Msafe Equipments IPO
Bookbuilding IPO | ₹66.00 Cr | Listing at BSE SME
Closed
GMP: 0.00
IPO Open
Wed, Jan 28, 2026
IPO Close
Fri, Jan 30, 2026
Price Band
₹116.00 to ₹123.00
Market Cap (Pre-IPO)
₹250.92 Cr
IPO Details
| IPO Date | Jan 28, 2026 to Jan 30, 2026 |
| Listing Date | Tentative: Feb 04, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹116.00 to ₹123.00 |
| Lot Size | 1000 Shares (Minimum: ₹123,000.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Issue Size | ₹66.00 Crores |
| Total Shares Offered | 5,400,000 shares |
| Fresh Issue | 4,102,000 shares |
| Offer For Sale | 1,000,000 shares |
Msafe Equipments IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 25,42,000 |
| Retail Shares Offered | 17,86,000 (33.07%) |
| NII Shares Offered | 7,74,000 (14.33%) |
Msafe Equipments IPO Lot Size
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹246,000 |
| Retail (Max) | 2 | 2,000 | ₹246,000 |
| S-HNI (Min) | 3 | 3,000 | ₹369,000 |
| S-HNI (Max) | 8 | 8,000 | ₹984,000 |
| B-HNI (Min) | 9 | 9,000 | ₹1,107,000 |
Msafe Equipments Financial Information (Restated Consolidated)
Msafe Equipments Ltd.'s revenue increased by 48% and profit after tax (PAT) rose by 99% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 73.59 | 48.19 | 33.54 |
| Total Income | 71.62 | 48.34 | 29.71 |
| Profit After Tax | 13.01 | 6.55 | 3.65 |
| EBITDA | 26.08 | 15.12 | 9.19 |
| NET Worth | 25.65 | 12.64 | 6.09 |
| Reserves and Surplus | 24.65 | 11.64 | 5.09 |
| Total Borrowing | 32.56 | 25.87 | 20.37 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 67.97% |
| ROCE (Return on Capital Employed) | 34.56% |
| RoNW (Return on Net Worth) | 50.73% |
| PAT Margin (Profit After Tax Margin) | 18.24% |
| EBITDA Margin | 36.55% |
| Price to Book Value | 7.67 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 8.13 | 6.38 |
| P/E (x) | 15.12 | 19.28 |
| Promoter Holding | 100.00% | - |
Company Promoters
- Pradeep Aggarwal
- Ajay Kumar Kanoi
- Vansh Aggarwal
- Rushil Agarwal
- Gaurav Ajay Kumar Kanoi
- Rajani Ajay Kanoi and Monika Aggarwal are the company promoters.
Company Overview
Company Overview
- Incorporated in 2019, Msafe Equipments Limited is a leading manufacturer, seller, and rental service provider of access and height-safety equipment in India.
- The company focuses on safe working-at-height solutions, supporting industrial and infrastructure safety requirements.
Product Portfolio
- Aluminium scaffoldings
- Mild Steel (MS) scaffoldings
- Aluminium ladders
- Fibre Reinforced Plastic (FRP) ladders
- Products are widely used in construction, installation, maintenance, repair, and infrastructure development activities.
Manufacturing & Distribution Network
- Operates 3 manufacturing units in Greater Noida, Uttar Pradesh.
- Supported by 17 warehouses across India, including Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab, and West Bengal.
- Strong logistics network enables efficient storage, dispatch, collection, and rental operations.
Market Presence
- During FY 2025, the company supplied products across 22 States and 3 Union Territories.
- Serves diverse industries such as construction, HVAC, MEP, electrical works, fire safety, interior fit-outs, and warehousing.
Workforce
- As of June 30, 2025, Msafe Equipments had 299 permanent employees and 28 contractual staff, supporting nationwide operations.
Msafe Equipments IPO Peer Comparison
Msafe Equipments peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Msafe Equipments Ltd. | 8.13 | 8.13 | - | - | 50.73 | - | - |
| Techno Craft India Industries Limited | 112.32 | 112.32 | - | 24.60 | 14.84 | - | - |
Quick Info
| Sector | - |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹250.92 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Jan 28, 2026 |
| IPO Close | Jan 30, 2026 |
| Allotment Date | Feb 02, 2026 |
| Credit to Demat | Feb 03, 2026 |
| Listing Date | Tentative: Feb 04, 2026 |
Lead Manager(s)
Seren Capital Pvt.Ltd.
Registrar
Maashitla Securities Pvt.Ltd.
+91-11-45121795-96
Description
- Msafe Equipments IPO is a book-built SME IPO with a total issue size of ₹66.42 crore, comprising a fresh issue of ₹54.12 crore (0.44 crore shares) and an offer for sale of ₹12.30 crore (0.10 crore shares). The IPO opens on January 28, 2026 and closes on January 30, 2026, with allotment expected on February 2, 2026. The shares are likely to list on BSE SME on February 4, 2026.
- The IPO price band is ₹116–₹123 per share with a lot size of 1,000 shares. Retail investors need a minimum investment of ₹2,46,000 (2,000 shares), while HNI investors must apply for 3,000 shares worth ₹3,69,000.