Swastika Infra IPO
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Swastika Infra IPO details
Schedule of Swastika Infra
| Issue open date | 23 Sep 2026 |
| Issue close date | 25 Sep 2026 |
| UPI mandate deadline | 25 Sep 2026 (5 PM) |
| Allotment finalization | 28 Sep 2026 |
| Refund initiation | 29 Sep 2026 |
| Share credit | 29 Sep 2026 |
| Listing date | 30 Sep 2026 |
| Mandate end date | 10 Oct 2026 |
| Lock-in end date for anchor investors (50%) | 27 Oct 2026 |
| Lock-in end date for anchor investors (remaining) | 26 Dec 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Swastika Infra
Swastika Infra is an engineering, procurement, and construction company that specializes in power distribution infrastructure projects on a turnkey basis and trades in electrical products. Its primary business activity involves executing power infrastructure contracts, including underground cabling, gas-insulated and air-insulated substations, rural and urban electrification, and street lighting system installations. The company generates revenue by delivering end-to-end EPC services—from design, procurement, and supply to erection, testing, and commissioning—and through the sale of electrical products such as cables and circuit breakers. Serving state electricity distribution companies, central government-backed initiatives, and multilateral bank-funded developments, it operates across multiple Indian states. Supported by internal operational and project execution capabilities, the company focuses on securing government utility contracts while utilizing bulk procurement strategies to manage material requirements for its power projects.
Financials of Swastika Infra
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 160.88 |
| Fresh Issue – Proceeds go to the company | 128.50 |
| Offer for sale – Proceeds go to the existing investors | 32.38 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Funding incremental working capital requirements of the Company | 90 (70.04%) |
| General Corporate Purposes | 38.5(29.96%) |
Strengths
- Strong execution capabilities in turnkey power distribution infrastructure projects.
- Order book growth supported by state power utilities and multilateral funds.
- Geographical presence across multiple Indian states executing EPC contracts.
- Record of revenue growth and profitability in recent years.
- Integrated bulk procurement strategy for core materials like cables and transformers.
Risks
- Revenue is heavily concentrated from government-owned electricity utilities.
- Order book reliance on a few large-scale power projects.
- Execution is vulnerable to site delays, clearance issues, and weather disruptions.
- High working capital needs with exposure to bank guarantee requirements.
- Dependence on third-party subcontractors and suppliers for execution.