Swastika Infra IPO Opens Today After ₹48.26 Crore Anchor Raise, Issue Size At ₹161 Crore
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Swastika Infra IPO opens on September 23 after the power infrastructure company raised ₹48.26 crore from six anchor investors. The ₹161.37 crore issue has a ₹175-185 price band, while ₹90 crore of fresh proceeds will fund incremental working capital.
Swastika Infra is set to open its ₹161.37 crore initial public offering (IPO) for subscription on September 23, with the power infrastructure company raising ₹48.26 crore from anchor investors ahead of the public issue.
The company allotted 26.08 lakh equity shares to six anchor investors on September 22 at ₹185 per share, the upper end of its IPO price band of ₹175 to ₹185. The public issue will remain open until September 25.
The IPO comprises a fresh issue of shares worth ₹129 crore and an offer for sale of up to 17.5 lakh shares by existing shareholders, valued at around ₹32.37 crore at the upper price band.
Among the anchor investors, Shine Star Build-Cap, Minerva Ventures and Longthrive Capital VCC received the largest allocations, with each investing ₹10 crore for 5.4 lakh shares. Krone Finstock was allotted 4.46 lakh shares worth ₹8.25 crore, while Swyom India Alpha Fund and Asas Global Fund Incorporated VCC Sub Fund each invested ₹5 crore.
For retail investors, the minimum bid is 81 shares. At the upper end of the price band, this takes the minimum application amount to ₹14,985.
Swastika Infra operates as an engineering, procurement and construction (EPC) company focused on power transmission and distribution infrastructure. Its work includes projects such as substations, power distribution networks, electrification and underground cabling.
The company's business has expanded alongside its project pipeline. As of July 2026, Swastika Infra had 18 ongoing EPC projects with an aggregate order book of ₹2,036.65 crore. The company had ₹916.55 crore of work yet to be executed from these projects, providing visibility over its pending project execution.
Financial performance has also strengthened. Swastika Infra reported a 51% year-on-year rise in profit to ₹41.4 crore in FY26, while total income increased 43.4% to ₹505.6 crore. Revenue from EPC projects rose 43.9% to ₹487.8 crore during the financial year.
The company plans to use a significant portion of the fresh capital to support its working capital needs. Of the net proceeds from the fresh issue, ₹90 crore has been earmarked for incremental working capital requirements, while the balance will be used for general corporate purposes.
The working capital allocation comes as the company looks to execute its existing project pipeline. For an EPC business, working capital is closely linked to project execution, as funds are required to meet costs during the period between undertaking work and receiving payments from customers.
The Swastika Infra IPO is being managed by Srujan Alpha Capital Advisors and PhillipCapital India. The company's shares are scheduled to list on the NSE and BSE on September 30, subject to completion of the issue process.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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