Swastika Infra Ltd. IPO: price band, issue size, dates, GMP and key KPIs

Swastika Infra Ltd. is launching a Mainboard initial public offering (IPO) with a price band of ₹175 to ₹185 per share. The ₹160.88 crore issue opens on 23 September 2026 and closes on 25 September 2026, with listing scheduled for 30 September 2026. The issue is split into a ₹128.50 crore fresh issue (proceeds to the company) and a ₹32.38 crore offer for sale (OFS, proceeds to selling shareholders). The lot size is 81 shares, implying a minimum application amount of ₹14,985 at the upper end of the price band.

Offer timeline and how the process is expected to run

The offer is scheduled to open on 23 September 2026 and close on 25 September 2026. As per the timeline provided, the basis of allotment is scheduled for 28 September 2026, refunds are scheduled for 29 September 2026, and the shares are scheduled to list on 30 September 2026.

At the time of the snapshot (19 September 2026), the IPO status is marked as upcoming. As a result, category-wise bidding numbers are not yet a regulated indicator of demand because the subscription window has not opened.

For investors, the operational takeaway is that decisions on application size are constrained by the lot size of 81 shares, and the total application amount scales in multiples of that lot.

Issue structure: fresh issue versus OFS and what it implies

Swastika Infra Ltd.’s IPO combines a fresh issue of ₹128.50 crore and an OFS of ₹32.38 crore within the total issue size of ₹160.88 crore.

The distinction is important for interpreting what changes after the IPO:

A fresh issue raises primary capital for the company. The proceeds from the fresh issue go to Swastika Infra Ltd., subject to the objects of the issue disclosed in the offer documents.

An OFS is a secondary sale by existing shareholders. Proceeds from the OFS are paid to selling shareholders and do not add cash to the company.

In the supplied snapshot, the company’s stated issue objectives and the proposed use of funds are not provided. That limits the ability to connect the fresh issue proceeds to specific planned outcomes such as capital expenditure, working capital, debt repayment, or general corporate purposes. The split still clarifies that most of the funds in this issue are being raised as primary capital, with a smaller component providing shareholder liquidity via the OFS.

What is known about the business from the available disclosures

The supplied context does not include a business description for Swastika Infra Ltd., and it also does not provide sector classification, operating footprint, customer profile, order book or project pipeline, or key milestones.

Given those gaps, the IPO note can only anchor on the disclosed terms, the schedule, the valuation and key performance indicators (KPIs) made available, and the grey market premium (GMP) observations. For a prospective subscriber, the missing qualitative disclosures are consequential because they typically frame how investors interpret margins, returns, and leverage.

For example, without an operating profile, it is not possible here to attribute the reported profitability and return ratios to any particular business driver or revenue model. Investors would typically rely on the red herring prospectus for that context.

Financial trajectory and KPI context available at the price band

The snapshot shares select KPIs and valuation multiples at the IPO price band, including earnings per share (EPS), return ratios, margins, and leverage.

On valuation, the pre-IPO price-to-earnings (P/E) multiple is reported at 11.78 times, and the price-to-book (P/B) multiple is reported at 3.21 times.

On profitability, the reported EBITDA margin (earnings before interest, tax, depreciation and amortisation) is 14.07% and the reported profit after tax (PAT) margin is 8.23%.

On returns and leverage, the snapshot reports return on equity (ROE) of 35.44%, return on capital employed (ROCE) of 25.76%, return on net worth (RoNW) of 35.44%, and a debt-to-equity ratio of 0.73 times.

These metrics provide a high-level starting point, but the multi-year financial statement values needed to describe year-by-year changes in revenue, PAT, margins, and asset base are not populated in the supplied financial table.

Because the table does not include line items in the snapshot, the financial discussion cannot extend to reported growth rates, changes in asset levels, or the variability of profits across financial years. Where investors typically go next is to reconcile the KPI set with audited statements and consider whether margins and return ratios show stability across periods.

Grey market premium (GMP) trend: what is reported and how to interpret it

The provided GMP dataset includes three observations referenced to an issue price of ₹185:

On 18 September 2026, GMP is reported at ₹5.

On 19 September 2026, GMP is reported at ₹5.

Later on 19 September 2026, GMP is reported at ₹3.

GMP is an unofficial market indicator observed outside the regulated exchanges. It can change quickly and does not represent exchange-traded price discovery. The observations above should be treated as dated snapshots rather than as a forecast of listing price or listing gains.

For regulated demand signals, investors typically watch category-wise subscription once the issue opens (23 September 2026) and track how bidding evolves through the close (25 September 2026).

Key risks from the available information, and monitoring points into listing

With the limited qualitative disclosure available in the snapshot, the primary analytical risk is the information gap itself: it restricts the ability to connect the disclosed valuation and KPI set to business fundamentals such as revenue drivers, customer concentration, execution risks, and working-capital characteristics.

Other risk lenses that remain relevant but cannot be concluded upon from this snapshot alone include:

Whether reported margins (EBITDA margin and PAT margin) are consistent across periods.

How reported returns (ROE and ROCE) behave alongside leverage, given the disclosed debt-to-equity ratio of 0.73 times.

Whether EPS and PAT margins align with the company’s audited earnings and any stated accounting policies.

Monitoring points for the offer period and the days leading up to listing, based on the available fields, are:

Subscription trends across qualified institutional buyers (QIBs), non-institutional investors (NIIs), and retail individual investors (RIIs) once the issue opens on 23 September 2026.

Any updates in disclosed IPO objectives and proposed use of proceeds, because the fresh issue amount is the larger component of the ₹160.88 crore issue.

Changes in GMP observations closer to the close date, while recognising that GMP is unofficial and can move rapidly.

Adherence to the stated timeline, including allotment on 28 September 2026 and the scheduled listing date of 30 September 2026.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.