Safecure Services IPO: The initial public offering (IPO) of Safecure Services continued to see a strong response for its book-built offer. The issue had sailed through on the first day (October 29) itself.
Investors can apply for the public offering till October 31.
Safecure Services IPO subscription
Safecure Services IPO was subscribed 1.21 times as of 1.25 pm on the second day of the bidding process on Thursday, October 30. The IPO received bids for 34,40,400 shares as against 28,50,000 shares on offer.
The retail investor quota was subscribed 2.25 times and the non-institutional investor (NII) portion was booked 0.16 times.
Safecure Services IPO GMP
Safecure Services IPO witnessed a sharp decline in the grey market premium (GMP) as the offer opened. Safecure Services IPO GMP today was nil. This means that shares traded at par to the issue price of ₹102.
The highest GMP for Safecure Services IPO was ₹21.
Safecure Services IPO Details
Safecure Services is a fixed-price issue of ₹30.60 crore. The IPO is a fresh share sale of 0.30 crore shares, priced at ₹102 apiece.
Investors can apply for the IPO in lots of 1,200 shares, with retail investors required to bid for at least two lots. A minimum investment of ₹2,44,800 is needed by a retailer to apply for Safecure Services IPO.
The company plans to use the funds raised for repayment of borrowings. It plans to use ₹4.75 crore for repayment of certain borrowings availed by the company, and ₹3.50 crore for repayment of borrowings by the wholly-owned subsidiary.
Another ₹4.50 crore is earmarked for general corporate purposes, and the remaining ₹13 crore for funding the working capital needs.
Safecure Services IPO allotment is expected to be finalised on November 3, with the tentative listing date set as November 6. Shares of Safecure Services are slated to list on the BSE SME platform.
Sun Capital Advisory Services is the book-running lead manager, and MUFG Intime India is the registrar of the issue.
About the company
The company is primarily engaged in providing services related to private security, e-surveillance, facility management, and corporate interior fit-out projects across India. Through its wholly owned subsidiary, Safesense Tech Private Limited, the company offers e-surveillance solutions such as advanced monitored intrusion alarm systems and central intrusion detection and prevention services.
It provides real-time monitoring services, particularly for ATMs and bank branches, where sites are monitored 24/7 by trained e-surveillance professionals.
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