Strong Demand Drives Safety Controls & Devices IPO Success on Final Day
Safety Controls & Devices IPO Day 3: Issue sails through on QIB, NII demand; check GMP and other details
Mint
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The IPO of Safety Controls & Devices, which opened on April 6, saw robust demand from qualified institutional buyers and non-institutional investors, achieving 1.22 times overall subscription by April 8. The offering aims to raise ₹48 crore (approximately $5.8 million USD) for corporate purposes, with shares priced between ₹75 and ₹80 each.
- 01Safety Controls & Devices IPO was oversubscribed 1.22 times by the final bidding day.
- 02Qualified institutional buyers and non-institutional investors showed strong interest, booking 1.31 and 2.04 times their respective quotas.
- 03The IPO aims to raise ₹48 crore (approximately $5.8 million USD) through a fresh issue of shares.
- 04Shares are priced between ₹75 and ₹80, with a minimum investment of ₹256,000 for retail investors.
- 05The grey market premium remains nil, indicating shares are trading at par with the offer price.
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Safety Controls & Devices successfully completed its initial public offering (IPO) on April 8, 2023, with significant demand from qualified institutional buyers (QIBs) and non-institutional investors (NIIs). The IPO was subscribed 1.22 times, with the QIB segment booked 1.31 times and the NII quota 2.04 times. The company is offering ₹48 crore (approximately $5.8 million USD) through a fresh issue of shares priced between ₹75 and ₹80 each. Retail investors need to invest a minimum of ₹256,000 for two lots of shares. The funds raised will be used for repaying borrowings, funding working capital needs, and general corporate purposes. The grey market premium for the IPO remains nil, indicating no expected price increase in the unofficial market. The allotment is set to be finalized on April 9, with shares expected to list on the BSE SME platform on April 13.
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The successful IPO can enhance the company's financial stability, allowing it to fund projects and repay debts, which may lead to increased job security and growth in the local economy.
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