Power projects focused EPC firm Swastika Infra’s IPO subscribed over 2x

The IPO of Jaipur-based Swastika Infra was subscribed over 2 times. The INR 161 crore public issue received bids for 1.32 crore shares against 63.35 lakh shares offered. Srujan Alpha Capital Advisors and PhillipCapital (India) are the merchant bankers for the issue.Founded in 1969, Swastika Infra provides engineering, procurement and construction (EPC) services for power transmission and distribution infrastructure projects on a turnkey basis.The IPO features a fresh issue of shares worth approximately INR 128.5 crore and an offer for sale of up to 17.5 lakh shares by promoters and existing shareholders. Prior to the public issue, the company raised INR 48.26 crore from six anchor investors, including Shine Star Build-Cap, Minerva Ventures and Longthrive Capital VCC, which each invested INR 10 crore. Swastika Infra intends to use INR 90 crore of the net proceeds from the fresh issue for incremental working capital requirements, with the remaining funds allocated to general corporate purposes.