Msafe Equipments Limited
Bookbuilding IPO · BSE
- Price band
- ₹116 - ₹123
- Lot size
- 1,000 shares
- Issue amount
- ₹66.42 cr
- Total subscription
- 166.81×
- Opens
- 28 Jan 2026
- Closes
- 30 Jan 2026
- Allotment
- 2 Feb 2026
- Listing
- 4 Feb 2026
Offer at a glance
Issue overview
- Issue size
- 54,00,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,16,000
- Fresh issue
- ₹54.12 cr
- Offer for sale
- ₹12.3 cr
- Registrar
- Maashitla Securities Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,23,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,60,00,000
- Shares after issue
- 2,04,00,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,000 | ₹2,46,000 |
| sHNI | 3 | 3,000 | ₹3,69,000 |
| bHNI | 9 | 9,000 | ₹11,07,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 30 Jan 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 103 |
| NIB | 0 | 33,712 |
| RETAIL | 893 | 1,18,910 |
| HNIs(10L +) | 172 | 21,095 |
| HNIs (2-10L) | 86 | 12,617 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 12.51 | 1,475.74 |
| FIIs | 0 | 326.07 |
| Others | 0 | 1,057.96 |
| RETAIL | 21.97 | 2,925.19 |
| HNIs 2+ | 3.17 | 517.2 |
| HNIs 10+ | 6.35 | 2,420.87 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 0 | 0 | 0 |
| ROE | 33.98 | 67.97 | 69.99 |
| ROCE | 21.21 | 34.56 | 28.04 |
| RONW | 6.56 | 8.13 | 4.09 |
| PRE IPO(PE) | 0 | 15.12 | 0 |
| POST IPO(PE) | 11.95 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Techno Craft India Industries Limited | 19.9 | 2235.30 | 10.00 | 777.00 | 14.84 | 112.32 |
| Msafe Equipments Ltd | 15.12 | 0 | 10.00 | 16.03 | 50.73 | 8.13 |
Company information
Company profile
Incorporated in 2019, Msafe Equipments Limited is engaged in the manufacturing, sales, and rental of access and height-safety equipment used for safe working at heights, with a product portfolio that includes aluminium scaffoldings, mild steel scaffoldings, aluminium ladders, and fibre reinforced plastic ladders catering to construction, maintenance, installation, repair, and infrastructure development activities. The company operates three manufacturing facilities in Greater Noida, Uttar Pradesh, and is supported by a network of 17 warehouses across states such as Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab, and West Bengal, enabling efficient storage, dispatch, and collection for both sales and rental operations. During FY 2025, Msafe supplied products across 22 states and 3 union territories, serving clients in sectors including construction, HVAC, MEP, electrical works, fire safety, interiors, and warehousing, and as of June 30, 2025, the company employed 299 permanent staff and 28 contractual employees to support its nationwide operations.
Strengths
- Multi-Model Revenue Stream: Earns revenue from both sales and rental of height-safety equipment.
- In-House Manufacturing: Certified facilities ensure reliable and high-quality products.
- Diversified Customer Base: Serves multiple industries and regions, reducing concentration risk.
Risk factors
- Sector Dependence: Heavy reliance on construction and infrastructure makes the business vulnerable to industry slowdowns.
- Product Concentration Risk: High dependence on aluminium scaffolding may impact revenue if demand declines.
- No Long-Term Customer Contracts: Revenue largely depends on individual purchase and work orders.
Promoters
Pradeep Aggarwal
Ajay Kumar Kanoi
Vansh Aggarwal
Rushil Agarwal
Gaurav Ajay Kumar Kanoi
Rajani Ajay Kanoi
Monika Aggarwal
Registrar & documents
Lead manager
Seren Capital Private Limited
Registrar & contacts
Maashitla Securities Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
F-311, 3rd Floor Aditya Arcade Plot No. 30 Community Center, Preet Vihar, East Delh New Delhi, New Delhi, 110092
+91-88822 07104
[email protected]Company website ↗Understanding MSAFE IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.