Safety Controls & Devices IPO: The initial public offering (IPO) of Safety Controls & Devices sailed through on the third and final day of bidding on Wednesday, April 8, following strong demand from the qualified institutional buyers (QIBs) and non-institutional investors (NIIs).
The SME IPO had opened for bidding earlier this week on Monday, April 6. It was booked 33% at the end of the first day and 82% on the second day.
Safety Controls & Devices IPO subscription
As of 3.25 pm today, Safety Controls & Devices IPO had received bids for 54,00,000 shares as against 44,16,000 shares on offer, resulting in an overall demand of 1.22 times so far.
The QIB segment was booked 1.31 times, the NII quota 2.04 times and the retail portion was booked 70%.
Safety Controls & Devices IPO Details
Safety Controls & Devices IPO is a book-built offer for ₹48 crore. The offer is entirely a fresh issue of 0.60 shares, meaning all proceeds will be received by the company.
Safety Controls & Devices IPO price band has been fixed at ₹75 to ₹80 per share. Investors can apply for the offer in lots of 1600 shares, with the minimum investment needed for retail investors being two lots or ₹256,000, based on the upper end of the price band.
The company plans to use the funds raised from the SME IPO for repayment of certain borrowings availed, funding working capital needs and general corporate purposes.
The allotment for Safety Controls & Devices IPO is slated to be finalised on April 9, with the listing likely on the BSE SME platform on April 13.
Safety Controls & Devices IPO GMP
The grey market premium (GMP) for Safety Controls & Devices IPO remains nil. This means that shares of Safety Controls & Devices are trading at par with the offer price in the unofficial market. Safety Controls & Devices IPO GMP has remained nil in the last 10 days.
About Safety Controls & Devices
Safety Controls and Devices specialises in EPC (Engineering, Procurement, and Construction), focusing on substations, solar plants, firefighting equipment, and hospitals for the Ministry of Ayush. Based in Lucknow, Uttar Pradesh, we operate as an engineering enterprise.
The company primarily serves government agencies and utilities, with operations covering both power infrastructure and renewable energy sectors.
Sobhagya Capital Options is the book-running lead manager, and Maashitla Securities is the registrar of the issue.
