The initial public offering (IPO) of Safecure Services Ltd closed for bidding on October 31, after witnessing decent demand throughout its three-day book-building process. The SME IPO was fully subscribed on the very first day (October 29).
Safecure Services IPO Subscription Status
By the end of the bidding period, the Safecure Services IPO was subscribed 1.81 times, receiving bids for 51.68 lakh shares against 28.5 lakh shares on offer. The retail investor portion saw the strongest demand with 3.31 times subscription, while the non-institutional investor (NII) category was subscribed 0.32 times.
Safecure Services IPO GMP
The grey market premium (GMP) for Safecure Services IPO fell sharply during the bidding period. As of the final day, the GMP stood at nil, implying that shares were trading at par with the issue price of ₹102. Earlier, the IPO had reached a peak GMP of ₹21 per share.
IPO Details and Utilization of Funds
The ₹30.60 crore issue is a fresh offering of 30 lakh shares at a fixed price of ₹102 per share. Investors could apply in lots of 1,200 shares, requiring a minimum investment of ₹2,44,800.
The company plans to utilize the proceeds for:
- ₹4.75 crore towards repayment of borrowings,
- ₹3.50 crore for repayment of borrowings by its subsidiary,
- ₹13 crore for working capital, and
- ₹4.50 crore for general corporate purposes.
The allotment is expected to be finalized on November 3, and the listing is likely on the BSE SME platform on November 6.
About Safecure Services
Safecure Services provides private security, e-surveillance, facility management, and corporate interior fit-out services across India. Through its subsidiary, Safesense Tech Pvt Ltd, it also offers advanced e-surveillance solutions, including monitored intrusion alarm systems and central intrusion detection services for ATMs and bank branches.
Sun Capital Advisory Services is the book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar to the issue.
Disclaimer: The above information is for educational and informational purposes only and does not constitute financial advice or a recommendation to subscribe to any IPO. Investors are advised to consult their financial advisor before making investment decisions.
