Bookbuilding IPO | ₹66 Cr | Listed at BSE SME | Wed, Jan 28, 2026 - Fri, Jan 30, 2026
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 bidding started from Jan 28, 2026 and ended on Jan 30, 2026. The allotment for Msafe Equipments IPO was finalized on Feb 2, 2026. The shares got listed on the BSE SME on Feb 4, 2026.
Msafe Equipments IPO is set final issue price at ₹123 per share. The lot size for an application is 1,000 shares. The minimum amount of investment required by an individual investor (retail) is ₹1,23,000 (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
Issue Price
₹123 per share
Market Cap (Pre-IPO)
₹250.92 Cr
| IPO Date | 28 to 30 Jan, 2026 |
| Listed on | Wed, Feb 4, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹116 to ₹123 |
| Issue Price | ₹123 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh capital cum 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 Evermore Share Broking Private Limited (agg. up to ₹4 Cr) |
| 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 |
| BSE Script Code | 544695 |
| ISIN | INE2B5L01011 |
Msafe Equipments IPO comprises a total issue size of 54,00,000 shares. The net offer to the public is 51,02,000 shares, after excluding 2,98,000 shares allotted on a firm basis. Of the Net offer 25,42,000 (49.82%) are allocated to QIB, 7,74,000 (15.17%) allocated to NII 17,86,000 (35.01%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 25,42,000 | 49.82% | 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 | 15.17% | 14.33% |
| − bNII > ₹10L | 5,16,000 | 9.56% | |
| − sNII < ₹10L | 2,58,000 | 4.78% | |
| Retail Shares Offered | 17,86,000 | 35.01% | 33.07% |
| Firm Reservations | |||
| Market Maker Shares Offered | 2,98,000 | 5.52% | |
| Total Shares Offered | 54,00,000 | 100.00% | 100.00% |
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 |
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) | Fri, Mar 6, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, May 5, 2026 |
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.
| 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 | ||||
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 | 1.76 |
| 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 (₹) | 8.13 | 10.29 |
| P/E (x) | 15.12 | 11.95 |
| Promoter Holding | 100% | 73.53% |
| Market Cap | ₹250.92 Cr. |
The Msafe Equipments IPO is subscribed 166.72 times on January 30, 2026 6:19:59 PM (Day 3). The public issue subscribed 133.16 times in the individual investors category, 117.97 times in the QIB category, and 308.23 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (x) | Shares Offered | Shares bid for | Total Applications |
|---|---|---|---|---|
| QIB (Ex Anchor) | 117.97 | 10,17,000 | 11,99,79,000 | 0 |
| NII* | 308.23 | 7,74,000 | 23,85,70,000 | 0 |
| bNII (> ₹10L) | 380.85 | 5,16,000 | 19,65,21,000 | |
| sNII (< ₹10L) | 162.98 | 2,58,000 | 4,20,49,000 | |
| Individual Investor | 133.16 | 17,86,000 | 23,78,20,000 | 0 |
| Total | 166.72 | 35,77,000 | 59,63,69,000 | 1,53,156 |
Total Applications: 1,53,156
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manager Fees (including underwriting commission and all other fees by whatever name called) | 6.68 |
| 2 | Fees Payable to Registrar to the Issue | 0.04 |
| 3 | Fees Payable for Advertising, printing and Publishing Expenses | 0.21 |
| 4 | Fees Payable to Regulators including Stock Exchanges | 0.24 |
| 5 | Fees Payable to Statutory Auditor, Legal Advisors and other Professionals | 0.19 |
| 6 | Others (Commission/processing fee for SCSBs, Sponsor Bank and Banker(s) to the Issue and brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs) | 0.12 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹123.00 |
| Open | ₹144.00 |
| Low | ₹136.80 |
| High | ₹151.20 |
| Last Trade | ₹150.30 |
Lead Manager Reports
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 ₹123 per share. 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 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 on Wed, Feb 4, 2026.
