About
Msafe Equipments IPO is a book build issue of ₹66.42 crores. The issue is a combination of fresh issue of 0.44 crore shares aggregating to ₹54.12 crores and offer for sale of 0.10 crore shares aggregating to ₹12.30 crores.
Msafe Equipments IPO opens for subscription on Jan 28, 2026 and closes on Jan 30, 2026. The allotment for the Msafe Equipments IPO is expected to be finalized on Feb 2, 2026. Msafe Equipments IPO will list on BSE SME with a tentative listing date fixed as Feb 4, 2026.
Msafe Equipments IPO price band is set at ₹116 to ₹123 per share. The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹2,46,000 (2,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,000 shares), amounting to ₹3,69,000.
Seren Capital Pvt.Ltd. is the book running lead manager and Maashitla Securities Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Evermore Share Broking Private Limited.
Refer to Msafe Equipments IPO RHP for detailed Information.
IPO Open
Wed, Jan 28, 2026
IPO Close
Fri, Jan 30, 2026
Price Band
₹116 to ₹123
Market Cap (Pre-IPO)
₹250.92 Cr
Submit your IPO application online through your preferred broker — fast, secure, and reliable.
IPO Details
| IPO Date | 28 to 30 Jan, 2026 |
| Listing Date | Wed, Feb 4, 2026T |
| Face Value | ₹10 per share |
| Price Band | ₹116 to ₹123 |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital & OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| 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) Evermore Share Broking Private Limited |
| 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) |
| Share Holding Pre Issue | 1,60,00,000 shares |
| Share Holding Post Issue | 2,04,00,000 shares |
IPO Timetable (Tentative)
- IPO OpenWed, Jan 28, 2026
- IPO CloseFri, Jan 30, 2026
- AllotmentMon, Feb 2, 2026
- RefundTue, Feb 3, 2026
- Credit of SharesTue, Feb 3, 2026
- ListingWed, Feb 4, 2026
IPO Reservation
Msafe Equipments IPO offers total 54,00,000 shares. Out of which 25,42,000 (47.07%) allocated to QIB, 10,17,000 (18.83%) allocated to QIB (Ex- Anchor), 7,74,000 (14.33%) allocated to
NII
17,86,000 (33.07%) allocated to RII and 15,25,000 (28.24%) allocated to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 2,98,000 (5.52%) |
| QIB Shares Offered | 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) Shares Offered | 7,74,000 (14.33%) |
| − bNII > ₹10L | 5,16,000 (9.56%) |
| − sNII < ₹10L | 2,58,000 (4.78%) |
| Retail Shares Offered | 17,86,000 (33.07%) |
| Total Shares Offered | 54,00,000 (100.00%) |
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 |
|---|---|---|---|
| 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 |
IPO Anchor Investors
Msafe Equipments IPO raises ₹18.76 crore from anchor investors. Msafe Equipments IPO Anchor bid date is January 27, 2026.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Jan 27, 2026 |
| Shares Offered | 15,25,000 |
| Anchor Portion (₹ Cr.) | 18.76 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Mar 4, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sun, May 3, 2026 |
About Msafe Equipments Ltd.
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.
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.
Company Financials (Restated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 87.67 | 73.59 | 48.19 | 33.54 |
| Total Income | 49.07 | 71.62 | 48.34 | 29.71 |
| Profit After Tax | 10.50 | 13.01 | 6.55 | 3.65 |
| EBITDA | 19.21 | 26.08 | 15.12 | 9.19 |
| NET Worth | 36.15 | 25.65 | 12.64 | 6.09 |
| Reserves and Surplus | 20.15 | 24.65 | 11.64 | 5.09 |
| Total Borrowing | 37.67 | 32.56 | 25.87 | 20.37 |
| Amount in ₹ Crore | ||||
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ 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 purposes |
Key Performance Indicator (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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 8.13 | 10.29 |
| P/E (x) | 15.12 | 11.95 |
| Promoter Holding | 100% | 73.53% |
| Market Cap | ₹250.92 Cr. |
- The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2025 available in RHP.
IPO Review
Msafe Equipments IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
Sorry, we couldn’t find the subscription details. Note that the bidding starts at 10 AM and ends at 5 PM on the days when the public issue is open.
IPO Registrar
Maashitla Securities Pvt.Ltd.
- +91-11-45121795-96
- investor.po@maashitla.com
- Visit Website
IPO Lead Manager(s)
- Seren Capital Pvt.Ltd. (Past IPO Performance)
Lead Manager Reports
- Lead Manager Performance Summary
- Lead Manager Performance Tracker
Contact Details
- +91-88822 07104
- info@msafegroup.com
- Visit Website
IPO FAQs
Msafe Equipments IPO is a SME IPO of 54,00,000 equity shares of the face value of ₹10 aggregating up to ₹66 Crores. The issue is priced at ₹116 to ₹123. The minimum order quantity is 1000.
The IPO opens on Wed, Jan 28, 2026, and closes on Fri, Jan 30, 2026.
Maashitla Securities Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Msafe Equipments IPO using UPI as a payment gateway. Zerodha customers can apply in Msafe Equipments IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Msafe Equipments IPO through Zerodha
- Visit the Zerodha website and login to Console.
- Go to Portfolio and click the IPOs link.
- Go to the ‘Msafe Equipments IPO‘ row and click the ‘Bid’ button.
- Enter your UPI ID, Quantity, and Price.
- Submit IPO application form.
- Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Zerodha IPO Application Process Review for more detail.
The Msafe Equipments IPO opens on Wed, Jan 28, 2026 and closes on Fri, Jan 30, 2026.
Msafe Equipments IPO lot size is 1000, and the minimum amount required for application is ₹2,46,000, with 2 lots being the minimum application size.
You can apply in Msafe Equipments IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Msafe Equipments IPO will be done on Monday, February 2, 2026, and the allotted shares will be credited to your demat account by Tue, Feb 3, 2026. Check the Msafe Equipments IPO allotment status.
The Msafe Equipments IPO listing date is not yet announced. The tentative date of listing is Wed, Feb 4, 2026.
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