Swastika Infra IPO Date & Timeline
Tentative schedule from the RHP.
Swastika Infra IPO GMP Today
Unofficial, aggregated from market sources. It never feeds our score.
Full GMP history (27 updates)
| Date & time (IST) | GMP | Change | GMP % | Est. listing |
|---|---|---|---|---|
| Sep 29, 2026 · 4:30 PM | ₹5 | ₹0 | 2.7% | ₹190 |
| Sep 29, 2026 · 8:30 AM | ₹5 | ₹0 | 2.7% | ₹190 |
| Sep 28, 2026 · 8:45 PM | ₹5 | ₹0 | 2.7% | ₹190 |
| Sep 28, 2026 · 5:45 PM | ₹5 | ₹0 | 2.7% | ₹190 |
| Sep 28, 2026 · 12:30 PM | ₹5 | ₹0 | 2.7% | ₹190 |
| Sep 27, 2026 · 11:59 PM | ₹5 | ₹0 | 2.7% | ₹190 |
| Sep 26, 2026 · 11:59 PM | ₹5 | +₹1 | 2.7% | ₹190 |
| Sep 25, 2026 · 6:00 PM | ₹4 | −₹1 | 2.2% | ₹189 |
| Sep 25, 2026 · 12:45 PM | ₹5 | −₹1 | 2.7% | ₹190 |
| Sep 25, 2026 · 9:30 AM | ₹6 | ₹0 | 3.2% | ₹191 |
| Sep 25, 2026 · 7:00 AM | ₹6 | ₹0 | 3.2% | ₹191 |
| Sep 24, 2026 · 7:15 PM | ₹6 | +₹1 | 3.2% | ₹191 |
| Sep 24, 2026 · 1:45 PM | ₹5 | +₹3 | 2.7% | ₹190 |
| Sep 24, 2026 · 12:30 PM | ₹2 | −₹2 | 1.1% | ₹187 |
| Sep 24, 2026 · 12:00 PM | ₹4 | −₹2 | 2.2% | ₹189 |
| Sep 24, 2026 · 11:15 AM | ₹6 | −₹2 | 3.2% | ₹191 |
| Sep 24, 2026 · 10:45 AM | ₹8 | −₹1 | 4.3% | ₹193 |
| Sep 24, 2026 · 9:30 AM | ₹9 | ₹0 | 4.9% | ₹194 |
| Sep 24, 2026 · 6:00 AM | ₹9 | ₹0 | 4.9% | ₹194 |
| Sep 23, 2026 · 8:00 PM | ₹9 | ₹0 | 4.9% | ₹194 |
| Sep 23, 2026 · 3:00 PM | ₹9 | +₹2 | 4.9% | ₹194 |
| Sep 23, 2026 · 10:30 AM | ₹7 | ₹0 | 3.8% | ₹192 |
| Sep 22, 2026 · 11:59 PM | ₹7 | +₹1 | 3.8% | ₹192 |
| Sep 21, 2026 · 11:59 PM | ₹6 | +₹3 | 3.2% | ₹191 |
| Sep 20, 2026 · 11:59 PM | ₹3 | ₹0 | 1.6% | ₹188 |
| Sep 19, 2026 · 11:59 PM | ₹3 | −₹2 | 1.6% | ₹188 |
| Sep 18, 2026 · 11:59 PM | ₹5 | — | 2.7% | ₹190 |
Swastika Infra IPO Subscription Status
From NSE + BSE bid data, excluding the anchor portion.
Day-wise subscription
| Day | QIB | bHNI | sHNI | NII total | Retail | Total |
|---|---|---|---|---|---|---|
| Shares offered | 17,39,191 | 8,69,595 | 4,34,797 | 13,04,392 | 30,43,581 | 60,87,164 |
| Day 1 · Sep 23 | 0.71× | 2.60× | 0.77× | 1.99× | 0.75× | 1.00× |
| Day 2 · Sep 24 | 1.02× | 3.29× | 1.54× | 2.71× | 1.66× | 1.70× |
| Day 3 · Sep 25 | 3.31× | 20.92× | 16.20× | 19.35× | 5.64× | 7.91× |
Swastika Infra IPO Details
Checked against the RHP and cross-checked on NSE and BSE.
| IPO date | Sep 23 – 25, 2026 |
| Price band | ₹175 – 185 per share |
| Face value | ₹10 per share |
| Lot size | 81 shares |
| Total issue size | 86,95,946 shares ₹160.88 Cr |
| Fresh issue | 69,45,946 shares ₹128.50 Cr |
| Offer for sale | 17,50,000 shares ₹32.38 Cr |
| Issue type | Book Built · Mainboard |
| Listing at | BSE, NSE |
| Market cap | ≈ ₹631.22 Cr |
| Promoter holding | 76.51% → 57.41% |
| Lead managers | Srujan Alpha Capital Advisors LLP, PhillipCapital India Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Offer documents
Swastika Infra IPO Lot Size
Minimum and maximum bids by investor type at the upper band of ₹185.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 81 | ₹14,985 |
| Retail (max) | 13 | 1,053 | ₹1,94,805 |
| sHNI (min) | 14 | 1,134 | ₹2,09,790 |
| sHNI (max) | 66 | 5,346 | ₹9,89,010 |
| bHNI (min) | 67 | 5,427 | ₹10,03,995 |
Swastika Infra IPO Reservation
Shares set aside for each category, and the maximum number of applicants who can get an allotment.
| Category | Shares offered | % of issue | Max. allottees |
|---|---|---|---|
| Anchor investors | 26,08,782 | 30% | — |
| QIB (ex-anchor) | 17,39,191 | 20% | — |
| NII (HNI) | 13,04,392 | 15% | — |
| ↳ bHNI (>₹10L) | 8,69,595 | 10% | 767 |
| ↳ sHNI (₹2–10L) | 4,34,797 | 5% | 383 |
| Retail | 30,43,581 | 35% | 37,575 |
| Total | 86,95,946 | 100% |
Swastika Infra Financials (FY24 – FY26)
Restated consolidated figures from the RHP, ₹ crore. Years end March 31.
Financial statement
| ₹ Cr | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Revenue | 211.33 | 352.60 | 505.57 | +43.4% |
| EBITDA | 23.71 | 43.89 | 70.85 | +61.4% |
| Profit after tax | 13.98 | 27.45 | 41.43 | +50.9% |
| Total assets | 143.26 | 258.54 | 412.24 | +59.4% |
| Net worth | 49.57 | 77.02 | 156.78 | +103.6% |
| Reserves & surplus | 24.82 | 52.27 | 129.60 | +147.9% |
| Total borrowing | 43.82 | 111.02 | 114.64 | +3.3% |
Swastika Infra IPO Valuation & Peer Comparison
At the upper band of ₹185. Peers from the RHP "Basis for Offer Price".
Peer comparison
| Company | P/E | P/B | RoNW |
|---|---|---|---|
| Swastika Infra | 11.8× | 3.21× | 35.44% |
| Rajesh Power Services | 10.1× | 3.57× | 35.30% |
| Vikran Engineering | 14.6× | 1.23× | 7.40% |
About Swastika Infra
Business profile from the RHP.
- Aug 2019Incorporated · head office in Jaipur
- 36 + 18EPC power projects completed + ongoing (Jul 2026)
- 6 statesWhere projects have been executed
- 2 verticalsPower EPC (main) and electrical-products trading
Promoters & holding
Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, Vatsalya Gupta
Objects of the issue
Anchor investors
Allotted Sep 22, 2026 · 26,08,782 shares. Participants include Shine Star Build-Cap Pvt. Ltd., Minerva Ventures Fund, Longthrive Capital VCC – Trendview Capital Fund, Krone Finstock Pvt. Ltd., Swyom India Alpha Fund and ASAS Global Fund Inc. VCC Sub Fund.
Swastika Infra IPO Review: Should You Apply?
Our 100-point score, and both sides of the case.
Our view: A fast-growing power-distribution EPC firm with rising margins, ~35% ROE and a reasonable ~15× post-issue P/E, backed by government electrification spending. But it relies heavily on government utilities, most of the fresh money goes to working capital, the company is young, and QIB demand was modest (3.31× at close) next to strong NII bids.
- Rapid growth: revenue rose from ₹211 Cr (FY24) to ₹506 Cr (FY26) and profit tripled to ₹41.4 Cr, with the EBITDA margin improving to ~14%.
- Strong returns with moderate debt: ROE ~35%, ROCE ~26%, D/E ~0.73.
- Benefits from government power-distribution spending (cabling, substations, electrification): 36 projects completed and 18 ongoing across six states.
- Reasonable price: ~15× post-issue earnings and ~1.25× sales.
- Healthy demand at close: 7.91× overall, with NIIs at 19.35× and retail at 5.64×.
- Relies heavily on government utilities: policy changes, payment delays or contract cancellations can hit revenue and cash flow.
- Working-capital hungry: ₹90 Cr of the ₹128.5 Cr fresh issue funds working capital, and borrowings are ₹115 Cr.
- Young company (incorporated 2019) with an order book concentrated in a few large projects, so execution risk is high.
- Priced above Rajesh Power (~10×, similar RoNW). Also, ₹32 Cr is OFS and promoter holding falls to ~57%.
- QIB demand was modest (3.31× at close), the anchor book had no mutual funds, and the GMP is small (₹5).
Swastika Infra Listing Performance Updates after Sep 30
We close the loop: issue vs listing price, and whether our call was right.
Swastika Infra IPO Allotment Status & Contact Details
Allotment was finalised on Sep 28. Check it with your PAN or application number.
MUFG Intime India Pvt. Ltd.
- Phone
- 022-49186000
- swastikainfra.ipo@in.mpms.mufg.com
Swastika Infra Ltd.
- Address
- Plot No. 14–15, First Floor, Gajraj Apartment, Motilal Atal Road, Opp. Hotel Neelam, Jaipur, Rajasthan 302001
- Phone
- +91 91161 35709
- cs@swastikainfra.com
- Website
- swastikainfra.com
Swastika Infra IPO FAQs
GMP, price, lot size, dates, allotment and how to apply.
What is Swastika Infra IPO?
Swastika Infra IPO is a ₹160.88 Cr Mainboard book built issue made up of a fresh issue of ₹128.50 Cr and an offer for sale of ₹32.38 Cr. The shares will list on BSE and NSE.
What is Swastika Infra IPO GMP today?
As of Sep 29 · 4:30 PM IST, the grey market premium is ₹5 (≈2.7%), implying an estimated listing price of about ₹190. The GMP has ranged ₹2 – 9 since Sep 18. GMP is unofficial and not a guarantee of the listing price.
What is the price band of Swastika Infra IPO?
The price band is ₹175 – ₹185 per equity share of face value ₹10.
What is the lot size of Swastika Infra IPO?
The minimum lot is 81 shares. Retail investors can apply for 1 to 13 lots (81 to 1,053 shares).
What is the minimum investment for Swastika Infra IPO?
The minimum retail investment is ₹14,985 (81 shares at ₹185). The maximum retail application is ₹1,94,805 (13 lots).
When does Swastika Infra IPO open and close?
The IPO opens on Sep 23, 2026 and closes on Sep 25, 2026.
What is the allotment date of Swastika Infra IPO?
The basis of allotment is finalised on Sep 28, 2026. Refunds and demat credit are expected on Sep 29, 2026.
When will Swastika Infra IPO be listed?
The tentative listing date is Sep 30, 2026 on BSE and NSE.
What is Swastika Infra IPO subscription status?
At close (Sep 25 · 5:00 PM IST), the issue was subscribed 7.91× overall — QIB 3.31×, bHNI 20.92×, sHNI 16.20×, Retail 5.64×.
What is the P/E ratio and valuation of Swastika Infra IPO?
At the upper band, the P/E is 11.8× pre-issue and 15.2× post-issue, with a market cap of about ₹631.22 Cr. Listed peers include Rajesh Power Services (10.1×) and Vikran Engineering (14.6×).
Should I apply for Swastika Infra IPO?
IPOSignal's view is Proceed with Caution · Fast Growth, WC-Heavy EPC (62/100). A fast-growing power-distribution EPC firm with rising margins, ~35% ROE and a reasonable ~15× post-issue P/E, backed by government electrification spending. But it relies heavily on government utilities, most of the fresh money goes to working capital, the company is young, and QIB demand was modest (3.31× at close) next to strong NII bids. This is research, not investment advice.
How to check Swastika Infra IPO allotment status?
Check on the registrar MUFG Intime India Pvt. Ltd.'s site (in.mpms.mufg.com/Initial_Offer/public-issues.html), or on the BSE / NSE allotment pages, using your PAN or application number.
Who is the registrar and lead manager of Swastika Infra IPO?
The registrar is MUFG Intime India Pvt. Ltd.. The book-running lead managers are Srujan Alpha Capital Advisors LLP and PhillipCapital India Pvt. Ltd..