Swastika Infra IPO GMP ₹8 Today (25 Sept), Price Band, Subscription Status, Allotment Date

Swastika Infra IPO Review & Analysis

Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.

Swastika Infra is a mainboard issue raising ₹161 Cr, offered in a band of ₹175–₹185 per share. At the upper end that is 18.5 times the ₹10 face value, so ₹175 of every share subscribed is share premium rather than capital.

A retail application for Swastika Infra needs one lot of 81 shares, which works out to ₹14,985 at the upper band of ₹185. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 67 lots.

For Swastika Infra, bidding runs 23-25 Sep, allotment is finalised on 28 Sep 2026, the shares list on 30 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 3 days after the issue closes. Counting from the close of bidding, money stays blocked for roughly 5 days before listing decides what the holding is worth.

The issue is reserved 50% to qualified institutional buyers, 15% to non-institutional investors, 35% to retail. A 35% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.

The issue splits into ₹129 Cr of fresh capital (80.1%) and ₹32 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.

Revenue moved from ₹352.6 Cr in 31 Mar 2025 to ₹505.57 Cr in 31 Mar 2026 (+43.4%), while profit after tax went from ₹27.45 Cr to ₹41.43 Cr (+50.9%). Profit grew faster than revenue, which points to operating leverage or a better cost mix rather than growth bought purely through volume.

Recently listed companies in the same space trade at a median price-to-earnings ratio of about 14.2. Comparing that with the multiple implied by this issue's ₹175–₹185 band is a more useful test of pricing than looking at the grey market premium alone.

With the retail portion subscribed 1.66 times, roughly one in 2 single-lot applications can expect an allotment once the draw is made. Applying for more lots does not improve those odds in an oversubscribed retail book — every application is cut back to one lot before the lottery — so the practical lever is the number of distinct PANs applying, not the size of any one bid.

MUFG Intime India Pvt.Ltd. is the registrar for this issue, which means the allotment status for Swastika Infra is published on their portal from 28 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.

A grey market premium of ₹8 on the upper band of ₹185 implies a listing gain of roughly 4.3%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.

The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.