipCapital India Pvt.Ltd.
Contact Details
Swastika Infra Ltd. Address
Plot no.14 &15, First Floor, Gajraj Apartment
Motilalatal Road
Opposite Hotel Neelam
Jaipur, Rajasthan , 302001
+91 9116135709
cs@swastikainfra.com
Swastika Infra IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
Swastika Infra IPO Allotment Today: Check your status on NSE, BSE, MUFG Intime India
ET Now · 28 Sept 2026
Swastika Infra IPO Allotment Date 28 September 2026: Price, Lot Size and Listing Details
Univest · 28 Sept 2026
790% Subscription; Swastika Infra IPO Allotment OUT Today; Check If You Received Shares; Step-by-Step Guide
goodreturns.in · 28 Sept 2026
Swastika Infra IPO ends with 7.60x subscription
Business Standard · 28 Sept 2026
IPO allotments today: How to check allotment status for Elevate Campuses, Swastika Infra & ArMee Infotech
The Economic Times · 28 Sept 2026
Swastika Infra IPO Allotment Status: Check Allocation Online
HDFC Sky · 28 Sept 2026
Swastika Infra IPO allotment today on BSE, NSE and registrar — check latest GMP
Moneycontrol.com · 28 Sept 2026
Swastika Infra Allotment Status Today: How To Check On BSE, NSE And MUFG Intime India
NDTV Profit · 28 Sept 2026
Swastika Infra: common questions
Answered from this issue's own record.