NewsAcme Universal Safezone 9 IPO Day 3: Subscribed 0.73x; Retail surges 34.7% amid zero QIB bidsAcme Universal Safezone 9 IPO Day 3: Subscribed 0.73x; Retail surges 34.7% amid zero QIB bids
- Acme Universal Safezone 9 IPO closed Day 3 with 0.73x overall subscription.
- Retail subscription surged 34.7% intraday, reaching 0.97x.
- QIB category remained unsubscribed at 0.00x throughout the issue period.
- sHNI category led institutional demand with 3.11x subscription.
*this image is generated using AI for illustrative purposes only.
Acme Universal Safezone 9 IPO closed Day 3 with 0.73x overall subscription, driven by a 34.7% surge in retail bids and strong HNI participation despite zero QIB interest.
Subscription Status
The issue saw a gradual increase in retail and non-institutional demand over the three days, but the lack of QIB participation kept the overall subscription well below the 1x threshold. The total subscription rose from 0.13x on Day 1 to 0.73x by the close of Day 3. Non-Institutional Investors (NIIs) led the demand, with small HNI (sHNI) category showing the highest subscription at 3.11x, followed by big HNI (bHNI) at 2.27x. Retail investors subscribed 0.97x of their reserved portion.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 28-09-2026 | 0.00x | 0.81x | 0.38x | 0.16x | 0.13x |
| Day 2 | 29-09-2026 | 0.00x | 1.56x | 1.46x | 0.39x | 0.36x |
| Day 3 | 30-09-2026 | 0.00x | 2.27x | 3.11x | 0.97x | 0.73x |
Category-wise Breakdown
Non-Institutional Investors (NIIs) led the demand, with small HNI (sHNI) category showing the highest subscription at 3.11x, followed by big HNI (bHNI) at 2.27x. Retail investors subscribed 0.97x of their reserved portion. The absence of QIB bids was a significant factor in the low overall subscription figure.
Intra-day Timeline
On the final day, September 30, 2026, momentum picked up significantly between 11:15 AM and 12:15 PM IST. NII (bHNI) jumped +25.9% today (from 2.47x to 3.11x), while Retail jumped +34.7% today (from 0.72x to 0.97x). The total subscription jumped +28.1% during this hour, moving from 0.57x to 0.73x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 2.47x | 0.72x | 0.57x |
| 12:15 | 0.00x | 3.11x | 0.97x | 0.73x |
Offer Details
The IPO had a price band of ₹65.00 to ₹71.00 per share. The minimum bid quantity was set at 3200 shares. The issue size ranged from ₹2,08,000 crore to ₹5,00,000 crore based on the price band and lot size calculations provided in the data snapshot.
- Price Band: ₹65.00 - ₹71.00
- Min Bid Qty: 3200
- Issue Size: ₹2,08,000 - ₹5,00,000
- Open Date: 2026-09-28
- Close Date: 2026-09-30
About the Company
Acme Universal Safezone 9 Limited is an ISO-certified manufacturer and supplier of industrial safety footwear under the brand 'ACME'. The company operates in the Personal Protective Equipment (PPE) segment, serving sectors such as construction, oil & gas, mining, and automotive. It operates four manufacturing facilities in Madhya Pradesh and Uttar Pradesh, offering 15 product lines compliant with IS 15298, EN ISO 20345, and ASTM F2413 standards. Distribution is managed through direct institutional sales, regional distributors, and e-commerce channels across 40+ locations in India, with exports to markets including UAE, Bahrain, Saudi Arabia, and Nigeria.
Financial Highlights
For FY2026, the company reported Revenue from Operations of ₹20,590.31 lakhs, EBITDA of ₹1,515.19 lakhs (7.36%), and PAT of ₹585.73 lakhs (2.84%).
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 205.90 | 187.36 | 178.94 |
| Total Revenue (₹ Cr) | 211.16 | 191.31 | 181.67 |
| Profit Before Tax (₹ Cr) | 7.82 | 3.11 | 10.10 |
| Net Profit (₹ Cr) | 5.86 | 0.80 | 7.56 |
Objects of the Issue
The company intends to utilize the net proceeds for:
- Funding capital expenditure for installation of solar power plants at three manufacturing facilities (₹3.62 crore).
- Procurement and installation of advanced plant and machinery including Knife Cutting Machines and Foaming Pouring Machines (₹8.96 crore).
- Meeting incremental working capital requirements (₹8.00 crore).
- Funding unidentified acquisitions and strategic initiatives.
Risk Factors
Key risks highlighted include:
- High Customer Concentration: Top 10 customers accounted for 47.71% of total sales in FY2026.
- BIS Certification Risk: Dependence on BIS licenses for government/GeM procurement; non-renewal could disqualify the company from tenders.
- Raw Material Volatility: Reliance on PU/PVC compounds linked to crude oil derivatives without long-term fixed-price contracts.
- Geopolitical Risks: US tariffs on Indian leather exports and Middle East conflicts affecting trade routes.
- Leased Premises: Key operational premises are on leased arrangements, including factory leases from promoters.
How might the complete absence of QIB interest impact the stock's price stability and liquidity during its debut trading session?
Given the high customer concentration risk, what specific strategies will Acme Universal Safezone 9 implement to diversify its revenue base post-listing?
Will the planned capital expenditure on solar power and advanced machinery significantly improve EBITDA margins to justify the current valuation multiples?
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