The Swastika Infra listing price was ₹200 on the NSE on 30 September 2026. That is 8.11 per cent above the issue price of ₹185. The grey market had been quoting a premium of ₹7, or 3.78 per cent, so the open was more than double what dealers were pricing in.
Shares opened at the same ₹200 on the BSE. Our Swastika Infra IPO page showed the stock at ₹210 later in the morning, which is 13.51 per cent above the issue price.
What the grey market got wrong
GMP, the grey market premium, is an unofficial price dealers quote for IPO shares before they list. It is not an exchange price and nobody is obliged to honour it. For this issue it barely moved all week, as our Swastika Infra GMP history shows.
| Date | GMP | Implied gain |
|---|---|---|
| 25 September 2026 | ₹4.50 | 2.43% |
| 26 September 2026 | ₹6 | 3.24% |
| 27 September 2026 | ₹6.50 | 3.51% |
| 28 September 2026 | ₹6 | 3.24% |
| 29 September 2026 | ₹7 | 3.78% |
| 30 September 2026 | ₹7 | 3.78% |
The highest quote all week pointed to a listing near ₹192. The stock opened ₹8 above that. Dealers read the direction right and the size wrong. That has been the pattern on several recent mainboard debuts, which you can check on our mainboard listing performance table.
Who actually bid for it
The ₹160.88 crore issue closed on 25 September at 7.60 times overall. The category split says more about the open than the headline number does.
| Category | Times subscribed |
|---|---|
| QIB (institutions) | 3.22x |
| NII (total) | 18.50x |
| bNII (bids above ₹10 lakh) | 20.00x |
| sNII (bids of ₹2–10 lakh) | 15.49x |
| Retail | 5.39x |
| Total | 7.60x |
Non-institutional investors, the category for applications above ₹2 lakh, bid 18.50 times their quota. Institutions took 3.22 times, retail 5.39 times. So the loudest demand came from wealthy individual investors, not from funds. That gap between the two books is what the ₹7 grey market quote appears to have underweighted.
What one lot cost
The lot size was 81 shares. At the upper band of ₹185 the minimum retail application worked out to ₹14,985. At the ₹200 open those 81 shares were worth ₹16,200, so one lot showed ₹1,215 on paper.
Of the ₹160.88 crore, ₹128.50 crore was a fresh issue and ₹32.38 crore an offer for sale. The fresh part goes to the company and the offer-for-sale part to the shareholders who sold. The prospectus puts the fresh money mainly into working capital, with the balance for general corporate purposes. Promoter holding falls from 76.51 per cent before the issue to 57.41 per cent after it.
How the day’s other listings did
Swastika Infra was one of four mainboard companies to list on 30 September 2026. The spread between them was wide, which is the useful part.
| Company | Issue price | NSE open | Change |
|---|---|---|---|
| Adroit Industries | ₹134 | ₹235 | +75.37% |
| Swastika Infra | ₹185 | ₹200 | +8.11% |
| ArMee Infotech | ₹375 | ₹375 | 0.00% |
| Elevate Campuses | ₹362 | ₹355.10 | -1.91% |
Four issues from the same week, one listing day, and outcomes running from a 75 per cent gain to a small discount. The grey market had a number ready for each of them. It was low on Adroit Industries and on Swastika Infra, and high on the other two. Same window, same market mood, four different answers.
The company behind the issue
Swastika Infra was set up in August 2019. It does engineering, procurement and construction work, usually called EPC, on power distribution infrastructure. It lays underground high and low voltage cables, builds gas insulated and air insulated substations, runs rural and urban electrification projects and installs street lighting. It also trades in power cables and other electrical items.
Its EPC contracts are turnkey, meaning it handles a job from buying the material through to erection, testing and commissioning. Most of the buyers are state electricity utilities and government bodies working through price-driven tenders, and that shapes the business in two ways. Work comes in a steady pipeline, often under government electrification schemes. Payment is slow, and EPC contractors carry large amounts of cash locked in unbilled work and retention money. That is why working capital is where most of the fresh money is going.
On the figures in our IPO data, total income was ₹211.33 crore in FY2024 against ₹154.32 crore in FY2023. Profit after tax was ₹13.98 crore against ₹10.25 crore. Net worth stood at ₹55.52 crore as on 30 September 2024. At ₹185 the post-issue market capitalisation works out to ₹631.22 crore and the post-issue P/E to 15.24 times.
One thing to read carefully. The latest period in the offer data available to us is the half year ending 30 September 2024. For an issue that opened in September 2026 that leaves a two-year gap, so the FY2026 numbers in the red herring prospectus on the SEBI site are the ones to read.
What happens next
The IPO calendar for this issue is done. Allotment was finalised on 28 September 2026, refunds and demat credits went out on 29 September, and listing happened on 30 September. The registrar was MUFG Intime India, and the issue was managed by Srujan Alpha Capital Advisors and PhillipCapital India.
From here it trades like any other listed stock on the NSE and the BSE. Where this debut sits against every mainboard listing before it is on our listing performance table, updated after each one.
Frequently asked questions
What was the Swastika Infra IPO listing price?
₹200 on both the NSE and the BSE on 30 September 2026. That is 8.11 per cent above the issue price of ₹185.
How many times was the Swastika Infra IPO subscribed?
7.60 times overall. QIB 3.22 times, NII 18.50 times and retail 5.39 times.
What was the Swastika Infra IPO lot size?
81 shares. At the upper band of ₹185 that meant ₹14,985 for one lot.
