Swastika Infra Opens Rs 160.88 Crore IPO with Fresh Issue Worth Rs 128.50 Crore

Jaipur-headquartered engineering, procurement, and construction (EPC) company Swastika Infra Limited has launched its initial public offering (IPO) on domestic bourses to raise an aggregate of Rs 160.88 crore. The issue opened for bidding on Wednesday, September 23, 2026, and is scheduled to conclude on Friday, September 25, 2026.

The public offering is a mix of fresh issuance and an offer for sale (OFS):

• Fresh Issue: 69.46 lakh equity shares aggregating up to Rs 128.50 crore.
• Offer for Sale (OFS): Up to 17.50 lakh equity shares aggregating to approximately Rs 32.38 crore by selling shareholders.

Prior to the issue opening, Swastika Infra secured Rs 48.26 crore from anchor investors on September 22, 2026, allocating 26.08 lakh equity shares.

Key Issue Details and Timetable

The company has established a price band of Rs 175 to Rs 185 per equity share with a face value of Rs 10 each. Bidders can apply in lots of 81 equity shares and multiples thereafter, translating into a minimum retail investment commitment of Rs 14,985 at the upper end of the price band.

Key timeline milestones for market participants include:

• Issue Closing Date: September 25, 2026
• Basis of Allotment: September 28, 2026
• Initiation of Refunds and Credit of Shares: September 29, 2026
• Tentative Listing Date: September 30, 2026, on both the BSE and NSE

The offering reserves 50% of the net issue for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail Individual Investors (RIIs). Srujan Alpha Capital Advisors LLP and PhillipCapital (India) Pvt. Ltd. are acting as the book-running lead managers, with Link Intime India Pvt. Ltd. serving as the registrar to the issue.

Operational Footprint and Financial Objectives

Founded with operational roots going back decades and later structured as a specialized utility contractor, Swastika Infra focuses on turnkey execution across the power transmission and distribution (T&D) ecosystem. The company's project suite spans:

• High- and low-voltage underground cabling projects
• Construction of Gas Insulated Substations (GIS) and Air Insulated Substations (AIS)
• Rural and urban grid modernization under state and central schemes
• Renewable energy evacuation infrastructure and street lighting setups

The company had executed over 35 turnkey power infrastructure projects across multiple states, servicing power utilities such as WBSEDCL, MGVCL, and APDCL. As of July 31, 2026, the company's order book stood at approximately Rs 916.55 crore (Rs 91,655 lakh), providing steady revenue visibility.

Net proceeds from the fresh issue component of Rs 128.50 crore are slated primarily to fund working capital requirements necessitated by the scale-up in project sizes, as well as general corporate purposes.

Market Context and Sector Outlook

The launch comes amid elevated capital expenditure within India's utility and power distribution segments, spearheaded by state-level grid modernization and loss-reduction mandates. Analysts note that while Swastika Infra's strong order book and operational track record in transmission EPC provide clear medium-term revenue visibility, the business remains sensitive to working capital cycles and tender concentration common across public utility contracts.

Tags: Swastika Infra IPO Power Transmission EPC BSE NSE SEBI