Stocks
Invest in Stocks
Invest in stocks, ETFs, IPOs with fast orders. Track returns on your stock holdings and view real-time P&L on your positions.
F&O
Mutual Funds
Invest in Mutual Funds
Invest in direct mutual funds at zero charges via lump sump investments or SIPs
Msafe Equipments IPO
Msafe Equipments Ltd
₹2,32,000 /1000 sharesMinimum Investment
Msafe Equipments IPO listing details
| Listed on | Issue price | Listing price | Listing gains |
|---|---|---|---|
| -- | ₹123.00 | ₹144.00 | ₹21.00 (17.07%) |
Msafe Equipments IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 28 Jan ‘26 - 30 Jan ‘26 | ₹2,32,000 | 1,000 | ₹116 - ₹123 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 66.42 Cr | RHP PDF | 02 Feb ‘26 | 04 Feb ‘26 |
| Face value |
|---|
| 10 |
Subscription rate
As of 30 Jan'26, 05:01 PM
| Qualified Institutional Buyers | 117.97x |
| Non-Institutional Investor | 222.60x |
| Retail Individual Investor | 131.52x |
| Total | 153.16x |
About Msafe Equipments
Founded in
2019
MD/CEO
Mr Pradeep Aggarwal
Parent organisation
Msafe Equipments Ltd
Strengths & Risks of Msafe Equipments
Strengths
Risks
Msafe Equipments claims to derive its revenue from both product sales and rental services. The rental model has consistently contributed a significant share of revenues across recent periods, providing recurring income alongside one-time sales. The company claims this structure allows it to serve both short-term site requirements and long-duration infrastructure projects across India.
The company claims to operate three in-house manufacturing facilities located in Greater Noida, Uttar Pradesh, dedicated to the production of ladders, aluminium scaffoldings, and mild steel scaffoldings. These facilities reportedly have a combined installed capacity across multiple product categories and are equipped with specialised machinery for fabrication and finishing processes.
The company is ISO 9001:2015 certified for quality management systems, ISO 14001:2015 certified for environmental management systems, ISO 45001:2018 certified for occupational health & safety management, and ISO/IEC 27001:2022 certified for information security management systems.
Msafe Equipments claims to serve customers across a wide range of industries, including construction, infrastructure, HVAC, MEP, warehousing, and safety systems. The company reports having served over 2,500 customers in FY25, with revenues generated across most Indian states and select international markets. It also claims to operate a network of warehouses across multiple states to support sales and rental operations.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 29.70 crore in FY23 to Rs 48.13 crore in FY24 and Rs 71.34 crore in FY25. PAT increased from Rs 3.65 crore in FY23 to Rs 6.55 crore in FY24 and Rs 13.01 crore in FY25.
Msafe Equipments’ business is significantly dependent on demand from the construction and infrastructure sector, as its scaffoldings and ladders are primarily used in these activities. The performance of this sector is influenced by factors such as government policies, budget allocations, availability of finance, regulatory approvals, project execution timelines, and overall economic conditions. Any prolonged slowdown, reduction in government spending, project delays, or shift towards alternative access technologies can adversely affect demand for the company’s products and services, which may negatively impact its business, financial condition, and cash flows.
Aluminium scaffolding accounted for Rs 17.98 crore (36.68 percent) of the company’s revenue for the period ended September 30, 2025; Rs 25.64 crore (35.94 percent) in FY25; Rs 17.97 crore (37.34 percent) in FY24, and Rs 7.77 crore (26.17 percent) in FY23. Any decline in the sale or rental services of this key offering could have an adverse effect on the company’s business, results of operations, and financial condition.
A significant portion of Msafe Equipments’ revenue is derived from its rental business, making its financial performance sensitive to fluctuations in rental demand. Revenue from rental services accounted for 43.07 percent, 51.65 percent, 52.30 percent, and 62.97 percent of revenue from operations for the period ended September 30, 2025, and in FY25, FY24, and FY23, respectively. Any decline in rental demand, increased competition, changes in customer preferences, or operational challenges in managing rental equipment could adversely affect the company’s business, financial condition, results of operations, and cash flows.
Msafe Equipments has only recently commenced in-house manufacturing of scaffoldings and ladders, and therefore has a limited operating history in manufacturing activities. The company transitioned from third-party sourcing to in-house production in FY24, which exposes it to risks related to scaling operations, capacity utilisation, raw material availability, cost control, quality assurance, and regulatory compliance. Any inability to effectively manage this transition or compete with established manufacturers with longer track records could adversely affect the company’s business, financial condition, results of operations, and future growth prospects.
The top supplier accounted for Rs 5.66 crore (23.93 percent) of the company’s total purchase for the period ended September 30, 2025; Rs 9.23 crore (20.26 percent) in FY25; Rs 9.15 crore (33.30 percent) in FY24, and Rs 5.92 crore (35.73 percent) in FY23. Any disruption in supply, deterioration in quality, pricing volatility, or financial or operational issues faced by this supplier could adversely affect the company’s manufacturing operations, margins, and financial condition.
The company is involved in certain ongoing legal proceedings. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
Maharashtra accounted for Rs 11.53 crore (23.54 percent) of the company’s revenue for the period ended September 30, 2025; Rs 22.06 crore (30.92 percent) in FY25; Rs 16.26 crore (33.78 percent) in FY24, and Rs 8.83 crore (29.75 percent) in FY23. Any adverse economic, regulatory, political, or competitive developments in this region could adversely affect the company’s business prospects, financial condition, and results of operations.
Trade receivables constitute a significant portion of Msafe Equipments’ current assets and net worth, exposing the company to collection and liquidity risks. Trade receivables amounted to Rs 20.25 crore for the period ended September 30, 2025, up from Rs 16.23 crore in FY25. Any failure to effectively manage receivables, including delays in recovery, defaults, or write-offs, could lead to liquidity constraints, increased working capital borrowings, higher finance costs, and may adversely affect the company’s business, profitability, and cash flows.
As of December 31, 2025, the company had outstanding financial indebtedness of Rs 40.35 crore. Failure to service or repay these loans could harm the company’s operations and financial position.
Msafe Equipments Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Msafe Equipments IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹116 - 123 | ₹2 - 5 Lakh | 1000 |
For Msafe Equipments IPO, eligible investors can apply as Individual investor.
About Msafe Equipments IPO
Msafe Equipments IPO Timetable (Tentative)
| IPO Open | Wed, Jan 28, 2026 |
| IPO Close | Fri, Jan 30, 2026 |
| IPO Allotment | Mon, Feb 2, 2026 |
| Refund Initated | Tue, Feb 3, 2026 |
| Credit of Shares | Tue, Feb 3, 2026 |
| Listing of Shares | Wed, Feb 4, 2026 |
Objective of Msafe Equipments IPO
-
Total IPO Size: ~₹66.42 Cr (comprising fresh issue + offer for sale)
-
Fresh Issue Portion: ~₹54.12 Cr that is used for the purposes listed above (OFS proceeds go to selling shareholders).
| Objective | Amount (₹ Crore) | Description |
| Funding Capital Expenditure – New Manufacturing Facility | ₹27.20 Cr |
To set up a new manufacturing facility to expand production capacity.
|
| Funding Capital Expenditure – Equipment for Rental Business | ₹10.00 Cr |
To acquire machinery/equipment for rental business operations.
|
| Working Capital Requirements | ₹15.00 Cr |
To support day-to-day operational needs such as raw materials, inventory, receivables, etc.
|
| General Corporate Purposes | Remaining Balance |
To be used for general corporate requirements as determined by management.
|
Msafe Equipments IPO Registrar
Maashitla Securities Pvt.Ltd.
Phone No. +91-11-45121795-96
Email: [email protected]
Msafe Equipments IPO Lead Manager
Seren Capital Pvt.Ltd.
Msafe Equipments IPO Contact Details
Address
F-311, 3rd Floor
Aditya Arcade Plot No. 30
Community Center, Preet Vihar, East Delh
New Delhi, New Delhi, 110092
Phone No. +91-88822 07104
Email: [email protected]