Jaipur-based Swastika Infra, an EPC (engineering, procurement and construction) company specialising in power distribution infrastructure projects has filed its draft red herring prospectus with the Sebi, aiming to mop up funds via an initial public offering (IPO).
The IPO will be a mix of fresh issuance of equity shares worth Rs 200 crore, and an offer-for-sale of 19.2 lakh shares by existing shareholders, including promoters. The company may raise Rs 40 crore in its pre-IPO round, and if the pre-IPO placement is successful, the fresh issue portion of the fund raise will be reduced.
The EPC power projects company offers complete solutions on a turnkey basis (including supply, installation, testing, and commissioning of power infrastructure), and has executed 8,519.50 circuit kilometers (CKM) of distribution lines in the last 14 years. Swastika Infra's order book, as of February 2024, comprises of 12 ongoing EPC power projects with total order value of Rs 1,478.2 crore.
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Swastika Infra's only listed peer is Rajesh Power Services, and the EPC player plans to utilise fresh issue proceeds worth Rs 145 crore for incremental working capital requirements, and the remainder for general corporate purposes.
The net profit for fiscal year 2023-24 grew by 36.4 percent to Rs 13.98 crore and revenue increased by 36.7 percent to Rs 209.6 crore, compared to previous financial year. Profit for six months period ended September 2024 was Rs 5.96 crore on a revenue of Rs 99.7 crore.
The merchant bankers appointed for handling the public issue are Srujan Alpha Capital Advisors, and PhillipCapital (India).
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