Swastika Infra will launch its ₹161 crore initial public offering on September 23, with a price band of ₹175-185 per share. The company will use most of the fresh funds to meet working capital needs for its power distribution projects. The issue includes both new shares and an offer for sale, with the listing expected by the end of the month.
Swastika Infra is set to open its initial public offering (IPO) for subscription on September 23. The company aims to raise ₹161 crore through this share sale, with a price band fixed between ₹175 and ₹185 per share. The offer includes a fresh issuance of shares worth ₹128.5 crore and an offer for sale of 17.5 lakh shares by existing shareholders.
The anchor investor portion will open for bidding on September 22. Retail investors can apply for a minimum of 81 shares, which requires an investment of ₹14,985 at the upper end of the price band. The maximum application amount for retail investors is set at ₹1,94,805. The company has allocated half of the issue to qualified institutional buyers, 15% to non-institutional investors, and 35% to retail investors.
Swastika Infra operates as an engineering, procurement, and construction (EPC) company, specifically focusing on power distribution infrastructure. As of July 2026, the company was executing 18 projects. The total order book stood at ₹2,036.65 crore, with an unexecuted portion valued at ₹916.55 crore. For the financial year ended March 2026, the company reported a total income of ₹505.6 crore, reflecting a 43.4% increase from the previous year, while net profit grew 51% to ₹41.4 crore.
The primary objective for the fresh issue is to fund working capital requirements. In the EPC sector, companies often face significant cash outflows to pay vendors, subcontractors, and laborers before they receive payments from project clients. Consequently, maintaining a healthy cash flow is essential for these businesses to sustain operations and execute projects on time. Investors often track how efficiently such companies manage their working capital and receivables, as these factors directly influence the company's financial health and ability to take on new projects.
Srujan Capital Advisors and PhillipCapital India are the book-running lead managers handling the IPO. The company expects to finalise share allotment by September 28, with the listing on stock exchanges scheduled for September 30. The final result of the IPO will depend on investor demand during the subscription window and the overall sentiment in the infrastructure sector at the time of listing.