Safecure Services IPO listing: Shares of SME company Safecure Services were off to a weak start on the BSE today, November 6, as they listed at a massive 20% discount to their initial public offering (IPO) price.
Safecure Services’ share price got listed at ₹81.60 on BSE SME, a discount of 20% to the issue price of ₹102. Soon after listing, Safecure Services shares extended their fall and hit the 5% lower price band of ₹77.55.
The listing missed expectations, as Safecure Services’ IPO GMP today was nil ahead of the stock market debut.
Safecure Services IPO details
The SME IPO witnessed a tepid response, having been subscribed just 1.81 times during the three-day bidding period. The retail investor portion was booked 3.31 times, and the non-institutional investor (NII) demand was tepid, remaining undersubscribed at 0.32 times.
Safecure Services IPO, open for bidding from October 29 to October 31, was a fixed price issue of ₹31 crore. The offer was entirely a fresh share sale of 0.30 shares at ₹102 apiece.
The company plans to use ₹4.75 crore of proceeds from the IPO for repayment of certain borrowings availed by the company, ₹3.50 crore for repayment of borrowings availed by its wholly-owned subsidiary and ₹4.50 crore for general corporate purposes. Lastly, it has earmarked ₹13 crore for funding working capital needs.
Investors could apply for Safecure Services IPO in lots of 1200 shares. Since retail investors needed to apply for at least two lots, the minimum investment requirement was ₹2,44,800.
Sun Capital Advisory Services is the book-running lead manager, and MUFG Intime India acted as the registrar of the issue.
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.
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