Msafe Equipments IPO

Msafe Equipments Limitedmsafegroup.com

ListedSMEIndustrialsBSE SME

Price band: ₹116 – ₹123
Issue size: ₹66.42 Cr
Lot size: 1000 sh
Bidding: 28 – 30 Jan
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

83Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Msafe Equipments, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2019 · New Delhi, India · 350 employees

Msafe Equipments makes, sells and rents equipment for working at height. The range covers aluminium scaffolding in stairway, narrow-width, extra-reach, podium, cantilever and bridge sections; mild-steel scaffolding for longer-duration construction and infrastructure jobs needing higher load-bearing capacity; and ladders in aluminium and fibre-reinforced plastic, the FRP variants being non-conductive and used for electrical work. Buyers are contractors and facility operators rather than consumers: civil construction, infrastructure development, facility management, HVAC and MEP contracting, interior and electrical contracting, warehousing and logistics, and firefighting and safety systems. The gear provides access for facade and cladding installation, painting and plastering, electrical cabling, ceiling and interior finishing and warehouse stacking. The company served more than 2,500 customers through sales and rental in FY2024-25 and runs three manufacturing units at Gautam Buddha Nagar, Greater Noida.

Two revenue lines: outright sale of equipment, and rental of the same fleet on weekly, fortnightly or monthly terms. Rental supplied 51.65% of revenue from operations in FY2024-25 and 43.07% in the six months to 30 September 2025. Production cost is mainly aluminium extrusion sourced from vendors in Haryana, Uttar Pradesh, Delhi and Punjab; raw material consumed was Rs 2,017.82 lakhs in FY2024-25. The structural constraint is fleet utilisation, since rental assets are bought and fabricated upfront: depreciation ran Rs 624.20 lakhs and finance cost Rs 268.75 lakhs in FY2024-25, and the RHP states that under-utilisation leaves fixed costs including depreciation, warehousing, insurance and refurbishment inadequately recovered. Trade receivables stood at Rs 1,623.33 lakhs on 31 March 2025.

The company on paper

Legal name: Msafe Equipments Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 19 Aug 2019
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: L29309DL2019PLC353936
Sector: Industrials · Aluminium and mild-steel scaffolding and ladders - manufacture, sale and rental
Employees: 350
Registered office: New Delhi, India
Promoters: Pradeep Aggarwal, Ajay Kumar Kanoi, Vansh Aggarwal, Rushil Agarwal, Gaurav Ajay Kumar Kanoi, Monika Agarwal, Rajani Ajay Kanoi
Promoter holding, pre-issue: 99.1%
Promoter holding, post-issue: 72.8%
Website: msafegroup.com

The numbers

Financial performance

Revenue has compounded at 55.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

81% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹54.12 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹12.30 Cr
Total issue size: ₹66.42 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,98,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.3% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription166.72×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹123.00
Listed at: ₹144.00
Listing gain: up 17.1%
Since listing: up 65.6%
Against the issue price: up 93.8%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,000
At cut-off price: ₹123.00
Amount blocked: ₹2,46,000

One lot is 1000 shares at ₹1,23,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,46,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~0.8%

chance of one lot, per application

Retail subscription: 133.16×
Applicants per share available: 133.2× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹144.00

listed at, 17.1% against the issue price

Issue price: ₹123.00
Premium said: —
If allotted 1000 shares: ₹21,000

Listing-day figures are as reported by the exchanges.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

The last row is a six-month stub to 30 September 2025, not a full year. Revenue of Rs 49.01 Cr is half-year and must not be read against FY25's Rs 71.34 Cr as though the business shrank, nor annualised.
A 15:1 bonus issue of 1,50,00,000 shares on 26 August 2025 took equity share capital from Rs 100 lakhs to Rs 1,600 lakhs, so share counts and per-share figures break between FY25 and the H1 FY26 column; the RHP restates NAV and EPS on the post-bonus count.
Revenue here is revenue from operations, and EBITDA uses the RHP's own definition of profit before tax plus depreciation plus finance cost minus other income. Trackers that tabulate total income instead show slightly higher revenue (FY25: Rs 71.62 Cr total income vs Rs 71.34 Cr from operations).

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Msafe Equipments — Red Herring Prospectus dated 2026-01-2121 Jan 2026The document the issue was bid on. Carries the price band and the dates.Opens on capitalmarket.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Seren Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: Maashitla Securities Private Limited

How these figures were checked

Reconciled to Msafe Equipments's own prospectus and to exchange disclosures, then cross-checked against 9 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

BSE bhavcopy CSV, trade date 2026-02-04 - listing-day OHLC, ISIN, series MT, NewBrdLotQty · read 16 Oct 2026
BSE bhavcopy CSV, trade date 2026-02-05 - confirms day-1 close of 150.30 as previous close · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 28 Jan 2026
Closes: 30 Jan 2026
Allotment: 2 Feb 2026
Lists: 4 Feb 2026
Revenue (FY25): ₹71.34 Cr
Profit (FY25): ₹13.01 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.