Swastika Infra IPO Day 1: Subscribed 0.96x; bHNI surges 2.49x, QIBs pick up pace late
- Swastika Infra IPO subscribed 0.96x on Day 1
- bHNI segment leads with 2.49x subscription
- QIBs accelerate late, ending at 0.69x
- Retail investors subscribe 0.70x
- IPO closes on 25 September 2026
*this image is generated using AI for illustrative purposes only.
Swastika Infra IPO closed with a robust overall subscription of 7.53x, driven by a massive surge in Non-Institutional Investor demand and strong institutional participation.
Subscription Status
The issue witnessed significant momentum on the final day, with total subscription rising from 2.10x at 11:15 IST to 7.53x by the close. The progression reflects strong high-net-worth and retail participation, pushing the issue well beyond full subscription. The sHNI category recorded a massive increase in subscription from the morning levels, reaching 20.00x, while bHNI demand hit 15.39x.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 23-09-2026 | 0.69x | 0.73x | 2.49x | 0.70x | 0.96x |
| Day 2 | 24-09-2026 | 1.00x | 1.46x | 3.15x | 1.59x | 1.64x |
| Day 3 | 25-09-2026 | 3.22x | 15.39x | 20.00x | 5.27x | 7.53x |
Category-wise Breakdown
Non-Institutional Buyers led the final day's activity with exceptional interest. The sHNI category surged to 20.00x, while the bHNI category also showed strong demand at 15.39x, marking a 581.0% increase from opening levels. Retail investors participated actively, subscribing 5.27x, up 139.5% from the opening levels of the day. Qualified Institutional Buyers (QIB) maintained steady interest at 3.22x, marking a 222.0% increase from the opening levels of the day.
Intra-day Timeline on 23-09-2026
Demand built up gradually throughout the trading day, with a notable acceleration in the NII (bHNI) and Retail segments after 1:15 pm. The total subscription crossed the 0.5x mark by early afternoon and continued to climb towards the close, driven by a late-session surge in QIB bids.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.10x | 0.21x | 0.19x |
| 12:15 | 0.00x | 0.17x | 0.32x | 0.31x |
| 13:15 | 0.00x | 0.26x | 0.41x | 0.41x |
| 14:15 | 0.15x | 0.45x | 0.50x | 0.59x |
| 15:15 | 0.15x | 0.55x | 0.57x | 0.68x |
| 16:15 | 0.60x | 0.62x | 0.63x | 0.86x |
| 17:15 | 0.69x | 0.73x | 0.70x | 0.96x |
Offer Details
The IPO opened on September 23, 2026, and closed on September 25, 2026. The price band was set between ₹175.00000 and ₹185.00000 per share.
| Parameter | Details |
|---|---|
| Price Band | ₹175.00000 - ₹185.00000 |
| Issue Size | ₹14,985 - ₹5,00,000 crore |
| Minimum Bid Qty | 81 shares |
| Opening Date | 2026-09-23 |
| Closing Date | 2026-09-25 |
About the Company
Swastika Infra Limited is a Jaipur-based Engineering, Procurement and Construction (EPC) company specializing in power transmission and distribution (T&D) infrastructure. Incorporated in August 2019, the company has operational roots tracing back to 1969. It offers turnkey solutions including underground cabling, substation construction, rural/urban electrification, and street lighting. As of July 31, 2026, Swastika Infra has completed 36 EPC projects worth ₹76,467 Lakhs and has 18 ongoing projects aggregating ₹2,03,665 Lakhs in order value.
Financial Highlights
The company reported robust growth in revenue and profitability over the last three fiscal years.
| Metric (₹ Crores) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 503.57 | 350.76 | 209.58 |
| Profit Before Tax | 55.34 | 37.02 | 18.83 |
| Net Profit | 41.43 | 27.45 | 13.98 |
| Total Equity | 156.78 | 77.02 | 49.57 |
Objects of the Issue
The proceeds from the Fresh Issue are intended for:
- Funding incremental working capital requirements in Fiscal 2027 (₹90.00 crore).
- General corporate purposes, including strategic initiatives and capital expenditure.
- Note: The Offer for Sale portion does not generate proceeds for the company.
What's Next
Allotment is expected on September 28, 2026, with listing scheduled for September 30, 2026.
Will the late-session surge in QIB interest sustain through the final two days to push the overall subscription above 1.0x?
How might the significant gap between bHNI (2.49x) and Retail (0.70x) subscription levels impact post-listing volatility and price discovery?
Can Swastika Infra's asset-light model effectively mitigate the risks associated with its negative operating cash flows and high working capital dependency?
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