Safety Controls and Devices, an Engineering, Procurement, and Construction (EPC) firm specializing in power and fire safety infrastructure, opened its initial public offering (IPO) for bidding today, April 6, 2026.
The company aims to raise ₹48 crore to fuel its working capital and debt repayment strategies. Here is a breakdown of the key details for the ongoing subscription:
Below are the key details for investors:
1. IPO Timeline & Subscription Status
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Opening Date: April 6, 2026
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Closing Date: April 8, 2026
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Basis of Allotment: April 9, 2026
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Listing Date: April 13, 2026 (Scheduled for the BSE SME platform)
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Subscription (Day 1): As of the close of bidding on day one, the issue was subscribed 0.33 times overall. The retail portion saw higher interest at 0.46 times, while the QIB and NII segments stood at 0.21 and 0.18 times, respectively.
2. Price Band & Lot Size
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Price Band: ₹75 to ₹80 per equity share.
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Lot Size: 1,600 shares.
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Minimum Investment (Retail): ₹2,56,000 (for 2 lots/3,200 shares at the upper price band).
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Note: While a single lot is 1,600 shares, retail applications for this specific SME issue are structured in multiples of 3,200 shares for minimum entry.
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Minimum Investment (HNI): ₹3,84,000 (3 lots/4,800 shares).
3. Grey Market Premium (GMP)
The current GMP is ₹0, according to market trackers. This indicates that the shares are currently trading at their issue price of ₹80 in the grey market, suggesting a “flat” listing and a cautious outlook from unlisted market participants.
4. Company Financials & Objectives
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Performance: For the period ended January 2026, the company reported a Profit After Tax (PAT) of ₹8.5 crore on a revenue of ₹68 crore. This follows a strong FY25 where revenue surged 126% to ₹103.5 crore.
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Utilization of Funds: The ₹48 crore proceeds will be used primarily for:
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Working Capital Requirements: ₹31.5 crore (approx. 65% of the issue).
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Debt Repayment: ₹6 crore.
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General Corporate Purposes: ₹10.5 crore.
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5. Key Risks to Consider
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SME Liquidity: As an SME IPO, it carries higher liquidity risk and higher minimum investment barriers compared to mainboard IPOs.
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Government Dependency: A significant portion of the company’s order book (such as projects for the Ministry of Ayush and public utilities) depends on government tenders and infrastructure spending.
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Cash Flow: Typical of EPC businesses, the company faces high working capital intensity and potential fluctuations in project execution cycles.
Lead Manager:
