Swastika Infra has finalized the share allotment for its ₹160.88 crore IPO after receiving 7.60 times subscription. The company's shares are scheduled to debut on the BSE and NSE on September 30. Investors can verify their status via the registrar, MUFG Intime India, or through the official stock exchange platforms.
Swastika Infra has officially finalized the share allotment for its initial public offering (IPO), setting the stage for the company's debut on the Indian stock exchanges. The IPO, which aimed to raise ₹160.88 crore, concluded with a total subscription of 7.60 times. Investors who applied for the issue can now check their allotment status online through the portal of the registrar, MUFG Intime India, or by using the bid verification tools available on the BSE and NSE websites.
The public offering saw varying levels of interest across different investor segments. Non-institutional investors were the most active, subscribing 18.50 times their allocated portion. Retail individual investors subscribed 5.39 times, while qualified institutional buyers recorded a 3.22 times subscription rate. The company successfully secured ₹48.26 crore from anchor investors, including entities like Shine Star Build-Cap and Minerva Ventures, prior to the opening of the public offer.
Swastika Infra operates in the power transmission and distribution sector, managing engineering, procurement, and construction (EPC) projects. The company’s business model is capital-intensive, as it requires significant funds for material procurement and project execution long before revenue is realized. Out of the total fresh issue of ₹128.50 crore, the company has earmarked ₹90 crore to meet its working capital requirements. Investors may monitor how the company manages its cash flow cycles and maintains profit margins in an industry where project execution timelines and cost control are critical to long-term success.
While grey market indicators suggested a modest listing premium of approximately 3.51 percent, or about ₹6.50 per share over the upper price band of ₹185, market participants should note that these unofficial estimates can fluctuate and do not guarantee actual trading prices on the listing day. The company, guided by lead managers Srujan Alpha Capital Advisors LLP and PhillipCapital (India), is set to begin trading on September 30.
Looking ahead, investors tracking the stock may want to observe the company's ability to execute its order book efficiently without significant cost overruns. As the company expands its operational footprint, the impact of its working capital usage on debt levels and free cash flow will be important factors for stakeholders to follow in the coming quarters.