Minerva Capital Research Solutions

Acme Universal Safezone 9

ListedListed 6 Oct 2026BSE SMENSE: ACMEUNIVCheck allotment
Current price₹ 106+49.3% since issue
Listing day+42.25%
Issue price
₹ 71
Issue size
₹ 35.93 Cr.
Min. investment
₹ 1,13,600
Listing price
₹ 101
Subscribed
15.63x
Lot size
1,600 shares
P/E
23.13
RoNW
11.75%
RoCE
5.54%
Debt / Equity
1.10
PAT margin
2.84%
EBITDA margin
7.36%
EPS
₹ 3.07
NAV
₹ 37.60
Promoter stake
69.73%

About

Acme Universal Safezone 9 Limited was started in November 2016. It works in personal protective equipment, and its focus is industrial safety footwear, the protective shoes and boots worn on factory floors and work sites. Its customers are in construction, oil and gas, mining, heavy engineering, automotive, pharmaceuticals, chemical processing, foundries and power generation. It offers 15 product lines with EVA-rubber, nitrile rubber and PVC soles, giving protection against impact, crushing, sharp objects, electric shock, static electricity, heat and fire, chemicals and slipping. It runs four manufacturing facilities across Madhya Pradesh and Uttar Pradesh. It uses ICad3D technology for product design and SAP S/4 HANA for finance, operations and logistics. It sells through direct institutional sales, regional distributors and dealers, and online channels, supported by warehousing at more than 40 locations across India, and it also exports.

Timeline

  1. Opens
    28 Sep
    done
  2. Closes
    30 Sep
    done
  3. Allotment
    1 Oct
    done
  4. Refunds
    5 Oct
    done
  5. Demat credit
    5 Oct
    done
  6. Listing
    6 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 15 on 4 Oct 2026
Lowest
₹ 0 on 23 Sep 2026
First quoted
₹ 0 on 23 Sep 2026

Subscription

How many times each investor group bid for its share, as of 06 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,600₹ 1,13,600
Retail (Max)11,600₹ 1,13,600
HNI (Min)23,200₹ 2,27,200

Company overview

Financials

Financials by year
Assets146.72133.7119.07
Total Income211.16191.31181.67
Profit After Tax5.860.87.56
EBITDA15.159.8514.55
NET Worth52.7746.9141.96
Reserves and Surplus38.7442.2337.5
Total Borrowing58.0549.6544.51

Strengths

  • Sales have grown steadily, from Rs 181.67 crore in FY2024 to Rs 191.31 crore in FY2025 and Rs 211.16 crore in FY2026.
  • Profit recovered strongly in FY2026, from Rs 0.80 crore to Rs 5.86 crore.
  • Safety footwear is often required by law and by safety policy on industrial sites, which gives steady replacement demand.
  • It sells to many industries, from construction and mining to pharma and power, so it is not tied to one sector.
  • It has four manufacturing facilities and warehousing at more than 40 locations, which supports fast delivery across India.
  • It uses established systems, ICad3D for design and SAP S/4 HANA for operations, which is unusual for a company of this size.
  • It exports as well as selling in India.
  • Net worth has grown from Rs 41.96 crore in FY2024 to Rs 52.77 crore in FY2026.

Risks

  • Profit is very volatile. It was Rs 7.56 crore in FY2024, collapsed to Rs 0.80 crore in FY2025 and recovered to Rs 5.86 crore in FY2026.
  • The profit margin is very thin at 2.84%, and return on capital employed is only 5.54%.
  • The issue is priced at about 23.13 times earnings on an EPS of Rs 3.07, which is high for returns this low.
  • Borrowing has risen every year, from Rs 44.51 crore in FY2024 to Rs 58.05 crore in FY2026, a debt to equity ratio of 1.10.
  • Safety footwear sells heavily through institutional tenders, where the lowest price usually wins.
  • Rubber, PVC and leather input prices move with commodity markets and are hard to pass on to institutional buyers.
  • Promoter holding will come down from 94.88% to 69.73% after the issue.
  • This is an SME issue. One lot is 1,600 shares, which is about Rs 1.14 lakh at the upper band of Rs 71, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding capital expenditure requirements for the installation of solar power plant3.62
Funding capital expenditure requirements towards installation of additional machinery8.96
Funding incremental working capital requirements of the Company8
Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes—

Promoters

  • Nitin Tiwari
  • Ruchi Tiwari
Promoter holding94.88%→69.73%before → after the issue · down 25.15 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.