Msafe Equipments IPO Overview
Msafe Equipments Limited is a Delhi-based manufacturer and rental provider of access and height-safety equipment used for safe working at heights in construction, maintenance, installation, infrastructure and other industrial applications. Its product portfolio includes aluminium and MS scaffoldings, aluminium ladders, FRP ladders and other safety solutions, catering to both sales and rental markets across India.
The company is launching its Initial Public Offering (IPO) on the BSE SME platform, aiming to raise approximately ₹66.42 crore. The issue comprises a mix of a fresh issue (approx ₹54.12 cr) and an Offer For Sale (OFS) of up to ₹12.30 cr. The price band is set between ₹116 and ₹123 per share, with each lot consisting of 1,000 equity shares (minimum retail application 2,000 shares).
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME |
| IPO Open Date | 28 January 2026 |
| IPO Close Date | 30 January 2026 |
| Allotment Date | 02 February 2026 (Expected) |
| Credit to Demat | 03 February 2026 (Expected) |
| Refund Initiation | 03 February 2026 (Expected) |
| Listing Date | 04 February 2026 (Tentative) |
| Price Band | ₹116 to ₹123 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,000 shares |
| Min Investment (Retail) | ₹2,46,000 (2 lots at ₹123) |
| sNII Minimum | ₹3,69,000 (3,000 shares) |
| bNII Minimum | ₹11,07,000 (9,000 shares) |
| Issue Size | ~₹66.42 crore |
| Fresh Issue | ~₹54.12 crore |
| Offer for Sale (OFS) | ~₹12.30 crore (10,00,000 shares) |
| Total Shares Offered | 54,00,000 equity shares |
| Listing | BSE SME |
Note: The IPO includes both fresh capital raising and promoter selling (OFS) components.
Issue Break-up
| Category | Allocation | Shares (Approx) |
| QIB (Excluding Anchor) | 50.00% | 25,42,000 |
| NII (HNI) | ~14.33% | ~7,74,000 |
| Retail Individual Investors | ~33.07% | ~17,86,000 |
| Total | 100% | 50, + net after market maker* |
(Approx allocation based on publicly available IPO details; exact market maker and reservation portions may vary.)
Selling Shareholders (OFS)
This IPO includes a partial Offer For Sale (OFS) by existing promoters (10,00,000 shares offered), with the rest of the issue being a fresh issue to the company.
Objects of the Issue (Fund Utilization)
The net proceeds from the IPO will primarily be used for:
- Setting up a new manufacturing facility to expand production capacity and capabilities.
- Purchase of additional rental equipment to grow the rental business segment.
- Working capital requirements to support business operations and inventory needs.
- General corporate purposes as determined by the Board.
Lead Managers & Registrar
- Lead Manager: Seren Capital Private Limited.
- Registrar to the Issue: Maashitla Securities Private Limited.
Promoters & Management
Msafe Equipments is promoter-driven with the following major promoter shareholders:
- Pradeep Aggarwal
- Ajay Kumar Kanoi
- Vansh Aggarwal
- Rushil Agarwal
- Gaurav Ajay Kumar Kanoi
- Rajani Ajay Kanoi
- Monika Aggarwal
Pre-IPO promoter shareholding stands close to 100% and will dilute post-OFS/fresh issue accordingly.
COMPANY DETAILS
Msafe Equipments Limited was incorporated in 2019 and operates primarily in the manufacturing, sale, and rental of height-safety and access equipment designed to ensure safe work at elevated heights.
Business Operations:
- In-house production of aluminium scaffoldings, MS scaffoldings, aluminium ladders and FRP ladders.
- Sales and rental services across multiple sectors including construction, HVAC, MEP, electrical works, fire safety, interiors and warehousing.
- Operates three manufacturing facilities in Greater Noida, Uttar Pradesh and a logistics network of 17 warehouses across Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab and West Bengal.
Company Strengths
- Dual Revenue Model: Income from both sales and rental of safety equipment supports revenue stability.
- Pan-India Reach: Supply and rental network extend to 22 states and 3 union territories.
- Strong Growth Trajectory: Revenue and profit have grown consistently over recent fiscal years.
- Manufacturing & Logistics Network: Three factories plus 17 warehouses enable efficient delivery and operations.
- High Profitability Margins: PAT margin increased significantly by FY25.
- Experienced Promoters: Management team with operational experience in industrial safety equipment segment.
Key Risks & Challenges
- Cyclic Demand: Business performance is closely tied to construction and infrastructure industry cycles.
- Customer Concentration Risk: A significant portion of revenue may depend on large clients or orders.
- Dependency on Raw Materials: Fluctuations in aluminium and steel prices can affect costs.
- SME IPO Volatility: SME listings can show low liquidity and price volatility post-listing.
- Project Execution: Expansion plans like new manufacturing facilities may experience execution delays.
Disclaimer
This document is for educational and informational purposes only and does not constitute investment advice or a recommendation. Investors should read the Red Herring Prospectus and consult with certified financial advisors before making investment decisions. Past performance is not indicative of future results and investments are subject to market risks.
