Msafe Equipments IPO (SME)
Msafe Equipments IPO is a book building SME issue of Rs. 66.42 crore, comprising a fresh issue of 0.44 crore equity shares aggregating to Rs. 54.12 crore and an offer for sale of 0.10 crore equity shares aggregating to Rs. 12.30 crore. The IPO opens for subscription on Wednesday, January 28, 2026 and closes on Friday, January 30, 2026. The allotment is expected to be finalised on Monday, February 2, 2026, and the shares are proposed to be listed on the BSE SME platform with a tentative listing date of Wednesday, February 4, 2026.
The IPO is offered in a price band of Rs. 116 to Rs. 123 per share with a lot size of 1,000 shares. At the upper price band, the minimum investment for retail investors works out to Rs. 2,46,000 for 2 lots (2,000 shares), while HNI investors are required to apply for a minimum of 3 lots (3,000 shares), amounting to Rs. 3,69,000. Seren Capital Pvt. Ltd. is the Book Running Lead Manager to the issue, Maashitla Securities Pvt. Ltd. is the Registrar, and Evermore Share Broking Private Limited is the Market Maker for the IPO.
🕗 Last Update: 23 January 2026, 6.00 AM
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IPO Snapshot
| Particulars | Details |
|---|---|
| IPO Type | Book Building SME IPO |
| Issue Size | Rs. 66.42 Cr |
| Fresh Issue | 41,02,000 shares (Ex Market Maker) (agg. up to Rs. 54.12 Cr) |
| Offer for Sale | 10,00,000 shares (agg. up to Rs. 12.30 Cr) |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 116 to Rs. 123 |
| Lot Size | 1,000 shares |
| Listing Platform | BSE SME |
| Market Cap (Pre-IPO) | Rs. 250.92 Cr |
| Total Issue Size | 54,00,000 shares (agg. up to Rs. 66.42 Cr) |
| Market Maker Reservation | 2,98,000 shares (agg. up to Rs. 4.00 Cr) |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Wed, Jan 28, 2026 |
| IPO Closes | Fri, Jan 30, 2026 |
| Allotment | Mon, Feb 2, 2026 |
| Refunds | Tue, Feb 3, 2026 |
| Credit of Shares | Tue, Feb 3, 2026 |
| Listing | Wed, Feb 4, 2026 |
IPO Reservation Structure
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 2,98,000 | 5.52% |
| QIB | 25,42,000 | 47.07% |
| − Anchor Investor Shares Offered | 15,25,000 | 28.24% |
| − QIB (Ex. Anchor) Shares Offered | 10,17,000 | 18.83% |
| NII (HNI) | 7,74,000 | 14.33% |
| − bNII > Rs. 10L | 5,16,000 | 9.56% |
| − sNII < Rs. 10L | 2,58,000 | 4.78% |
| Retail (RII) | 17,86,000 | 33.07% |
| Total | 54,00,000 | 100.00% |
IPO Lot Size & Investment Amount
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min & 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 |
Issue Management
| Role | Name |
|---|---|
| Registrar | Maashitla Securities Pvt. Ltd. |
| Market Maker | Evermore Share Broking Private Limited |
| Msafe Equipments Ltd. Address | F-311, 3rd Floor, Aditya Arcade Plot No. 30, Community Center, Preet Vihar, East Delhi, New Delhi, 110092 |
| Phone / Email | +91-88822 07104 | info@msafegroup.com |
| Lead Manager | Seren Capital Pvt. Ltd. |
About the business
Msafe Equipments Limited was incorporated in 2019 and is engaged in the manufacturing, sales, and rental of access and height-safety equipment used for safe working at heights.
Its product portfolio includes aluminium scaffoldings, mild steel (MS) scaffoldings, aluminium ladders, and fibre reinforced plastic (FRP) ladders, catering to operational and safety needs across construction, maintenance, installation, repair, and infrastructure development activities.
The Company operates three manufacturing facilities in Greater Noida, Uttar Pradesh, supported by a network of 17 warehouses across multiple states including Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab, and West Bengal. These facilities enable efficient storage, dispatch, and collection of products for both sales and rentals.
During Fiscal 2025, Msafe supplied products across 22 States and 3 Union Territories, serving diverse client requirements in sectors such as construction, HVAC, MEP, electrical works, fire safety, interiors, and warehousing.
As of December 31, 2025, the Company employed 350 permanent staff and 66 contractual employees, ensuring operational efficiency and nationwide reach.
Business verticals
| Vertical | Revenue Contribution |
|---|---|
| Sales of access & height-safety equipment | [.] |
| Rental of access & height-safety equipment | [.] |
Competitive Strengths
| Key Strength | Commentary |
|---|---|
| Pan-India warehousing and distribution network | 17 warehouses across multiple states enabling faster dispatch & collection |
| Diversified product portfolio | Scaffoldings and ladders across aluminium, MS and FRP categories |
| In-house manufacturing capabilities | Three units in Greater Noida supporting scalability and quality control |
| Wide customer reach | Supplied across 22 States and 3 Union Territories in FY2025 |
| Experienced manpower base | 350 permanent and 66 contractual employees as on Dec 31, 2025 |
Company Financials (Restated – Rs. Cr.)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Total Assets | 87.67 | 73.59 | 48.19 | 33.54 |
| Total Income | 49.07 | 71.62 | 48.34 | 29.71 |
| EBITDA | 19.21 | 26.08 | 15.12 | 9.19 |
| PAT | 10.50 | 13.01 | 6.55 | 3.65 |
| Net Worth | 36.15 | 25.65 | 12.64 | 6.09 |
| Reserves & Surplus | 20.15 | 24.65 | 11.64 | 5.09 |
| Total Borrowings | 37.67 | 32.56 | 25.87 | 20.37 |
Key Performance Indicators (KPI)
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 33.98% | 67.97% |
| ROCE | 21.21% | 34.56% |
| RoNW | 29.05% | 50.73% |
| PAT Margin | 21.42% | 18.24% |
| EBITDA Margin | 39.20% | 36.55% |
| Price to Book Value | 5.44 | 7.67 |
Valuation Snapshot
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (Rs.) | 8.13 | 10.29 |
| P/E (x) | 15.12 | 11.95 |
| Promoter Holding | 100% | 73.53% |
Objects of the Issue
| No. | Object | Amount (Rs. Cr.) |
|---|---|---|
| 1 | Funding of Capital expenditure towards setup of a new Manufacturing Facility. | 32.26 |
| 2 | Funding of Capital expenditure for manufacturing of equipments for Rental purpose. | 6.00 |
| 3 | Utilization towards working capital requirements. | 8.00 |
| 4 | General corporate purpose | Balance |
Promoters
| Promoters |
|---|
| Pradeep Aggarwal |
| Ajay Kumar Kanoi |
| Vansh Aggarwal |
| Rushil Agarwal |
| Gaurav Ajay Kumar Kanoi |
| Rajani Ajay Kanoi |
| Monika Aggarwal |
IPO Registrar
Maashitla Securities Pvt. Ltd.
| Contact | Details |
|---|---|
| Phone | +91-11-45121795-96 |
| investor.po@maashitla.com | |
| Website | Visit Website |
IPO Lead Manager(s)
Seren Capital Pvt. Ltd.
Contact Details
| Particulars | Details |
|---|---|
| Msafe Equipments Ltd. Address | F-311, 3rd Floor, Aditya Arcade Plot No. 30, Community Center, Preet Vihar, East Delhi, New Delhi, 110092 |
| Phone | +91-88822 07104 |
| info@msafegroup.com |
Quicklinks
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
