Swastika Infra IPO Day 3: Subscribed 7.53x; NII demand jumps 581%; QIB rises 222%
- Swastika Infra IPO subscribed 7.53x overall by Day 3 close.
- NII (bHNI) demand surged 581% to 15.39x; sHNI reached 20.00x.
- QIB subscription rose 222% to 3.22x; Retail stood at 5.27x.
- Allotment due September 28, 2026; listing scheduled for September 30, 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
The subscription figures ticked up significantly after 11:15 AM, particularly in the NII and Retail categories, with a notable spike in QIB bids between 15:15 and 16:15 IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.00x | 2.26x | 2.20x | 2.10x |
| 12:15 | 1.00x | 3.31x | 2.56x | 2.47x |
| 13:15 | 1.05x | 5.02x | 3.03x | 3.10x |
| 14:15 | 1.05x | 7.39x | 3.49x | 3.86x |
| 15:15 | 1.51x | 11.19x | 4.13x | 5.34x |
| 16:15 | 3.22x | 15.14x | 4.87x | 7.31x |
| 17:15 | 3.22x | 15.39x | 5.27x | 7.53x |
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.
How will Swastika Infra's listing performance on September 30 compare to the 7.53x subscription rate, and what does this suggest for sentiment in the mid-cap infrastructure sector?
Given the ₹203.66 crore ongoing order book, how effectively can Swastika Infra convert these contracts into revenue to sustain its recent triple-digit profit growth trajectory?
What specific strategic initiatives or capital expenditure plans will Swastika Infra prioritize with the fresh issue proceeds, and how might they impact future EBITDA margins?
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