Swastika Infra IPO booked 30% in 2 hours on Day 1: Check brokerage views, latest GMP and key details

The initial public offering (IPO) of Swastika Infra opened for bidding on Wednesday, September 23. It is selling its shares in the price band of Rs 175-185 apiece. Investors can apply for a minimum of 81 shares and its multiples thereafter. It is looking to raise Rs 161 crore via IPO, which includes a fresh share sale of Rs 129 crore and an offer-for-sale (OFS) of up to 17,50,000 equity shares.

According to the data, the issue was subscribed 30 per cent in the first two hours of bidding. The portion reserved for retail investors was booked 32 per cent. The allocation for non-institutional investors (NIIs) was subscribed 66 per cent, while the portion reserved for qualified institutional bidders (QIBs) was not off the mark.

Incorporated in 2019, Jaipur-based Swastika Infra is an EPC company specializing in power transmission and distribution (T&D) infra projects. It provides turnkey EPC solutions covering the supply, erection, installation, testing and commissioning of power infrastructure. Its projects involve installation of power transformers, circuit breakers, ring main units and other electrical infra.

The issue is valued at FY26 P/E multiple of 15.2 times on a post‑issue basis, which appears to be reasonably priced. We assign a 'neutral' rating to the issue and would like to track the performance of the company for a few quarters post listing, said SBI Securities.

Swastika Infra has a healthy order book, established relationships with government utilities and a growing geographical presence, providing visibility for future execution. Its margins remain favourable compared with peers, while its asset-light model supports scalability, said Religare Broking which has given a 'subscribe for long-term rating considering the growth prospects and business strengths.

Ahead of its IPO, Swastika Infra raised Rs 48.26 crore from 6 anchor investors as it allocated 26,08,782 equity shares at Rs 185 apeice. It reported a net profit at Rs 70.90 crore with a revenue of Rs 1,594.30 crore for the six months ended on September 30, 2025. It clocked a net profit of Rs 220.60 crore with a revenue of Rs 2,816.20 crore for the financial year 2024-25.

Swastika Infra is positioned to capitalize on structural tailwinds across India’s expanding power distribution infra, accelerated smart grid deployment, and increasing government outlays under power modernization schemes, supported by a growing order book and an asset-light operational model, said Arihant Capital Markets.

"However, key operational monitorables include customer concentration risk with high dependency on state DISCOMs, persistent working capital intensity, and execution risks tied to public sector project timelines. The issue is valued at a post-issue EV/EBITDA of 10.20 times based on FY26 earnings. We recommend a ‘neutral’ rating for long-term investors," it added.

Swastika Infra has reserved 50 per cent for the issue for the qualified institutional bidders (QIBs), while 15 per cent shares are reserved for non-institutional investors (NIIs). Retail investors have 35 per cent of shares allocated towards them. At the current valuations, Swastika Infra shall command a market capitalization little over to Rs 630 crore.

Last heard, Swastika Infra was commanding a grey market premium (GMP) of Rs 8-9, suggesting a listing pop of 4-5 per cent for investors. Srujan Alpha Capital Advisors LLP and Phillip Capital (India) are the book running lead manager and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Wednesday, September 30.