The IPO of Msafe Equipments Limited opened on Wednesday, January 28 and will remain open for subscription until January 30. The company has set the price band at ₹116 to ₹123 per share.
Investors must apply for a minimum of 1,000 shares, which makes the minimum investment around ₹1.23 lakh.
Through this IPO, the company aims to raise ₹66.42 crore, which includes both fresh issue of shares and an offer for sale (OFS).
Msafe Equipments operates in the safety equipment segment, mainly products used for working at heights. Demand for these products is rising due to growth in the construction and infrastructure sectors.
GMP and Subscription Status
The IPO has received a positive response from investors. On the first day, it was subscribed around 1.65 times, with strong participation from retail and non-institutional investors.
In the grey market, the GMP (Grey Market Premium) is ₹22, indicating a possible listing price of around ₹145 per share. This suggests an estimated listing gain of about 18% over the IPO price.
The share allotment is expected on February 2, and the stock is likely to list on the BSE SME platform on February 4, 2026.
Company Business and Operations
Msafe Equipments Limited manufactures, sells, and rents scaffolding systems, aluminum ladders, and fiber ladders. These products are widely used in construction, maintenance, repair, and infrastructure projects.
The company operates three manufacturing units in Greater Noida, Uttar Pradesh,
and has 17 warehouses across India, including states such as Maharashtra, Tamil Nadu, Gujarat, Punjab, and West Bengal. This wide network supports both its sales and rental operations efficiently.
Financial Performance and Use of IPO Funds
The company has shown strong financial growth. In FY2025, Msafe Equipments reported revenue of ₹71.34 crore, which is about 48% higher than the previous year.
Its EBITDA rose to ₹26.07 crore, while net profit (PAT) increased to ₹13.01 crore, compared to ₹6.55 crore in the previous year.
