Swastika Infra Limited opened its initial public offering for subscription on Wednesday, September 23, 2026, with the Rajasthan-based power infrastructure company witnessing a measured start to bidding.
According to NSE data reported by Moneycontrol, the IPO was 11% subscribed as of 10:40 am on the first day. Investors had submitted bids for 7,17,255 shares against 63,35,001 shares available for subscription at that point.
Retail investors were the most active category during the initial hours. The retail portion was subscribed 16%, while the non-institutional investor, or NII, category had received 14% subscription.
These figures represent an early snapshot rather than the final Day 1 subscription. IPO subscription numbers can change substantially as bids continue to arrive.
Swastika Infra IPO price band and issue size
Swastika Infra has fixed its IPO price band at ₹175 to ₹185 per equity share. The book-built issue is worth approximately ₹160.88 crore at the upper end of the price band.
The offering comprises a fresh issue of up to 6,945,946 equity shares, aggregating to approximately ₹128.50 crore, along with an Offer for Sale of up to 17,50,000 shares, worth about ₹32.38 crore at the upper price band.
The IPO opened on September 23 and will remain available for subscription until September 25, 2026.
How much does a retail investor need to invest?
The minimum bid size has been fixed at 81 shares. At the upper price band of ₹185 per share, one lot requires an investment of ₹14,985.
The face value of each equity share is ₹10. Swastika Infra plans to list its shares on both the BSE and NSE.
Swastika Infra raises ₹48.26 crore from anchor investors
Ahead of the public issue, Swastika Infra raised ₹48.26 crore from anchor investors, according to Moneycontrol.
Anchor participation takes place before an IPO opens to the wider public and is separate from the subscription figures reported during the public bidding period.
Where will Swastika Infra use the IPO proceeds?
The fresh capital raised through the IPO is intended primarily to support the company's incremental working-capital requirements, with the remaining amount earmarked for general corporate purposes.
This distinction is important because only proceeds from the fresh issue go to the company. Money raised through the Offer for Sale goes to the selling shareholders, subject to issue expenses and applicable terms.
What does Swastika Infra do?
Swastika Infra operates in the engineering, procurement and construction space, with a focus on power transmission and distribution infrastructure.
Its turnkey services include procurement, supply, erection, installation, testing and commissioning of electrical infrastructure. Its project portfolio spans underground cabling, gas-insulated and air-insulated substations, rural and urban electrification, street lighting and renewable-energy infrastructure.
As of July 31, 2026, the company had completed 36 projects across six Indian states, with a cumulative contract value of ₹764.67 crore. It also had 18 ongoing projects worth ₹2,036.65 crore, with ₹916.55 crore of expected revenue represented by the unexecuted portion of existing contracts, according to Groww's summary of the offer documents.
Revenue and profit have increased in recent years
Swastika Infra reported revenue from operations of ₹487.82 crore in FY26, compared with ₹339.04 crore in FY25 and ₹188.28 crore in FY24.
Its EBITDA increased to ₹70.85 crore in FY26, from ₹43.89 crore in FY25 and ₹23.71 crore in FY24.
Profit after tax stood at ₹41.43 crore in FY26, compared with ₹27.45 crore in FY25 and ₹13.98 crore in FY24.
These historical figures show strong growth in the period covered, but they do not by themselves indicate how the company or its shares will perform after listing.
Swastika Infra IPO GMP: What is the grey market indicating?
Grey-market estimates ahead of and during the IPO have suggested a modest premium, but figures vary between trackers and can change rapidly. For example, NDTV Profit reported a GMP of ₹9.50 ahead of the opening, which implied a theoretical price of ₹194.50 against the ₹185 upper price band.
Investors should treat GMP carefully. The grey market is unofficial and unregulated, and its indications neither determine the exchange listing price nor guarantee listing gains.
Swastika Infra IPO allotment and listing date
Under the tentative schedule, the IPO closes on September 25 and the basis of allotment is expected to be finalised on September 28.
Refund initiation and credit of shares are scheduled for September 29, while Swastika Infra shares are tentatively expected to begin trading on the BSE and NSE on September 30, 2026.
The schedule remains subject to change.
What investors should watch during the remaining IPO period
The 11% subscription reported at 10:40 am provides only an early indication of demand. Subscription patterns often change as an issue progresses, particularly when institutional and non-institutional bids arrive later in the bidding window.
For Swastika Infra, the key numbers to follow through September 25 will therefore include overall subscription, demand across retail, NII and institutional categories, and the final issue pricing.
Investors evaluating the business itself may also consider its growing order book and recent financial expansion alongside risks associated with project execution, working-capital requirements and the characteristics of the power-infrastructure EPC business.
The IPO's final subscription level—and subsequently its market debut—will provide a clearer indication of how public-market investors have responded to the issue.
