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Msafe Equipments IPO
Price Band
₹116.0–123.0
Issue Size
₹66.42 Cr
Lot Size
1,000 shares
Min Investment
₹246,000
2 LOTS MIN
GMP
+₹21.0 (17.07%)
Issue Price
₹123.0
Msafe Equipments IPO AI Summary
- Msafe Equipments IPO is listed on BSE SME in the Aluminium sector.
- Price band: ₹116.0–₹123.0 per share, lot size 1,000 shares (min. investment ₹246,000, 2 lots minimum).
- Subscription window: 28 Jan–30 Jan 2026, listing on 04 Feb 2026.
- Current GMP is +₹21.0 (17.07%), an estimated listing price of ₹144 — unofficial and can change daily.
Msafe Equipments Limited is an emerging player in the aluminium sector, focusing on access and height-safety equipment. With a solid operational framework and a diverse product portfolio, the company aims to expand its manufacturing capabilities and meet the growing demand across various sectors.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Msafe Equipments IPO Grey Market Premium (GMP) Today
GMP
+₹21.0
GMP %
+17.07%
Est. Listing
₹144.0
Updated: 14 Jul 2026 15:52
About the Company
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 June 30, 2025, the Company employed 299 permanent staff and 28 contractual employees, ensuring operational efficiency and nationwide reach.
Company Financials (₹ Cr)
As of 2025-09-30
| 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 |
Key Ratios
EPS
₹8.13
NAV
₹16.03
ROE
67.97%
ROCE
34.56%
RoNW
50.73%
P/B Value
7.67
P/E Ratio
15.12
Market Cap
₹250.92 Cr
PAT Margin
18.24%
Promoters
Pradeep Aggarwal, Ajay Kumar Kanoi, Vansh Aggarwal, Rushil Agarwal, Gaurav Ajay Kumar Kanoi, Rajani Ajay Kanoi and Monika Aggarwal
Objects of the Issue
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 5 Issue Expenses 7.48 Total 55.50
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹29.71 Cr in the year ended 31 Mar 2023, rising to ₹48.34 Cr by 31 Mar 2024. It further increased to ₹71.62 Cr in the year ended 31 Mar 2025, though this is a 9-month figure as of 30 Sep 2025, showing a decline to ₹49.07 Cr.
Profit Trend
Profit After Tax was ₹3.65 Cr for the year ended 31 Mar 2023, increasing to ₹6.55 Cr by 31 Mar 2024. It further rose to ₹13.01 Cr in the year ended 31 Mar 2025, though this is a 9-month figure as of 30 Sep 2025, showing a decline to ₹10.50 Cr.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO. It reflects the price at which the shares are being traded in the unofficial market before the actual listing. A positive GMP suggests that the market expects the stock to list at a premium to the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy, considering factors such as the company's growth potential and market conditions.
Who May Want to Wait
Investors who prefer stable, established companies with predictable earnings may want to avoid IPOs like this, which can be subject to market fluctuations and operational uncertainties.
IPO Timeline, Explained
The IPO process includes several key dates: the issue opens on January 28, 2026, and closes on January 30, 2026. Allotment of shares is expected on February 2, 2026, with the listing date set for February 4, 2026.
Listing Gains — The Risk
Listing-day gains can be unpredictable. While some IPOs may see a significant increase in share price on their first day of trading, others may not perform as well. Investors should be aware of the potential for both gains and losses.
This evaluation is generated from Msafe Equipments's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Msafe Equipments IPO GMP today?
Msafe Equipments IPO GMP today is +₹21.0 (17.07%), indicating an estimated listing price of ₹144. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Msafe Equipments IPO?
The price band of Msafe Equipments IPO is ₹116.0–₹123.0 per share.
When does Msafe Equipments IPO open and close?
Msafe Equipments IPO opens on 28 January 2026 and closes on 30 January 2026.
When does Msafe Equipments IPO list on the stock exchange?
Msafe Equipments IPO listed on 04 February 2026 at ₹144.0.
What is the lot size for Msafe Equipments IPO?
The lot size for Msafe Equipments IPO is 1000 shares, requiring a minimum investment of ₹246,000 (2 lots).
What is the price band for the Msafe Equipments IPO?
The price band for the Msafe Equipments IPO is ₹116.0 to ₹123.0.
What is the minimum investment required for this IPO?
The minimum investment required for this IPO is ₹246,000.
What is the lot size for the Msafe Equipments IPO?
The lot size for the Msafe Equipments IPO is 1000 shares.
When does the Msafe Equipments IPO open and close?
The IPO opens on January 28, 2026, and closes on January 30, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected price of the shares in the grey market before they are officially listed.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
28 Jan 2026
Close
30 Jan 2026
Allotment
02 Feb 2026
Listing
04 Feb 2026
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