The Rs 48 crore initial public offering (IPO) of Safety Controls and Devices commenced on April 6, with shares priced between Rs 75-80. The IPO, which consists of 60 lakh shares, is expected to close on April 8, with allotment finalization on April 9 and listing on the BSE SME platform scheduled for April 13. At the upper end of the price band, the IPO values the company at a pre-issue market capitalization of approximately Rs 159 crore. However, the grey market premium (GMP) stands at 0%, indicating muted expectations from investors. The company raised nearly Rs 13 crore from anchor investors, with significant institutional participation. The allocation includes 49% for qualified institutional buyers, 15% for non-institutional investors, and 36% for retail investors, who must invest a minimum of Rs 2.56 lakh for 3,200 shares. Safety Controls operates in the engineering, procurement, and construction (EPC) sector, focusing on projects related to substations, solar energy, firefighting systems, and healthcare infrastructure. The company reported a profit after tax of Rs 8.5 crore for the period ending January 2026, down from Rs 9 crore in FY25, with revenue declining to Rs 68 crore from Rs 103 crore in the previous year. The IPO proceeds will primarily support working capital needs and debt repayment, reflecting cautious investor sentiment amid execution risks in the EPC sector.