Msafe Equipments IPO Commences with Strong Investor Interest
The initial public offering (IPO) of Msafe Equipments Limited opened for subscription on Wednesday, January 28, and will conclude on Friday, January 30. The company has set an attractive price band of ₹116 to ₹123 per equity share, with each share having a face value of ₹10. Investors have the opportunity to participate by placing bids for a minimum of 1,000 equity shares, with subsequent bids in multiples of 1,000 shares.
Company Overview and Product Portfolio
Msafe Equipments specializes in the production, distribution, and leasing of equipment designed for access and height safety. The company plays a crucial role in ensuring safe working conditions at elevated heights across various industries. Its comprehensive product range includes:
- Aluminium scaffolding
- Mild steel (MS) scaffolding
- Aluminium ladders
- Fibre-reinforced plastic (FRP) ladders
These products cater to the operational and safety needs of sectors such as construction, maintenance, installation, repair, and infrastructure development, addressing critical requirements in these fields.
Manufacturing and Distribution Network
The company operates three manufacturing plants located in Greater Noida, Uttar Pradesh, which form the backbone of its production capabilities. Supporting this manufacturing base is an extensive network of 17 warehouses spread across multiple states, including Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab, and West Bengal. These strategically located facilities enable efficient storage, dispatching, and collection of products for both sales and rental purposes, ensuring timely delivery and service.
Financial Performance Highlights
Msafe Equipments has demonstrated impressive financial growth in the fiscal year 2025 (FY25). The company reported operational revenue of ₹71.34 crore, marking a substantial increase of 48.22% compared to ₹48.13 crore in the previous year. Key profitability metrics also showed significant improvement:
- Earnings before interest, tax, depreciation, and amortisation (EBITDA) reached ₹26.07 crore, rising 72.52% from ₹15.11 crore in FY24.
- Profit after tax (PAT) stood at ₹13.01 crore, compared to ₹6.55 crore in the prior year, reflecting strong bottom-line performance.
IPO Subscription Status and Details
As of the first day of bidding, the Msafe Equipments IPO subscription status stands at 1.65 times, according to data from chittorgarh.com. The breakdown of subscription categories reveals:
- Retail portion subscribed 2.04 times
- Non-institutional investors (NII) portion booked 2.57 times
- Qualified institutional buyers (QIB) portion booked 29%
The company has received bids for 59,16,000 shares against 35,77,000 shares on offer, indicating healthy investor appetite.
Fundraising Objectives and Allocation
Msafe Equipments aims to raise ₹66.42 crore through this public offering, comprising a new issue of 4.4 million equity shares and an offer for sale (OFS) of 1 million shares. As outlined in the red herring prospectus (RHP), the net proceeds from the fresh issue will be allocated as follows:
- ₹32.26 crore for establishing a new manufacturing facility
- ₹6 crore for production of equipment intended for rental purposes
- ₹8 crore for working capital requirements
- Remaining capital for general corporate purposes
Maashitla Securities serves as the registrar for the public offering, while Seren Capital acts as the sole book-running lead manager, overseeing the process.
Grey Market Premium and Listing Timeline
The Msafe Equipments IPO grey market premium (GMP) today is ₹22. Considering the upper end of the IPO price band at ₹123 and the current premium, the estimated listing price is indicated at ₹145 per share, representing a 17.89% premium over the IPO price. The grey market premium reflects investor sentiment and willingness to pay above the issue price.
The finalisation of share allotment is anticipated on Monday, February 2, followed by crediting of shares to investors' demat accounts on Tuesday, February 3. The shares are provisionally scheduled to be listed on the BSE SME platform on Wednesday, February 4, 2026, marking the company's debut in the public markets.
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