Swastika Infra made a strong stock market debut on September 30, listing at Rs 200 on the BSE and NSE — an 8.11 per cent premium over its issue price of Rs 185 — before hitting the upper circuit.

The stock surged to Rs 209.95 on the BSE, up 13.48 per cent, and Rs 210 on the NSE, up 13.51 per cent, on heavy buying. The listing valued the company at Rs 716.35 crore.

The Rs 161-crore IPO was subscribed 7.60 times overall, with non-institutional investors bidding 18.50 times, retail investors 5.39 times and qualified institutional buyers 3.22 times.

The debut adds to a busy season for primary markets, with several infrastructure and small-cap issues finding strong demand.

Market participants said the upper-circuit hit on day one reflected solid investor confidence in the company’s order book and execution track record.

The company’s healthy subscription across investor categories suggests institutional comfort with its business model and growth prospects in the infrastructure space.