Swastika Infra's ₹175–₹185 IPO, priced at ₹160.88 cr, has been subscribed 7.60×, a figure that sent the stock to the market on Wednesday, September 30, with an indicative listing price of ₹193.
The 4,81,50,288 shares bid against 63,35,001 shares on offer broke down into 18.50× for non‑institutional investors, 5.39× for retail, and 3.22× for qualified institutional buyers, according to the company’s filing.
The latest grey‑market premium rose to ₹8, translating to a 4.32% premium over the upper issue price of ₹185. While GMP is an unofficial gauge, it has become a de‑facto barometer for first‑day pricing.
Anchor investors, including Shine Star Build‑Cap, Minerva Ventures and Longthrive Capital VCC, each secured roughly 5.4 lakh shares at ₹185, with Krone Finstock and other funds taking a combined 10 lakh shares at prices ranging from ₹8.25 cr to ₹10 cr.
The fresh issue of ₹128.50 cr will see ₹90 cr earmarked for incremental working capital, while the balance will be directed to general corporate purposes, underscoring the company's need for liquidity to finance EPC projects.
The company will report Q4 results on November 15, and analysts are watching the debt‑free trajectory as it seeks to lower its leverage ahead of a potential expansion into new transmission corridors.