Msafe Equipments was incorporated on August 19, 2019. The company manufactures, sells, and rents access and height-safety equipment such as scaffoldings and ladders, used across construction, infrastructure, maintenance, and industrial activities to enable safe work at heights
| Bidding Dates |
|---|
| 28 Jan 2026 - 30 Jan 2026 |
| Subscription |
|---|
| 153.98x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,32,000 | 2 | 2 | 1000 | 5.4 M | ₹116 - ₹123 | 73.53 % | ₹626.4 M - ₹664.2 M | RHP DOC |
Msafe Equipments IPO SUBSCRIPTION STATUS
30 Jan '26Msafe Equipments IPO overall subscription rate was 153.98 times the total available shares
Msafe Equipments IPO retail subscription rate was 175.35 times in the retail segment
Msafe Equipments IPO non-institutional investor subscription rate was 410.96 times in the non-institutional investor category
Msafe Equipments IPO Qualified Institutional Bidder subscription rate was 61.92 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
30 Jan 2026 (Day 3) | 175.35x | 410.96x | 61.92x |
29 Jan 2026 (Day 2) | 19.96x | 36x | 0.42x |
28 Jan 2026 (Day 1) | 3.67x | 4.61x | 0.42x |
Msafe Equipments FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 49.0 | 10.5 | 2.9 | -3.5 | -39.2% |
| FY25 | 71.3 | 13.0 | 14.4 | -4.5 | 36.6% |
| FY24 | 48.1 | 6.6 | 6.5 | -3.4 | 31.4% |
| FY23 | 29.7 | 3.6 | 4.5 | -8.1 | 30.9% |
Msafe Equipments IPO SUBSCRIPTION STATUS DETAILS
Msafe Equipments had 5.4 M shares on offer
Msafe Equipments IPO offer price was in the range ₹116 - ₹123
Msafe Equipments IPO minimum Investment was ₹232000
Msafe Equipments IPO issue size was ₹ 626.4 M - ₹ 664.2 M
Msafe Equipments had a minimum lot size of 1000 Shares per application
Msafe Equipments NUMBER OF SHARES ON OFFER
Msafe Equipments IPO IMPORTANT DATES
| Issue Open Date | 28 Jan 2026 |
| Issue close Date | 30 Jan 2026 |
| Allotment Date | 02 Feb 2026 |
| Refund Date | 03 Feb 2026 |
| Demat Account Credit Date | 03 Feb 2026 |
| Listing Date | 04 Feb 2026 |
| Listing on Exchange(s) | BSE |
| Msafe Equipments Allotment Status | Exchange/ Registrar |
Msafe Equipments IPO subscription opened on 28 Jan 2026, and closed on 30 Jan 2026
IPO allotment for Msafe Equipments was finalized on Monday, 02 Feb 2026
IPO listing for Msafe Equipments was on BSE on Wednesday, 04 Feb 2026
Msafe Equipments IPO LISTING GAINS
| Issue Price (adjusted) | 123.0 |
| Listing Open Price | 144.0 |
| Listing Close Price | 150.3 |
| Listing Gain% | 17.1% |
| Current Gain% | 75.6% |
Msafe Equipments Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Msafe Equipments Ltd. | 216 | 440.6 | 19.7 | 0.3 | 4.2 | 22.9 | 15 | 104.1 | 45.3 | 22.4 | 72.3 | 11 | 72.3 |
| APL Apollo Tubes Ltd. | 1984.6 | 55104.1 | 44.8 | 0.8 | 2.4 | 22.7 | 13.6 | 23190.8 | 11.6 | 1203.1 | 58.9 | 44.3 | 53.4 |
| Welspun Corp Ltd. | 1846.9 | 48719.5 | 21.1 | 1.4 | 2.8 | 17.6 | 7.9 | 16905.4 | 19.3 | 1613 | -15.5 | 87.5 | 14.9 |
| Usha Martin Ltd. | 520 | 15846.6 | 31.3 | 1.2 | 4.1 | 14.1 | 11.1 | 3759.9 | 7 | 466 | 14.4 | 16.6 | 25.4 |
| Vedanta Iron and Steel Ltd. | 37 | 14456.7 | 0 | -191.6 | 0 | 0 | -28.4 | ||||||
| Technocraft Industries (India) Ltd. | 2720 | 6167 | 21.6 | 1.9 | 2.2 | 14.1 | 8.8 | 2860.8 | 6.1 | 285.3 | 11.4 | 125.8 | 11.4 |
Msafe Equipments INFORMATION ON IPO ISSUE
About Msafe Equipments
Msafe Equipments was incorporated on August 19, 2019. The company manufactures, sells, and rents access and height-safety equipment such as scaffoldings and ladders, used across construction, infrastructure, maintenance, and industrial activities to enable safe work at heights
Object of the Issue
- Funding of capital expenditure towards setup of a new manufacturing facility
- Funding of capital expenditure for manufacturing of equipments for rental purpose
- Utilization towards working capital requirements
- General corporate purposes
- To achieve the benefit of listing of the equity shares on the stock exchanges
Msafe Equipments - PROMOTERS
| Name |
|---|
| Pradeep Aggarwal |
| Ajay Kumar Kanoi |
| Vansh Aggarwal |
| Gaurav Ajay Kumar Kanoi |
| Rajani Ajay Kanoi |
| Monika Agarwal |
| Rushil Agarwal |
Msafe Equipments - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Pradeep Aggarwal | Chairman & Managing Director |
| Ajay Kumar Kanoi | Whole time Director |
| Rushil Agarwal | Whole Time Director |
| Rajani Ajay Kanoi | Non-Executive Director |
| Vaibhav Mandhana | Independent Director |
| Manish Kankani | Independent Director |
Msafe Equipments Book Running Lead Manager
Seren Capital Private Limited
info@serencapital.in
Msafe Equipments Registrar to the issue
Maashitla Securities Private Limited
investor.ipo@maashitla.com
Msafe Equipments Strengths
Integrated manufacturing base
The company operates three in-house manufacturing facilities in Greater Noida, Uttar Pradesh, dedicated to ladders, aluminium scaffoldings, and mild steel scaffoldings. The facilities provide flexibility in production across product lines and support scale and capacity planning. In-house manufacturing enables better control over quality, cost, and delivery timelines
Diversified customer base
The company serves a broad customer base across multiple industries, including construction, infrastructure, facility management, warehousing, and safety systems. It caters to more than 2,500 customers through sales and rental channels
Recurring revenue model
The company generates revenue through both product sales and rental services. The rental segment contributes a significant and consistent share of revenue, providing predictable and recurring cash flows. This dual revenue model allows the company to address both long-term project requirements and short-term site needs, supporting revenue stability and diversification
Msafe Equipments Risks
Sector dependence
The company’s products are primarily used in construction and infrastructure activities, making demand closely linked to sector activity levels. Any slowdown due to policy changes, funding constraints, regulatory delays, or project execution issues could reduce demand for its products and rental services
Product concentration
A significant portion of the company’s revenue is derived from aluminium scaffoldings through both sales and rentals. Any decline in demand, increased competition, or shift toward alternative access solutions could materially impact revenues and profitability
Order-based revenue
The company operates without long-term customer contracts and relies on purchase orders and short-term rental agreements. Customers may reduce order volumes, delay purchases, or choose not to renew rentals. Such variability in order inflows could lead to revenue volatility and impact financial performance
IPO FAQs
This IPO consists of an offer for sale of up to Rs 12.3 crore, of 1,000,000 shares. It also consists of a fresh issue of Rs 54.1 crore.
The promoters of the company are Pradeep Aggarwal, Ajay Kumar Kanoi, Vansh Aggarwal, Gaurav Ajay Kumar Kanoi, Rajani Ajay Kanoi, Monika Agarwal and Rushil Agarwal.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 116.0 - 123.0.
The IPO application opens on Jan 28, 2026 and closes on Jan 30, 2026.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 232,000.0, the maximum value for this IPO is Rs 246,000.0.
This IPO will be allotted on Feb 02, 2026.
The refund will be credited to your account on Feb 03, 2026.
The allotted shares will be credited to your demat on Feb 03, 2026.
Msafe Equipments Ltd.’s shares listed on the stock exchanges on Feb 04, 2026.