Swastika Castal IPO Open Now
By Ankur Chandra | Updated at: Jul 21, 2025 03:49 PM IST
Vadodara, July 21, 2025 – Swastika Castal Limited, a precision aluminium casting manufacturer, launched its ₹14.07 crore Initial Public Offering (IPO) today. The issue, which is entirely a fresh offering of equity shares, will remain open for public subscription until Wednesday, July 23, 2025.
The new issue funds will be used to expand manufacturing capacity (enhance machinery and production infrastructure), boost working capital and for general corporate usage (regulatory costs, business development, marketing).
IPO Structure and Details
The IPO consists of 21,64,000 equity shares at a fixed price of ₹65 per share (face value ₹10, premium ₹55), aggregating to ₹1,406.60 lakh. There is no offer-for-sale (OFS) component in the issue.
| Category | Shares Offered | Amount (₹ lakh) |
|---|---|---|
| Market Maker | 1,10,000 | 71.50 |
| Retail Individual Investors | 10,28,000 | 668.20 |
| Other (Non-Retail) Investors | 10,26,000 | 666.90 |
| Total Issue | 21,64,000 | 1,406.60 |
The lot size is fixed at 2,000 shares, requiring a minimum application of ₹1.30 lakh.
Early Subscription Data (as of July 21, 12:17 PM)
| Category | Shares Bid | Subscribed |
|---|---|---|
| Qualified Institutional Buyers (QIBs) | 0 | 0 |
| Non-Institutional Investors (NII – IND > 2 Lots) | 4,50,000 | 0.44x |
| Retail Individual Investors (RII – 2 Lots) | 9,44,000 | 0.92x |
| Total | 13,94,000 | 0.68x |
Note: Only UPI bids with status “RC100 – Mandate Accepted” are counted. Final subscription numbers for UPI bids will be updated up to 7:00 PM on the issue closing day.
Utilisation of Net Proceeds
The net proceeds of ₹1,209.68 lakh (after issue expenses of ₹196.92 lakh) are allocated as follows:
| Purpose | Allocation (₹ lakh) |
|---|---|
| Capital expenditure (Plant & Shed) | 500.00 |
| Working capital | 550.00 |
| General corporate purposes | 159.68 |
Allotment and Listing Timeline
The company has confirmed the following indicative schedule:
| Event | Date |
|---|---|
| Issue Opens | July 21, 2025 |
| Issue Closes | July 23, 2025 |
| Basis of Allotment Finalisation | July 24, 2025 |
| Refund Initiation / Unblocking | July 25, 2025 |
| Credit to Demat Accounts | July 25, 2025 |
| Listing on BSE SME | July 28, 2025 |
Horizon Management Private Limited manages the IPO, while Accurate Securities & Registry Pvt. Ltd. is the Registrar to the Issue.
Company Background
Incorporated in 1996, Swastika Castal Limited manufactures aluminium castings using sand casting, gravity die casting, and centrifugal casting processes. The company serves diverse sectors, including electricals and railways, and operates a fully equipped manufacturing unit in Karjan, Vadodara, Gujarat.
The company is promoted by Varun Sharda and Indra Sharda, who, together with the promoter group, held 100% of the pre-issue capital. Post-issue, their shareholding will dilute to approximately 73.49%.
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