IPO Day Two Demand
Swastika Infra IPO reaches 1.24 times subscription by midday on day two.
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Key Points
1
Swastika Infra’s business was highly concentrated in EPC power projects: these generated 97% of FY26 revenue, while product sales contributed 3%.
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As of July 31, 2026, the company had laid 18,579.47 km of distribution lines; analysts also noted it had expanded into solar parks, transmission lines and smart-grid technology integration.
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The IPO’s minimum application was 81 shares, requiring a minimum investment of ₹14,985 at the lower end of the price band.
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After the IPO, the promoter and promoter-group shareholding is expected to be 57.36%.
Swastika Infra's ₹160.88-crore IPO crossed the full subscription mark by midday on day two, attracting bids for 1.24 times the shares on offer Moneycontrol. The Rajasthan-based power project services company is betting on its track record of laying nearly 18,600 kilometers of distribution lines and expanding into solar parks and smart-grid technology.
The offering runs through September 25, with shares priced at ₹175–185 each IPO Watch. A 5% grey-market premium signals modest investor optimism, while analysts praise the company's execution but warn of heavy dependence on government contracts and concentrated customer base.
Non-Institutional Investors Drive Second-Day Surge
Day two demand came primarily from big money buyers. Non-institutional investors pushed their portion to 2.12 times subscription, far outpacing retail buyers at 1.18 times Moneycontrol. Day one had seen weaker appetite, with bids reaching only 0.96 times the available shares.
Heavy Concentration in Power EPC Business
Swastika Infra generated 97% of its FY26 revenue from engineering, procurement and construction (EPC) work on power projects. Product sales made up just 3% of earnings Economic Times. The company has now begun diversifying into solar parks, transmission lines, and smart-grid technology to reduce that dependence.
Anchor Investors Commit ₹48 Crore Before Public Offering
Six anchor investors put ₹48.26 crore into the company ahead of the public bidding phase Lok Tej. The IPO itself comprises a fresh share sale and an offer for sale. Of the fresh proceeds, ₹90 crore is earmarked for working capital, with the remainder going to general corporate needs.
Listing Set for September 30 with Modest Promoter Dilution
Swastika Infra will list on both the BSE and NSE on September 30 IPO Watch. After the IPO, promoters and promoter-group entities will hold 57.36% of the company, down from current levels Economic Times. Retail investors needed a minimum of ₹14,985 to apply for 81 shares at the lower end of the price band.
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