Safety Controls & Devices Lists at ₹83, Posts 3.75% Gain from IPO Price in Challenging Market Conditions

Safety Controls & Devices Makes Strong Debut Amid Weak Market Conditions

On April 13, Safety Controls & Devices, an EPC company specializing in substations, solar power plants, and firefighting systems, made a strong debut on the BSE SME platform. The stock was listed at ₹83 apiece, a premium of 3.75% over its initial public offering (IPO) price of ₹80.

The listing performance of Safety Controls & Devices outpaced market expectations, particularly considering the grey market premium (GMP) of ₹0 per share, which indicated a likely listing price of ₹80, in line with the offer price. However, the market as a whole witnessed a sell-off on the same day due to the failure of peace talks between the US and Iran, leading to a surge in crude oil prices.

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The weakness in the market was reflected in the performance of the indices, with Sensex falling 1,682 points or 2.1% lower to 75,868.32, while Nifty cracked 495 points or 2% lower to 23,555.60.

Safety Controls & Devices witnessed a robust subscription in its IPO, with the issue being subscribed 1.23 times in total. The Retail Individual Investors (RIIs) segment was subscribed 0.74 times, while the Non Institutional Investors (NII) category was subscribed 2.78 times. The Qualified Institutional Buyers (QIBs) category received 1.20 times the subscription.

The IPO received 72.48 lakh bids as against 56.96 shares on offer. The ₹48 crore public issue was launched through the book-building route, with the company fixing the price band in the range of ₹75 to ₹80 per share.

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Safety Controls & Devices operates as a full-service engineering enterprise, with a focus on substations, solar power plants, and hospital infrastructure projects for the Ministry of Ayush. Headquartered in Lucknow, Uttar Pradesh, the company functions as a key player in the EPC sector, with its core clientele including government agencies and utility providers. 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 IPO was open for bidding from April 6-8, while the basis of allotment for the issue was finalized on April 9, 2026. Sobhagya Capital Options was appointed as the book-running lead manager for the issue, while Maashitla Securities acted as the registrar.