Swastika Infra IPO Day 3: Issue subscribed over 1.6x; GMP signals 5% premium — Check key details

The Swastika Infra IPO entered its third and final day of bidding on Friday, September 25, with the issue witnessing decent investor interest. In the grey market, the IPO is currently commanding a GMP of around 5%, indicating expectations of a modest premium over the issue price based on the prevailing unofficial market indicator.

On Day 2, the issue was subscribed 1.64 times overall, with bids received against the 63.35 lakh shares on offer. The retail portion was subscribed 1.59 times, while the Non-Institutional Investors (NII) category saw stronger demand.

The Rs 160.88-crore Swastika Infra IPO comprises a fresh issue of 69.46 lakh shares aggregating to Rs 128.50 crore and an offer for sale (OFS) of 17.50 lakh shares worth Rs 32.38 crore.


The IPO opened for subscription on September 23 and will close today, September 25, 2026. The basis of allotment is expected to be finalised on September 28, while the company’s shares are tentatively scheduled to list on both the NSE and BSE on September 30, 2026.

The company has fixed the IPO price band at Rs 175 to Rs 185 per share. The lot size is 81 shares, meaning a retail investor needs to invest a minimum of Rs 14,985 at the upper end of the price band.

Srujan Alpha Capital Advisors LLP and PhillipCapital India Pvt. Ltd. are the book-running lead managers for the issue, while MUFG Intime India Pvt. Ltd. is the registrar.

Read more: NSE IPO Tracker: Catch all the highlights here

Swastika Infra IPO subscription status

On Day 2, the Swastika Infra IPO was subscribed 1.64 times overall, with bids received against the 63.35 lakh shares available in the issue.

The Retail Individual Investors (RII) category was subscribed 1.59 times, against 31.82 lakh shares reserved for the segment.

The Non-Institutional Investors (NII) category recorded 2.58 times subscription, with bids received against the 13.63 lakh shares on offer.

Meanwhile, the Qualified Institutional Buyers (QIBs) category was subscribed 1 time, against the 17.88 lakh shares reserved for institutional investors.

Swastika Infra IPO GMP

Swastika Infra IPO is currently commanding a GMP of Rs 9.50, or 5%, over the upper price band of Rs 185 per share. Based on the prevailing GMP, the estimated listing price is around Rs 194.50 per share.

Read more: 5 SME IPOs open for subscription today, September 25: Check issue size, price band, lot size and key dates

How will the proceeds from the Swastika Infra IPO be utilised?

Swastika Infra plans to utilise Rs 90 crore of the net IPO proceeds towards funding its incremental working capital requirements. The company intends to use the remaining proceeds, if any, towards general corporate purposes.

Swastika Infra Financial Performance

Swastika Infra Ltd. reported a strong improvement in its financial performance in FY26. The company’s total income increased 43% to Rs 506 crore in FY26 from Rs 353 crore in FY25.

Profit after tax (PAT) rose 52% to Rs 41 crore in FY26 from Rs 27 crore in FY25. The growth reflects an improvement in both the company’s revenue and profitability during the year.

About Swastika Infra Ltd.

Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement and construction (EPC) company focused on 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 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 projects. Its projects also involve the installation of power transformers, circuit breakers, ring main units and other electrical infrastructure used in power distribution.

As of July 31, 2026, Swastika Infra had completed 36 EPC power projects across six Indian states, covering 18,579.47 km of distribution lines, with an aggregate contract value of Rs 7,646.7 crore. The company’s order book comprised 18 ongoing EPC power projects across six states, with an aggregate order value of Rs 20,366.5 crore. As of July 31, 2026, the company had 182 full-time employees, including 65 engineers and technicians and 52 project execution supervisors and other personnel.

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