Safety Controls & Devices Secures Rs 12.67 Crore in Pre-IPO Funding

Safety Controls & Devices Raises Rs 12.67 Crore from Anchor Investors Ahead of IPO

Safety Controls & Devices, a leading turnkey EPC solutions provider for high-voltage substations, fire protection, solar power, and EV charging projects, has successfully raised Rs 12.67 crore from anchor investors on April 2. This development comes a day before the company's initial public offering (IPO) opens for public subscription on April 6, with the offer set to close on April 8.

The company aims to raise Rs 48 crore via an IPO of 60 lakh shares at the upper end of the price band of Rs 75-80 per share. As part of this effort, Safety Controls & Devices has finalized the allocation of 15.84 lakh shares worth Rs 12.67 crore to four anchor investors at Rs 80 per share. Shine Star Build-Cap, the largest investor in the anchor book, has invested 7.5 lakh shares worth Rs 6 crore, while alternate investment fund Vbcube Ventures Fund has picked up 5.02 lakh shares worth over Rs 4 crore.

Other anchor investors, PESB Alpha Fund and Upsurge Opportunities Fund, have invested Rs 1.01 crore and Rs 1.63 crore respectively in the anchor book. The funds raised through the IPO will be utilized as follows: Rs 6 crore will be allocated for repayment of certain borrowings, Rs 31.5 crore for working capital requirements, and the remaining amount will be used for general corporate purposes.

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Safety Controls & Devices boasts an impressive order book of Rs 139.18 crore, comprising a significant Rs 83.5 crore contract from TUSCO and Rs 55.65 crore from Rail Vikas Nigam. Sobhagya Capital Options has been appointed as the book running lead manager for the Safety Controls & Devices IPO.