Msafe Equipments Limited is engaged in the manufacturing, sale, and rental of access and height-safety equipment, enabling safe working at elevated locations across multiple industrial applications. The company caters to safety-critical requirements in construction, infrastructure, maintenance, installation, and repair activities.
The company offers a diversified range of access solutions, including:
- Aluminium scaffoldings
- Mild steel (MS) scaffoldings
- Aluminium ladders
- Fibre Reinforced Plastic (FRP) ladders
Msafe operates three manufacturing facilities located in Greater Noida, Uttar Pradesh. To support its pan-India operations, the company has established a network of 17 warehouses across key states including Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab, and West Bengal.
During Fiscal 2025, the company supplied its products across 22 States and 3 Union Territories, serving customers from diverse sectors such as:
- Construction and infrastructure
- HVAC and MEP services
- Electrical and fire-safety works
- Interior fit-outs
- Warehousing and industrial maintenance
As of December 31, 2025, Msafe employed 350 permanent employees along with 66 contractual staff, supporting manufacturing operations, logistics, sales, and rental services across the country.
Msafe Equipments IPO – Details
| IPO Opening Date | 28 January 2026 |
| IPO Closing Date | 30 January 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 54,00,000 Shares Worth ₹66.42 Crore Fresh Issue: 44,00,000 Shares Worth ₹54.12 Crore Offer For Sale: 10,00,000 Shares Worth ₹12.30 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹116 – ₹123 per share |
| Market Lot | 1000 Shares |
| Min Order | 1000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Maashitla Securities Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Msafe Equipments IPO – Date Schedule
| IPO Open Date | 28 January 2026 |
| IPO Close Date | 30 January 2026 |
| Basis of Allotment | 02 February 2026 |
| Initiation of Refund | 03 February 2026 |
| Credit of Shares to Demat | 03 February 2026 |
| IPO Listing Date | 04 February 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on January 30, 2026 |
Msafe Equipments IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2000 | ₹2,46,000 |
| Retail (Max) | 2 | 2000 | ₹2,46,000 |
| S-HNI (Min) | 3 | 3000 | ₹3,69,000 |
| S-HNI (Max) | 8 | 8000 | ₹9,84,000 |
| B-HNI (Min) | 9 | 9000 | ₹11,07,000 |
Competitive Strength
- Multi-Model Source of Revenue through Product Sales and Rental Services.
- In-House Manufacturing facilities supported by quality certifications.
- Well diversified customer base spread across various industries & geography.
- Experienced Promoters and management team having domain knowledge.
Company Promoters
- Pradeep Aggarwal
- Ajay Kumar Kanoi
- Vansh Aggarwal
- Rushil Agarwal
- Gaurav Ajay Kumar Kanoi
- Rajani Ajay Kanoi
- Monika Aggarwal
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹29.71 Cr | ₹24.83 Cr | ₹3.65 Cr | ₹20.37 Cr |
| 31 March 2024 | ₹48.34 Cr | ₹39.58 Cr | ₹6.55 Cr | ₹25.87 Cr |
| 31 March 2025 | ₹71.62 Cr | ₹54.19 Cr | ₹13.01 Cr | ₹32.56 Cr |
| 30 September 2025 | ₹49.07 Cr | ₹34.98 Cr | ₹10.50 Cr | ₹37.67 Cr |
Key Performance Indicator
| KPI | Values (Sep 30, 2025) |
|---|---|
| ROE | 33.98% |
| ROCE | 21.21% |
| RoNW | 29.05% |
| PAT Margin | 21.42% |
| EBITDA Margin | 39.20% |
| Price to Book Value | 5.44 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 8.13 | 10.29 |
| P/E (x) | 15.12 | 11.95 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding of Capital expenditure towards setup of a new Manufacturing Facility. | ₹32.26 |
| Funding of Capital expenditure for the manufacturing of equipment for Rental purpose. | ₹6.00 |
| Utilization towards working capital requirements. | ₹8.00 |
| General corporate purposes. | – |
✅Strengths
- CDMO model with diversified Ayurvedic & nutraceutical product range.
- Multiple dosage forms (tablets, capsules, liquids, powders, externals).
- Strong certifications (GMP, WHO-GMP, FSSC 22000, ISO, Halal, FSSAI).
- Consistent revenue & profit growth over last 3 years.
- Export presence in Sri Lanka, Singapore & USA.
- Experienced promoter & management team.
⚠️Risks
- High domestic revenue dependence (~96% of revenue).
- Customer concentration risk.
- Operations largely on loan-license basis.
- Manufacturing facility is leased.
- Strict regulatory compliance requirements.
- Highly competitive industry.
Msafe Equipments IPO Promoter Holding
| Pre-Issue Share Holding | 100.00% |
| Post Issue Share Holding | 73.53% |
Msafe Equipments IPO Prospectus
Company Contact Information
| Msafe Equipments Ltd. F-311, 3rd Floor Aditya Arcade Plot No. 30 Community Center, Preet Vihar, East Delhi New Delhi, 110092 Phone: +91-88822 07104 Email: info@msafegroup.com Website: https://www.msafegroup.com/ |
Msafe Equipments IPO Registrar
| Maashitla Securities Pvt. Ltd. Phone: +91-11-45121795-96 Email: investor.po@maashitla.com Website: https://maashitla.com/allotment-status/public-issues |
Msafe Equipments IPO Lead Manager(s)
| 1. Seren Capital Pvt. Ltd. |
Msafe Equipments IPO FAQ
| What is the Msafe Equipments IPO? Msafe Equipments IPO is an SME IPO. The issue is priced at ₹116 – ₹123 per equity share. The IPO is to be listed on BSE SME. |
| When will Msafe Equipments IPO open? The IPO is to open on 28 January 2026 for QIB, NII, and Retail Investors. |
| What is Msafe Equipments IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Msafe Equipments IPO Size? Msafe Equipments IPO size is ₹66.42 Crore. |
| What are the Msafe Equipments IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2000 Shares for ₹2,46,000, while the maximum bid is 2000 Shares for ₹2,46,000. |
| What is the Msafe Equipments IPO Allotment Date? Msafe Equipments IPO allotment date is 02 February 2026. |
| What is the Msafe Equipments IPO Listing Date? Msafe Equipments IPO listing date is 04 February 2026. The IPO is to be listed on the BSE SME. |
