Swastika Infra Files for IPO to Power Up Infrastructure Projects

Swastika Infra, an EPC company specializing in power distribution, has filed for an IPO with SEBI. The IPO includes a fresh issue of shares worth Rs 200 crore and an Offer For Sale of 19.2 lakh shares. Proceeds will fund working capital and general corporate purposes.

Swastika Infra, a Jaipur-based engineering, procurement, and construction (EPC) company, has taken a significant step by filing for an Initial Public Offering (IPO) with the Securities and Exchange Board of India (SEBI). The IPO aims to raise funds to bolster the company's extensive portfolio of power distribution infrastructure projects.

The proposed IPO comprises a fresh issue of shares worth Rs 200 crore, alongside an Offer For Sale (OFS) of 19.2 lakh shares by the company's promoters and other stakeholders. The Draft Red Herring Prospectus (DRHP) also outlines plans to secure Rs 40 crore in a pre-IPO placement, which could reduce the fresh issue size if completed.

Proceeds from the fresh issue are earmarked for addressing the company's incremental working capital needs, with Rs 145 crore allocated for this purpose. Swastika Infra, which has executed over 8,500 circuit kilometers of distribution lines, is managed by book-runners Srujan Alpha Capital Advisors LLP and PhillipCapital (India).

(With inputs from agencies.)