Swastika Castal IPO Day 2 update: Subscription rises 2.5x, GMP remains nil

Swastika Castal IPO has received bids for 52,20,000 shares, against 20,54,000 on offer, leading to a subscription of 2.54 times at 2 PM

Swastika Castal IPO Day 2 subscription status: The initial public offering (IPO) of aluminium casting company Swastika Castal has entered its second day. The SME offering, which opened for public subscription on Monday, July 21, has received bids for 52,20,000 shares, against 20,54,000 on offer, leading to a subscription of 2.54 times at 2 PM on Tuesday, showed BSE data.

Swastika Castal IPO grey market premium (GMP)

According to sources tracking unofficial markets, the unlisted shares of Swastika Castal were trading flat at the issue price of ₹65 on Tuesday, in the grey market.

Swastika Castal IPO details

The company aims to raise ₹14.07 crore through a fresh issue of 2.16 million equity shares. The SME IPO will close for subscription on Wednesday, July 23, 2025. The basis of the allotment of shares is expected to be finalised on Thursday, July 24, 2025. Shares of Swastika Castal are scheduled to be listed on the BSE SME platform, tentatively on Monday, July 28, 2025.  ALSO READ | Recently listed IPO soars 16%; zooms 82% against issue price in 3 weeks 

 

The company has fixed the price band at ₹65 per equity share. Retail investors can bid for a minimum of two lots consisting of 2,000 shares each, with an investment amount of ₹2,60,000. The minimum investment required for high-net-worth individuals (HNIs) is ₹3,90,000 for three lots of 6,000 equity shares.

 

Accurate Securities & Registry is the registrar of the issue. Horizon Management is the sole book-running lead manager of the issue. 

 

According to the RHP, the company intends to use the net issue proceeds for acquiring plant & machinery, construction of a shed and building, and working capital requirements.    ALSO READ | Investors flock to Monarch IPO; fully subscribed in minutes; GMP up 64%

About Swastika Castal

Incorporated in 1996, Swastika Castal is involved in the business of aluminium casting. The company supplies the casting as original equipment (ready-to-use component) to companies in India and also exports to parts of Europe and the USA. Currently, Swastika has advanced machining, inspection and testing facilities in India, which are backed by a team of metallurgists and professionals. Its primary product lines include Electrical Equipment and Transmission, Railways and Diesel Engines, and Industrial applications like air compressors, insulators, and general industrial applications.