Swastika Infra made a strong stock market debut on Tuesday, listing at 200 rupees per share — an 8.11 percent premium over its initial public offering price of 185 rupees. The stock then climbed to the upper circuit of around 209.95 rupees, locking in gains of roughly 13.5 percent for IPO investors.

The Jaipur-based power distribution infrastructure company's 160.88 crore rupee IPO had been subscribed 7.60 times overall, signalling healthy demand across investor categories. Non-institutional investors led the bidding at 18.50 times, followed by retail investors at 5.39 times and qualified institutional buyers at 3.22 times, according to exchange data.

Swastika Infra is an EPC contractor focused on power distribution projects, serving utilities across states. The company's listing adds to a busy primary market, where smaller infrastructure and EPC firms have attracted strong retail interest this year.

Market watchers said the debut reflects continued appetite for niche infrastructure plays, though they cautioned that circuit filters on listing day can exaggerate price moves. The stock's performance over the next few sessions will show whether the opening gains hold once normal trading resumes and early investors decide to book profits.