Swastika Infra’s initial public offering (IPO) is set to open for subscription on September 23, 2026. According to the Red Herring Prospectus (RHP), the ₹160.87 crore book-built issue comprises a fresh issue of 69.46 lakh equity shares aggregating up to ₹128.50 crore and an offer for sale (OFS) of 17.50 lakh equity shares aggregating up to ₹32.38 crore by its existing shareholders.

The IPO will remain open until September 25, 2026. The basis of allotment is expected to be finalised on September 28, 2026, and the shares are tentatively scheduled to be listed on the BSE and NSE on September 30, 2026.

Swastika Infra IPO - Issue Details

Issue Type: Book Built Issue (Fresh Issue + OFS)
Total Issue Size: Up to ₹160.87 crore
Fresh Issue: Up to ₹128.50 crore
Offer for Sale (OFS): Up to ₹32.38 crore
Face Value: ₹10 per equity share
Price Band: ₹175 to ₹185 per share
Lot Size: 81 shares
Minimum Investment Amount (Retail Investor): ₹14,985 (81 shares at the upper price)
Listing: BSE, NSE
Book Running Lead Managers: Srujan Alpha Capital Advisors LLP., Phillip Capital India Private Limited
Registrar: MUFG Intime India Private Limited

Swastika Infra IPO Timeline (Tentative)

The expected IPO schedule is as follows:

Event	Date
Subscription Opening Date	23 September 2026
Subscription Closing Date	25 September 2026
Basis of Allotment Date	28 September 2026
Refund Initiation Date	29 September 2026
Credit of Shares	29 September 2026
Listing on BSE and NSE	30 September 2026

Note: The allotment and listing dates are tentative and may be revised.

Explore other Upcoming IPOs on BSE and NSE.

Swastika Infra IPO Category-wise Investment Limits

The application size for each category is as follows -

Category	Investment Range
Qualified Institutional Buyers (QIBs)	Not more than 50% of the Net Issue
Non-Institutional Investors (NIIs)	Not less than 15% of the Net Issue
Retail Individual Investors (RII)	Not less than 35% of the Net Issue

The minimum investment amount for each category, based on the upper price band of ₹185 per share, is as follows -

Investor Category	Lots	Shares	Investment Amount (Approx.)
Retail (Minimum)	1	81	₹14,985
Retail (Maximum)	13	1053	₹1,94,805
sNII (Minimum)	14	1134	₹2,09,790
bNII (Minimum)	67	5427	₹10,03,995

Utilisation of IPO Proceeds

The company intends to utilise the net proceeds from the fresh issue towards:

Funding incremental working capital requirements of the company
General corporate purposes.

About Swastika Infra Limited

Incorporated in 2019, Swastika Infra Limited is an engineering, procurement and construction (EPC) firm focused on power transmission and distribution infrastructure projects. Its turnkey services cover procurement, supply, erection, installation, testing, and commissioning. Its work includes underground cabling, construction of gas and air-insulated substations, rural and urban electrification, street lighting, and renewable energy projects.

As of July 31, 2026, the company had 15 years of experience and had executed distribution lines spanning 18,579.47 km. It had completed 36 projects across six Indian states, with a total contract value of ₹76,467 lakh. Its order book comprised 18 ongoing projects across the same six states, with an aggregate order value of ₹2,03,665 lakh, including ₹91,655 lakh of anticipated revenue from the remaining work under existing contracts.

Key Financial Highlights

Particulars	FY26 (in ₹ crore)	FY25 (in ₹ crore)	FY24 (in ₹ crore)
Revenue from operations	487.82	339.04	188.28
EBITDA	70.85	43.89	23.71
Profit After Tax (PAT)	41.43	27.45	13.98