Safety Controls & Devices IPO
smelistedAbout the company
Safety controls & devices is an EPC (Engineering, Procurement, and Construction) player based in Lucknow, Uttar Pradesh. It works across areas like building power substations, setting up solar plants, installing firefighting systems, and constructing hospitals for the Ministry of Ayush. Initially, the company started as a fire safety equipment and alarm systems provider, but over time it expanded into the power infrastructure space. The company has successfully completed 19 substation projects so far for both government and private clients. It also has the capability to handle large and complex projects, including substations of up to 400kV AIS level, which puts it among the more capable players in this segment. In terms of geography, the business is heavily dependent on Uttar Pradesh, which contributed about 98.7% of revenue in FY25, with Bihar making up the small balance. For the period ended January 2026, the entire revenue came from Uttar Pradesh alone. Substations are clearly the main driver, contributing about 91% of revenue in the latest period. The remaining comes from power projects at ~5%, Ayush-related projects at ~3%, and fire protection at ~1%. The company currently has an order book of around ₹139 crore, largely made up of two key projects. One is a ₹83.5 crore order from TUSCO for a 220kV substation linked to a solar park project in Chitrakoot, Uttar Pradesh. The other is a ₹55.6 crore order from Rail Vikas Nigam Limited for setting up traction substations in the Lucknow railway division.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 07 Apr | ₹0 | ₹80 | 0 |
| 06 Apr | ₹0 | ₹80 | 0 |
| 05 Apr | ₹0 | ₹80 | 0 |
| 04 Apr | ₹0 | ₹80 | 0 |
| 03 Apr | ₹0 | ₹80 | 0 |
| 02 Apr | ₹0 | ₹80 | 0 |
| 01 Apr | ₹0 | ₹80 | 0 |
| 31 Mar | ₹0 | ₹80 | 0 |
Strengths
- Strong revenue growth with sharp increase in topline, indicating expanding business demand
- Healthy profitability with decent margins, ROE, and improving earnings trend
- Operates in power infrastructure, EPC, and renewable-related segments benefiting from government spending
- IPO proceeds focused on business expansion, working capital, and debt reduction rather than promoter exit
- Consistent financial improvement with profits showing significant growth
Risks
- SME IPO category brings higher risk due to low liquidity and price volatility
- High minimum investment leads to concentration risk for retail investors
- Dependence on government and large contracts may impact revenue stability
- Rising debt levels add financial risk if cash flows weaken
- Limited track record at current scale raises sustainability concerns
- Valuation clarity is limited due to lack of strong comparable peers
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed06 Apr 2026Bidding starts for all investor categories
IPO Closes
Completed08 Apr 2026Last day to place your bid
Basis of Allotment
Completed09 Apr 2026Share allotment finalised
Refund Initiation
Completed10 Apr 2026Refunds credited for non-allottees
Credit to Demat
Completed10 Apr 2026Allotted shares credited to demat account
Listing on Exchange
Completed13 Apr 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1600 | ₹128,000 | 1 | ₹128,000 | 1 lot only |
| HNI | 2 | 3200 | ₹256,000 | 2 | ₹256,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 3,096,774 | 24 | 0 | 0.00x | 100% |
| NII | 15% | 929,032 | 7.2 | 0 | 0.00x | 100% |
| Retail | 35% | 2,167,742 | 16.8 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
