Swastika Infra Ltd IPO
Status: Closed
Overview
IPO date
23 Sept 2026 to 25 Sept 2026
Face value
₹ 10 per share
Price
₹ 175 to ₹185 per share
Issue Size
8,695,945 shares
(aggregating up to ₹ 160.88 Cr)
(aggregating up to ₹ 160.88 Cr)
Allotment Date
28 Sept 2026
Listing at
NSE
Issue type
Book Building
Sector
Power Infrastructure
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T&C*
Strengths vs Risks of Swastika Infra Ltd
Know the pros & cons
Strengths
- Strong project management and execution capabilities
- Growing Order Book with Central Government and Multilateral Institution-Funded Projects.
- Strong and consistent financial performance.
- Asset Light Model.
- Experience Promoters, Directors, and Management Team.
Risks
- Our revenue is majorly concentrated from projects undertaken or awarded by government utilities. Any adverse changes in the government policies may lead to our contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on our business and results of operations.
- Our present orderbook consist large-scale projects. Any delay or impediment to such projects may have adverse impact on our financial position.
- We enter into related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not adversely affect our business, results of operations, profitability and margins, cash flows and financial condition.
- Our credit rating was downgraded during the Fiscal 2022.
- Our ability to access capital at attractive costs depends on our credit ratings. Non-availability of credit ratings or a poor rating may restrict our access to capital and thereby adversely affect our business and results of operations. In past, we have been classified as "Issue not Cooperating" by certain credit rating agencies due to non-renewal of mandate of such agencies.
- EPC Power projects are typically awarded to us on satisfaction of prescribed qualification criteria and following a competitive bidding process. Our business and our financial condition may be adversely affected if new EPC power projects are not awarded to us or if contracts awarded to us are prematurely terminated.
- We may not be able to adequately protect our intellectual property, which could harm the value of our brand and services.
- Our ongoing projects are exposed to various implementation risks and uncertainties and may be delayed, modified or cancelled for reasons beyond our control and in the last three financial years and the stub period, we have experienced delays in completion of most of our projects.
- We have sustained negative cash flows from operating activities in the past and may experience earnings declines or operating losses or negative cash flows from operating activities in the future.
- Our business is subject to seasonal variations and we may not able to accurately forecast our project schedule which could have an adverse effect on our cash flows, business, results of operations and financial condition.
- Our business is working capital intensive involving relatively long implementation periods. If we experience insufficient cash flows to enable us to make required payments on our debt or fund working capital requirements, there may be an adverse effect on our results of operations.
- Our business operations are highly dependent on the effective and timely management of multiple projects. If we are unable to maintain strong project management capabilities or scale them effectively as our business grows, our operational performance, client satisfaction, and financial results may be adversely affected.
- There may have been certain instances of non-compliances with respect to certain corporate actions taken by our Company in the past. Consequently, we may be subject to regulatory actions and penalties.
- We derive a significant portion of our revenues from a limited number of clients. The loss of any significant clients may have an adverse effect on our business, financial condition, results of operations, and prospects.
- Our order Book may not be representative of our future results and our actual income may be significantly less than the estimates reflected in our order book, which could adversely affect our business, financial condition, results of operations and prospects
- Our Company had not incurred any actual expenditure towards Corporate Social Responsibility (CSR) activities in Financial Year 2024, which may be viewed unfavorably
- Any failure to keep pace with technological advancements in the EPC industry could adversely affect our business
- Our Company, and some of our Promoters and SMPs are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on our business, results of operations and financial condition.
- We may have certain contingent liabilities which is on March 31, 2026 is almost 7 times of the PAT and almost 164 times of the cash and cash equivalents with the Company and our financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.
- There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on our financial condition and cash flows.
- We rely on third-parties, including sub-contractors, to complete certain portion of our projects and any failure arising from the non-performance, late performance or below par performance by such third-party subcontractor to comply with applicable laws, to obtain the necessary approvals, or provide services as agreed in the contract could affect the completion of our contracts resulting in penalties or other losses.
- We are required to furnish bank guarantees as part of our business. Our inability to arrange such guarantees or the invocation of such guarantees may adversely affect our cash flows and financial condition.
- We operate in the power T&D sector where there are low entry barriers and is highly competitive. Our failure to successfully compete may adversely affect our business, financial condition, results of operations and prospects.
- We do not own the premises from where we conduct our business.
- Our reliance on raw material suppliers for our business operations exposes us to a variety of risks which could materially disrupt our operations.
- We are required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate our business, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on our results of operations.
- We are dependent upon the experience and skill of our Promoters, management and Key Managerial Personnel and Senior Management. Loss of our Promoters or our inability to attract or retain such qualified personnel, this could adversely affect our business, results of operations and financial condition.
- We cannot assure that our projects will be free from any or all defects, which may adversely affect our business, financial condition, results of operations and prospects.
- Bidding for a contract involves various management activities such as detailed project study and cost estimations. Inability to accurately estimate the cost may lead to a reduction in the expected rate of return and profitability estimates.
- As a power EPC company, our growth prospects and financial performance remain sensitive to challenges in the Indian Power Transmission and Distribution Sector.
- We may not be able to collect receivables due from our clients, in a timely manner, or at all, which may adversely affect our business, financial condition, results of operations and cash flows.
- Delays in the completion of our projects or cost overruns, could have an adverse effect on our cash flows, business, results of operations and financial condition.
- Our orderbook consists of projects undertaken under joint venture, which exposes us to various risks.
- We are exposed to the risks of malfunctions or disruptions of information technology systems.
- Our funding requirements and the deployment of Net Proceeds are based on management estimates and have not been independently appraised. Any variation in the utilisation of Net Proceeds of the Fresh Issue as disclosed in this Red Herring Prospectus shall be subject to compliance requirements, including prior shareholders' approval.
- Our operations may be adversely affected in case of industrial accidents, physical hazards and similar risks at our project sites, which could expose us to material liabilities, loss in revenues and increased expenses.
- Our insurance coverage may not be sufficient or may not adequately protect us against all or any hazards, which may adversely affect our business, results of operations and financial condition.
- The Board of Directors of our Company comprises of the Promoters.
- Certain sections of this Red Herring Prospectus disclose information from the Mordor Report which have been commissioned and paid for by us exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company's Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company after the Offer, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect business prospects, results of operations and financial condition.
- The company may not be able to successfully manage the growth of its operations and execute the company's growth strategies which may have an adverse effect on its business, financial condition, results of operations and future prospects.
- The company is subject to restrictive covenants under its financing agreements that could limit the company flexibility in managing its business or to uses cash or other assets.
- The company's borrowings are secured by charges on its current and fixed assets, and any default in repayment could lead to enforcement of such security, adversely affecting the company's business and operations.
- The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company's business, financial condition and results of operations.
- The company has entered into certain credit facilities that are repayable on demand. Any unexpected demand for repayment of such facilities by the lenders may adversely affect its business, financial condition, cash flows and results of operations.
- The company's Promoters and members of the Promoter Group have mortgaged their personal properties and provided personal guarantee for the company's borrowings to secure its credit facilities. The company's business, financial condition, results of operations, cash flows and prospects may be adversely affected by the revocation of all or any of the personal guarantees provided by its Promoters in connection with the Company's borrowings.
- The Company will not receive any proceeds from the Offer for Sale.
- The company's Promoters who serve on the Board of its as well as KMP and SMPs are interested in the Company, in addition to regular remuneration or benefits and reimbursement of expenses.
- The average cost of acquisition of Equity Shares by the company's Promoters is lower than the floor price.
- If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- The Company's Directors or Promoters may enters into ventures that may lead to real or potential conflicts of interest with the company's business.
- The company operations are subject to environmental, health and safety laws and regulations.
- There are entities in India using the name "Swastika" that are unrelated to the Company. Any failures to differentiate between the Company and other unrelated entities by third parties may have an adverse effect on its business.
- The company's ability to pay dividends in the future will depends on its future earnings, financial condition, cash flows, working capital requirements, capital expenditure plans and the terms of the company's financing arrangements, and there can be no assurance that dividends will be declared or paid.
- Subsequent to the listing of the Equity Shares, the company may be subject to surveillance measures, such as the Additional Surveillance Measures and the Graded Surveillance Measures by the Stock Exchanges in order to enhance the integrity of the market and safeguard the interest of investors.
- The Equity Shares have never been publicly traded, and, after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Offer Price, or at all.
- The Offer price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Offer and the market price of the company's Equity Shares may decline below the Offer Price and you may not be able to sell your Equity Shares at or above the Offer Price.
- Any future issuance of Equity Shares, or convertible securities or other equity linked securities by the Company may dilute your shareholding and any sale of Equity Shares by its Promoters or members of the company's Promoter Group may adversely affect the trading price of the Equity Shares.
- Fluctuation in the exchange rate between the Indian Rupee and foreign currencies may have an adverse effect on the value of the company's Equity Shares, independent of its operating results.
- Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- QIB and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the India industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- There is a lack of specificity around one of the proposed objects of the Offer and the company has not specifically earmarked the uses of the Net Proceeds under the head of the Objects of the Offer.
Swastika Infra Ltd Peer Comparison
Understand the company’s industry standing
Swastika Infra Ltd
Rajesh Power Services Ltd
Vikran Engineering Limited
Face Value
10
10
1
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
---
---
---
EPS-Basis
15.7
79.5
4.1
EPS-Diluted
15.7
79.5
4.1
NAV Per Share
57.7
225.6
48
P/E-Basic EPS
11.78
10.1
14.6
P/E-Diluted EPS
---
---
---
RONW(%)
35.4
35.3
7.4
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 23 Sept 2026 & closes on 25 Sept 2026.
Swastika Infra Limited was originally formed as a partnership firm constituted under the Indian Partnership Act, 1932 , pursuant to a deed of partnership dated October 23, 1969 'Swastika Electricals & Fertilizers' and was last reconstituted on February 1, 2019. 'Swastika Electricals & Fertilizers' was thereafter converted from a firm to a private limited Company as Swastika Infra Private Limited' on August 6, 2019 issued by the Registrar of Companies, Jaipur, Rajasthan. Subsequently, the status of the Company was converted to a public limited , and the name of Company was changed from Swastika Infra Private Limited' to Swastika Infra Limited', and a fresh certificate of incorporation dated January 27, 2025 has been issued by the Registrar of Companies, Central Processing Centre. The Company is mainly engaged in EPC Electrification work like undergoing cabling, Rural Electrification, Construction of Substation along with their associated feeder lines & trading in electrical goods.
Initially during the period 1969-2011, the Partnership Firm was engaged in the business of trading electrical items such wires, cables, etc. In year 2012, recognizing the growth of electricity distribution infrastructure, Company strategically entered into the power distribution sector, undertaking and executing small-scale EPC projects. In 2012-15, it executed multiple projects for state utilities such as RIICO, JDA & UIT. The Company expanded business operations in Assam in 2018 followed by expansion in Uttarakhand by setting up a GIS station in 2019. In 2021, further expansions were made in West Bengal & Goa with projects costing Rs 425 Cr. The Company has expanded presence in Himapchal Pradesh by completing the Kharagpur project in West Bengal costing Rs. 195.02 Cr in 2025.
Company is planning to make an IPO by raising money aggregating to Rs 200 Crore equity shares of Rs 10 each through fresh issue and by issuing 19,20,000 equity shares through offer for sale.
Swastika Infra Ltd IPO will close on 25 Sept 2026.
- Strong project management and execution capabilities
- Growing Order Book with Central Government and Multilateral Institution-Funded Projects.
- Strong and consistent financial performance.
- Asset Light Model.
- Experience Promoters, Directors, and Management Team.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Babulal Gupta | 742500 | 2.73 | 742500 | 2.18 |
| 2 | Vinay Gupta | 7027500 | 25.86 | 6754000 | 19.79 |
| 3 | Ruchira Gupta | 5100000 | 18.77 | 4826500 | 14.15 |
| 4 | Biren Parnami | 3960000 | 14.57 | 3632000 | 10.64 |
| 5 | Manoj Modi | 3960000 | 14.57 | 3632000 | 10.64 |
| 6 | Vatsalya Gupta | --- | --- | --- | --- |
- Our revenue is majorly concentrated from projects undertaken or awarded by government utilities. Any adverse changes in the government policies may lead to our contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on our business and results of operations.
- Our present orderbook consist large-scale projects. Any delay or impediment to such projects may have adverse impact on our financial position.
- We enter into related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not adversely affect our business, results of operations, profitability and margins, cash flows and financial condition.
- Our credit rating was downgraded during the Fiscal 2022.
- Our ability to access capital at attractive costs depends on our credit ratings. Non-availability of credit ratings or a poor rating may restrict our access to capital and thereby adversely affect our business and results of operations. In past, we have been classified as "Issue not Cooperating" by certain credit rating agencies due to non-renewal of mandate of such agencies.
- EPC Power projects are typically awarded to us on satisfaction of prescribed qualification criteria and following a competitive bidding process. Our business and our financial condition may be adversely affected if new EPC power projects are not awarded to us or if contracts awarded to us are prematurely terminated.
- We may not be able to adequately protect our intellectual property, which could harm the value of our brand and services.
- Our ongoing projects are exposed to various implementation risks and uncertainties and may be delayed, modified or cancelled for reasons beyond our control and in the last three financial years and the stub period, we have experienced delays in completion of most of our projects.
- We have sustained negative cash flows from operating activities in the past and may experience earnings declines or operating losses or negative cash flows from operating activities in the future.
- Our business is subject to seasonal variations and we may not able to accurately forecast our project schedule which could have an adverse effect on our cash flows, business, results of operations and financial condition.
- Our business is working capital intensive involving relatively long implementation periods. If we experience insufficient cash flows to enable us to make required payments on our debt or fund working capital requirements, there may be an adverse effect on our results of operations.
- Our business operations are highly dependent on the effective and timely management of multiple projects. If we are unable to maintain strong project management capabilities or scale them effectively as our business grows, our operational performance, client satisfaction, and financial results may be adversely affected.
- There may have been certain instances of non-compliances with respect to certain corporate actions taken by our Company in the past. Consequently, we may be subject to regulatory actions and penalties.
- We derive a significant portion of our revenues from a limited number of clients. The loss of any significant clients may have an adverse effect on our business, financial condition, results of operations, and prospects.
- Our order Book may not be representative of our future results and our actual income may be significantly less than the estimates reflected in our order book, which could adversely affect our business, financial condition, results of operations and prospects
- Our Company had not incurred any actual expenditure towards Corporate Social Responsibility (CSR) activities in Financial Year 2024, which may be viewed unfavorably
- Any failure to keep pace with technological advancements in the EPC industry could adversely affect our business
- Our Company, and some of our Promoters and SMPs are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on our business, results of operations and financial condition.
- We may have certain contingent liabilities which is on March 31, 2026 is almost 7 times of the PAT and almost 164 times of the cash and cash equivalents with the Company and our financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.
- There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on our financial condition and cash flows.
- We rely on third-parties, including sub-contractors, to complete certain portion of our projects and any failure arising from the non-performance, late performance or below par performance by such third-party subcontractor to comply with applicable laws, to obtain the necessary approvals, or provide services as agreed in the contract could affect the completion of our contracts resulting in penalties or other losses.
- We are required to furnish bank guarantees as part of our business. Our inability to arrange such guarantees or the invocation of such guarantees may adversely affect our cash flows and financial condition.
- We operate in the power T&D sector where there are low entry barriers and is highly competitive. Our failure to successfully compete may adversely affect our business, financial condition, results of operations and prospects.
- We do not own the premises from where we conduct our business.
- Our reliance on raw material suppliers for our business operations exposes us to a variety of risks which could materially disrupt our operations.
- We are required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate our business, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on our results of operations.
- We are dependent upon the experience and skill of our Promoters, management and Key Managerial Personnel and Senior Management. Loss of our Promoters or our inability to attract or retain such qualified personnel, this could adversely affect our business, results of operations and financial condition.
- We cannot assure that our projects will be free from any or all defects, which may adversely affect our business, financial condition, results of operations and prospects.
- Bidding for a contract involves various management activities such as detailed project study and cost estimations. Inability to accurately estimate the cost may lead to a reduction in the expected rate of return and profitability estimates.
- As a power EPC company, our growth prospects and financial performance remain sensitive to challenges in the Indian Power Transmission and Distribution Sector.
- We may not be able to collect receivables due from our clients, in a timely manner, or at all, which may adversely affect our business, financial condition, results of operations and cash flows.
- Delays in the completion of our projects or cost overruns, could have an adverse effect on our cash flows, business, results of operations and financial condition.
- Our orderbook consists of projects undertaken under joint venture, which exposes us to various risks.
- We are exposed to the risks of malfunctions or disruptions of information technology systems.
- Our funding requirements and the deployment of Net Proceeds are based on management estimates and have not been independently appraised. Any variation in the utilisation of Net Proceeds of the Fresh Issue as disclosed in this Red Herring Prospectus shall be subject to compliance requirements, including prior shareholders' approval.
- Our operations may be adversely affected in case of industrial accidents, physical hazards and similar risks at our project sites, which could expose us to material liabilities, loss in revenues and increased expenses.
- Our insurance coverage may not be sufficient or may not adequately protect us against all or any hazards, which may adversely affect our business, results of operations and financial condition.
- The Board of Directors of our Company comprises of the Promoters.
- Certain sections of this Red Herring Prospectus disclose information from the Mordor Report which have been commissioned and paid for by us exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company's Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company after the Offer, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect business prospects, results of operations and financial condition.
- The company may not be able to successfully manage the growth of its operations and execute the company's growth strategies which may have an adverse effect on its business, financial condition, results of operations and future prospects.
- The company is subject to restrictive covenants under its financing agreements that could limit the company flexibility in managing its business or to uses cash or other assets.
- The company's borrowings are secured by charges on its current and fixed assets, and any default in repayment could lead to enforcement of such security, adversely affecting the company's business and operations.
- The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company's business, financial condition and results of operations.
- The company has entered into certain credit facilities that are repayable on demand. Any unexpected demand for repayment of such facilities by the lenders may adversely affect its business, financial condition, cash flows and results of operations.
- The company's Promoters and members of the Promoter Group have mortgaged their personal properties and provided personal guarantee for the company's borrowings to secure its credit facilities. The company's business, financial condition, results of operations, cash flows and prospects may be adversely affected by the revocation of all or any of the personal guarantees provided by its Promoters in connection with the Company's borrowings.
- The Company will not receive any proceeds from the Offer for Sale.
- The company's Promoters who serve on the Board of its as well as KMP and SMPs are interested in the Company, in addition to regular remuneration or benefits and reimbursement of expenses.
- The average cost of acquisition of Equity Shares by the company's Promoters is lower than the floor price.
- If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- The Company's Directors or Promoters may enters into ventures that may lead to real or potential conflicts of interest with the company's business.
- The company operations are subject to environmental, health and safety laws and regulations.
- There are entities in India using the name "Swastika" that are unrelated to the Company. Any failures to differentiate between the Company and other unrelated entities by third parties may have an adverse effect on its business.
- The company's ability to pay dividends in the future will depends on its future earnings, financial condition, cash flows, working capital requirements, capital expenditure plans and the terms of the company's financing arrangements, and there can be no assurance that dividends will be declared or paid.
- Subsequent to the listing of the Equity Shares, the company may be subject to surveillance measures, such as the Additional Surveillance Measures and the Graded Surveillance Measures by the Stock Exchanges in order to enhance the integrity of the market and safeguard the interest of investors.
- The Equity Shares have never been publicly traded, and, after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Offer Price, or at all.
- The Offer price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Offer and the market price of the company's Equity Shares may decline below the Offer Price and you may not be able to sell your Equity Shares at or above the Offer Price.
- Any future issuance of Equity Shares, or convertible securities or other equity linked securities by the Company may dilute your shareholding and any sale of Equity Shares by its Promoters or members of the company's Promoter Group may adversely affect the trading price of the Equity Shares.
- Fluctuation in the exchange rate between the Indian Rupee and foreign currencies may have an adverse effect on the value of the company's Equity Shares, independent of its operating results.
- Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- QIB and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the India industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- There is a lack of specificity around one of the proposed objects of the Offer and the company has not specifically earmarked the uses of the Net Proceeds under the head of the Objects of the Offer.
The Issue type of Swastika Infra Ltd is Book Building.
The minimum application for shares of Swastika Infra Ltd is 81.
The total shares issue of Swastika Infra Ltd is 8695945.
Initial public offering of 86,95,945 equity shares of face value of Rs. 10 each ("Equity Shares") of Swastika Infra Limited ("the Company" or the "Issuer") for cash at a price of Rs. 185 per equity share (including a securities premium of Rs. 175 per equity share) ("Offer Price") aggregating up to Rs. 160.88 Crores comprising a fresh issue of 69,45,945 equity shares aggregating to Rs. 128.50 Crores by the company ("Fresh Issue") and an offer for sale of 17,50,000 equity shares of face value Rs. 10 each aggregating Rs. 32.38 Crores comprising up to 2,73,500 equity shares aggregating up to Rs. 5.06 Crores by Vinay Gupta, 2,73,500 equity shares aggregating Rs. 5.06 Crores by Ruchira Gupta, 3,28,000 equity shares aggregating Rs. 6.07 Crores by Biren Parnami, 3,28,000 equity shares aggregating Rs. 6.07 Crores by Manoj Modi (Collectively, the "Promoter Selling Shareholders"), 2,73,500 equity shares aggregating up to Rs. 5.06 Crores by Ishaan Bhartia and 2,73,500 equity shares aggregating up to Rs. 5.06 Crores by Ishita Bhartia (Collectively, the "Other Selling Shareholders". The promoter selling shareholders and the other selling shareholders collectively, the "Selling Shareholders" and such offer for sale of equity shares by the selling shareholders, the "Offer for Sale") (Offer for sale together with the fresh issue, the "Offer"). The offer will constitute 24.24% of the post-offer paid-up equity share capital of the company.
The company, in consultation with the brlms, may consider a pre-ipo placement, aggregating up to Rs. 40.00 crores prior to filing of the pre-ipo placement, if undertaken, will be at a price to be decided by the company, in consultation with the brlm. if the pre-ipo placement is completed, the amount raised pursuant to the pre-ipo placement will be reduced from the fresh issue, subject to compliance with Rule 19(2)(b) of the scrr. The pre-ipo placement, if undertaken, shall not exceed 20 % of the size of the fresh issue. prior to the completion of the offer, the company shall appropriately intimate the subscribers to the pre-ipo placement, prior to allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the offer or the offer may be successful and will result into listing of the equity shares on the stock exchanges. further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (if undertaken).
Price Band: Rs. 185 per equity share of face value of Rs. 10/- each.
The floor price is 18.5 times of the face value of the equity shares.
Bids can be made for a minimum of 81 equity shares of face value of Rs. 10/- each and in multiples of 81 equity shares of face value of Rs. 10/- each thereafter.