Safety Controls & Devices IPO | This fund raising is a day before the offer opening for public subscription on April 6. The offer will close on April 8.

EPC solutions provider Safety Controls & Devices raises Rs 12.67 crore ahead of IPO

Safety Controls & Devices, the turnkey EPC solutions provider for high-voltage substations, fire protection, solar power, and EV charging projects, has raised Rs 12.67 crore from anchor investors on April 2.

This fund raising is a day before the IPO opening for public subscription on April 6. The offer will close on April 8.

The company has approached capital markets with the aim to raise Rs 48 crore via initial public offering (IPO) of 60 lakh shares at the upper end of price band of Rs 75-80 per share.

Uttar Pradesh-based Safety Controls & Devices has finalised allocation of 15.84 lakh shares worth Rs 12.67 crore to four anchor investors at Rs 80 per share.

Shine Star Build-Cap was the largest investor in the anchor book, investing 7.5 lakh shares worth Rs 6 crore, while alternate investment fund Vbcube Ventures Fund picked up 5.02 lakh shares worth over Rs 4 crore.

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PESB Alpha Fund and Upsurge Opportunities Fund invested Rs 1.01 crore and Rs 1.63 crore respectively in the anchor book.

Safety Controls & Devices will utilise Rs 6 crore of IPO proceeds for repayment of certain borrowings, Rs 31.5 crore for working capital requirements, and the remaining amount for general corporate purpose.

The company has an order book of Rs 139.18 crore, of which Rs 83.5 crore contract from TUSCO and Rs 55.65 crore from Rail Vikas Nigam.