Safety Controls IPO opens bidding flat GMP shows cautious mood for investors

Grey market stays flat even as anchors support the deal

Safety Controls and Devices’ Rs 48 crore IPO has opened for bidding with a flat grey market premium, hinting at cautious investor sentiment. The EPC company, focused on substations and solar projects, plans to use proceeds for working capital and debt repayment. While anchor interest and government-linked projects provide comfort, execution risk and SME liquidity remain key watchouts.