Swastika Infra Files Draft Papers With SEBI for IPO

Swastika Infra, an engineering, procurement and construction (EPC) company based in Jaipur, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO).

The issue includes a fresh issuance of equity shares worth ₹200 crore and an offer-for-sale (OFS) of 19.2 lakh equity shares by existing shareholders, including promoters.

Pre-IPO Placement and Use of Proceeds

The company may raise ₹40 crore through a pre-IPO placement. If this is completed, the fresh issue component will be reduced by the equivalent amount. Out of the ₹200 crore, ₹145 crore will be allocated for incremental working capital requirements. The remaining proceeds will go towards general corporate purposes.

Shareholders Participating in OFS

Several promoters and shareholders will offload shares as part of the OFS:

• Vinay Gupta and Ruchira Gupta: 3,00,000 shares
• Biren Parnami and Manoj Modi: 3,60,000 shares
• Ishaan Bhartia and Ishita Bhartia: 3,00,000 shares

Operations and Project Pipeline

Swastika Infra operates in the power distribution infrastructure segment. It provides turnkey solutions that include supply, installation, testing, and commissioning. Its service portfolio covers underground cabling, rural and urban electrification, street lighting, and construction of GIS and AIS substations.

The company has completed 8,519.5 circuit kilometers (CKM) of distribution lines over the past 14 years. As of February 2024, it had 12 ongoing EPC projects with a combined order value of ₹1,478.2 crore.

Swastika Infra Financial Performance Overview

The table below highlights Swastika Infra’s total income and profit after tax (PAT) over recent financial years.

Conclusion

Srujan Alpha Capital Advisors and PhillipCapital (India) are the appointed merchant bankers. MUFG Intime India will act as the registrar. The IPO will be listed on NSE and BSE. The date of the IPO launch has not been announced.

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