Msafe Equipments IPO : GMP, Price, Analysis, And Details

Msafe Equipments IPO- Company Analysis

Msafe Equipments IPO under the SME IPO category is a bookbuild issue of Rs. 66.42 Cr by Msafe Equipments Limited and produces, markets and rents access and height-safety equipment for safe working at heights.

Aluminum scaffoldings, mild steel (MS) scaffoldings, aluminum ladders and fiber-reinforced plastic (FRP) ladders are among its product offerings,

which meet operational and safety requirements for infrastructure development, building, maintenance, installation, and repair.

Msafe Equipments IPO Details

The Msafe Equipments IPO date of opening is 28 Jan 2026, its initial public offering will end on 30 Jan, IPO allotment on Feb 02 and refund initiation on Feb 03, 2026.

The Rs. 66.42 crore new SME IPO comprises a combination of fresh issue of 0.44 crore shares (Rs. 54.12 Cr) and offer for sale of 0.10 crore shares (Rs. 12.30 Cr).

The Msafe Equipments IPO listing date (expected) might be on Wednesday, Feb 04, 2026, and listing at the BSE and SME. 

The Msafe Equipments IPO price band is Rs. 116 to Rs. 123.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Jan 28, 2026
IPO Closing Date	Jan 30, 2026
IPO Allotment Date	Feb 02, 2026
Refund Initiation	Feb 03, 2026
IPO Listing Date	Feb 04, 2026

 

Click to open demat account and apply for the IPO.

 

Company Financials

(Amount in Cr)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	73.59	48.19	33.54
Total Income	71.62	48.34	29.71
PAT	13.01	6.55	3.65
EBITDA	26.08	15.12	9.19
Net Worth	25.65	12.64	6.09
Reserves & Surplus	24.65	11.64	5.09
Total Borrowing	32.56	25.87	20.37

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	1437.19	645.03	452.05
Net Cash Flow Investing Activities	(1817.11)	(980.11)	(1295.65)
Net Cash Flow Financing Activities	400.17	345.47	856.53

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Funding of Capital expenditure towards the setup of a new Manufacturing Facility. ~ Rs. 32.26 Cr.

• Funding of Capital expenditure for the manufacturing of equipment for Rental purpose. ~ Rs. 6.00 Cr.

• Utilization towards working capital requirements. ~ Rs. 8.00 Cr.

• General Corporate Purposes. 

Listed Peers of Msafe Equipments Ltd.

Name of Company	Face Value (₹)	Basic EPS (₹)	PE Ratio (x)
Techno Craft India Industries Limited	10	112.32	19.90

 

Valuation

KPI	Value
ROE	67.97%
ROCE	34.56%
RoNW	50.73%
PAT Margin	18.24%
EBITDA Margin	36.55%
Price to Book Value	7.67

 

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 8.13 from the last year, the resulting P/E ratio is 15.12x.

Explore the Kanishk Aluminium India IPO.

IPO's Strengths 

• Many revenue streams come from the sale and leasing of height-safety gear.

• Product dependability is ensured by internal manufacturing facilities supported by quality certificates.

• A well-diversified customer base, spanning multiple sectors and regions, reduces the risk of regional concentration.

IPO's Weaknesses

• Reliance on the infrastructure and construction industries.

• heavy dependence on aluminum scaffolding.

• Absence of long-term client agreements.
  
  

Msafe Equipments IPO GMP (Grey Market Premium)

Msafe Equipments IPO GMP today is Rs. 9 as of 23 Jan 2026 while writing this information. A price band set at Rs. 123 suggests that the estimated listing price of the IPO could be around Rs. 132, indicating a gain/loss of 7.32%.

Msafe Equipments IPO Summary

IPO Opening & Closing Date	28 Jan, 2026 to 30 Jan, 2026
Face Value	Rs. 10 per Share
Issue Price	Rs. 116 to Rs. 123 per Share.
Lot Size	1000 Shares
Issue Size	54,00,000 Shares (Rs. 66 Cr)
Offer for Sale	10,00,000 Shares (Rs. 12 Cr)
Fresh Issue	41,02,000 Shares (Rs. 50 Cr)
Listing at	BSE, SME
Issue Type	Bookbuild issue IPO
Registrar	Maashitla Securities Pvt.Ltd.

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (2000 Shares) for Rs. 2,46,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (3000 Shares) for Rs. 3,69,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

 

Msafe Equipments IPO Allotment Status

To check the Msafe Equipments IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Msafe Equipments Ltd.

• Pradeep Aggarwal

• Ajay Kumar Kanoi

• Vansh Aggarwal

• Rushil Agarwal

• Gaurav Ajay Kumar Kanoi

• Rajani Ajay Kanoi 

• Monika Aggarwal

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	73.53%

 

IPO Lead Managers

• Seren Capital Pvt. Ltd.
  
  

Dividend Policy

The company has not paid a dividend during the last three years.

 

Conclusion

The Msafe Equipments IPO provides exposure to the expanding infrastructure and safety equipment market with robust ROE, excellent margins, and significant sales growth. Long-term scalability is supported by the company's expansion plans and mixed manufacturing and leasing strategy, while reliance on construction cycles is still a danger. 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.