Raajmarg Infra Investment Trust IPO...
05 Mar, 2026
Msafe Equipments IPO
Msafe Equipments IPO is a book build issue of ₹66.42 crore, which comprises a fresh issue of ₹54.12 crore and an offer for sale of ₹12.30 crore. The price band is ₹116 to ₹123 and the lot size for an application is 1,000, while the minimum amount required by an individual investor (retail investor) to invest is ₹2,46,000 (2,000 shares). The IPO will open for subscription from Jan 28, 2026, to Jan 30, 2026, on the BSE SME platforms of the stock exchange, with a tentative listing date fixed as Feb 4, 2026.
Company Background
Incorporated in 2019, Msafe Equipments Ltd. is a prominent Indian player specializing in the manufacturing, sales and rental of premium height-safety and access solutions. This company operates 3 advanced facilities in Greater Noida and also produces safety-certified aluminium and MS scaffolding, industrial ladders and aerial work platforms. Msafe has built a pan-India network of 17 warehouses and a presence in 22 states. Msafe serves critical sectors like infrastructure and renewable energy, maintaining high operational standards with a dedicated workforce of over 300 employees.
Operations & Product Range
Facility & Production
Msafe operates 3 advanced manufacturing units in Greater Noida, spanning over 50,000 square feet. The monthly production capacity of Msafe has reached 100 tons for aluminium and 500 tons for mild steel (MS) scaffolding by 2025. The company leverages in-house CAD design facilities to ensure precision and compliance with EN1004 global safety standards.
Brand & Market Presence
Msafe Equipments Ltd. is a leading Indian name in height-safety, featuring flagship brands like 'Msafe' and 'Steelsafe'. With 17 strategically located warehouses, it maintains a strong presence across 22 states and serves international markets via its Dubai-based LLC. ‘Msafe’ brand is synonymous with durability and safety in the construction and aviation sectors.
Revenue Channels
- • Rental services charge (solutions like scaffolding and platforms to major infrastructure and construction players).
- • Direct product sales in both domestic and international markets (like the UAE).
- • Customized service charges (as per the requirements of the clients).
Management & Shareholding
Promoter & Shareholding
The company is primarily promoted by Pradeep Aggarwal, Ajay Kumar Kanoi and Vansh Aggarwal, who collectively held a 100% stake before the Msafe Equipments IPO. But after the Msafe Equipments IPO, the promoter holding will dilute to roughly 78.43%, with the remaining shares distributed among public investors and institutional participants to support capital growth.
Board Members
The board members are led by Mr. Pradeep Aggarwal (Chairman & MD), a qualified Chartered Accountant. He is supported by Whole-time Directors Mr. Ajay Kumar Kanoi and Mr. Rushil Agarwal. The board’s governance is strengthened by independent directors Mr. Vaibhav Mandhana and Mr. Manish Kankani, ensuring professional oversight and transparency.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Msafe Equipments IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Msafe Equipments IPO Details
| Detail | Description |
|---|---|
| IPO Date | 28 to 30 Jan, 2026 |
| Listing Date | Wed, Feb 4, 2026 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹116 to ₹123 |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | 54,00,000 shares (agg. up to ₹66 Cr) |
| Reserved for Market Maker | 2,98,000 shares (agg. up to ₹4 Cr) |
| Fresh Issue(Ex Market Maker) | 41,02,000 shares (agg. up to ₹50 Cr) |
| Offer for Sale | 10,00,000 shares of ₹10 (agg. up to ₹12 Cr) |
| Net Offered to Public | 51,02,000 shares (agg. up to ₹63 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,60,00,000 shares |
| Share Holding Post Issue | 2,04,00,000 shares |
Msafe Equipments IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Jan 28, 2026 |
| IPO Close Date | Fri, Jan 30, 2026 |
| Tentative Allotment | Mon, Feb 2, 2026 |
| Initiation of Refunds | Tue, Feb 3, 2026 |
| Credit of Shares to Demat | Tue, Feb 3, 2026 |
| Tentative Listing Date | Wed, Feb 4, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Msafe Equipments IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,46,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,46,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,69,000 |
| S-HNI (Max) | 8 | 8,000 | ₹9,84,000 |
| B-HNI (Min) | 9 | 9,000 | ₹11,07,000 |
Msafe Equipments IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 100% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Diverse product portfolio and services
- • Domestic and international market reach .
- • Efficient storage and timely delivery dispatch that creates trust
- • Professional members in the management team, with expert promoters who made timely decisions
Msafe Equipments IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 73.59 | 71.62 | 13.01 | 25.65 | 24.65 | 32.56 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 48.19 | 48.34 | 6.55 | 12.64 | 11.64 | 25.87 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 33.54 | 29.71 | 3.65 | 6.09 | 5.09 | 20.37 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 67.97% |
| ROCE | 34.56% |
| Debt/Equity | - |
| RoNW | 50.73% |
| PAT 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 |
Msafe Equipments IPO Objectives
- • Funding of capital expenditure for manufacturing facilities as per the requirements to maintain the balance sheet of the company.
- • Investment in the equipments.
- • General Corporate purposes.
Conclusion
Msafe Equipment IPO provides an opportunity to invest in a growing company that shows consistent growth in revenue and profit. The company operates manufacturing facilities with a network of 17 warehouses across multiple states. Msafe Equipments Ltd. supplies products to both the domestic and international markets. Their diverse product portfolio and high-quality products with timely delivery have built trust and assurance in the customers.
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Frequently Asked Questions (FAQs)
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What does Msafe Equipment Ltd. do?
The company specializes in manufacturing, sales and rental of access and height safety equipment used for safe working at heights.
-
What is the total issue size of Msafe Equipment IPO?
The total issue size is 54,00,000 equity shares (aggregate up to ₹66 Cr), which is a mix of fresh issue of ₹50 cr and an offer for sale of ₹12 cr.
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What are the open and listing dates for Msafe Equipment IPO?
The IPO is scheduled to open for subscription from January 28 to January 30, 2026, with a tentative listing date on the BSE SME platform fixed as of February 4, 2026.
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Who are the BRLM and Registrar of the Msafe Equipment IPO?
The Book Running Lead Manager (BRLM) is Seren Capital Private Ltd. and the registrar for the issue is Maashitla Securities Private Ltd.
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What is the price band and retail investment requirement of Msafe Equipment IPO?
The price band is set at ₹116 to ₹123. The minimum investment required by an individual investor is ₹2,46,000 (2,000 shares).
-
How will Msafe Equipment Ltd. use its IPO proceeds?
The company intends to use the net proceeds for the funding of capital expenditure towards machinery purchase, funding the working capital requirement and the rest for general corporate purposes.
