What is the Msafe Equipments IPO?

Msafe Equipments IPO is an SME IPO of 54,00,000 equity shares of face value ₹10 aggregating up to ₹66 Crores. The issue is priced in the band of ₹116 to ₹123 per share. The minimum order quantity is 1,000 shares.

When does the Msafe Equipments IPO open and close?

The Msafe Equipments IPO opens on Wednesday, January 28, 2026 and closes on Friday, January 30, 2026.

What is the lot size of Msafe Equipments IPO?

The lot size for Msafe Equipments IPO is 1,000 shares. Retail investors must apply for a minimum of 2 lots (2,000 shares).

On which exchange will Msafe Equipments shares be listed?

The equity shares of Msafe Equipments Ltd are proposed to be listed on the BSE SME platform.

When is the Msafe Equipments IPO allotment date?

The basis of allotment for Msafe Equipments IPO is expected to be finalized on Monday, February 2, 2026.

When is the Msafe Equipments IPO listing date?

The tentative listing date for Msafe Equipments IPO is Wednesday, February 4, 2026.

Msafe Equipments Ltd

IPO

SMEBSEManufacturing

Opens

28 Jan 2026

Closes

30 Jan 2026

Listing

04 Feb 2026

Issue Size

– Cr

Price Band

₹116 – ₹123

Issue Details

Issue Size

– Cr

Fresh Issue

– Cr

OFS

– Cr

Price Band

₹116 – ₹123

Lot Size

1000

₹1,23,000

Face Value

₹10

Important Dates

Open Date

28 Jan 2026

Close Date

30 Jan 2026

Allotment

02 Feb 2026

Refund

03 Feb 2026

Listing

04 Feb 2026

About 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.

The company’s product portfolio includes aluminium scaffoldings, mild steel (MS) scaffoldings, aluminium ladders, and fibre reinforced plastic (FRP) ladders.

Its products cater to operational and safety requirements in construction, maintenance, installation, repair, and infrastructure development activities.

The company operates three manufacturing facilities in Greater Noida, Uttar Pradesh.

Operations are supported by a network of 17 warehouses across multiple Indian states including Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab, and West Bengal.

These warehouses enable efficient storage, dispatch, and collection of products for both sales and rentals.

During Fiscal 2025, the company supplied products across 22 States and 3 Union Territories.

It serves 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.

The company positions itself as an organized player in access equipment and height-safety solutions with a pan-India footprint.

Objects of the Issue

#	Description	Amount (₹ Cr)
1	Funding capital expenditure requirements for expansion and upgradation of manufacturing facilities.	₹40
2	Funding working capital requirements of the company.	₹10
3	General corporate purposes.	₹4

Financial Performance

Share Reservations

QIB

25,42,000

Anchor

NII

7,74,000

Retail

17,86,000

Employee

Total

54,00,000

RHP Insights

AI-powered analysis from Red Herring Prospectus

AI Research

Strategic Transition to Public Limited Entity

The company was originally incorporated as 'Msafe Equipments Private Limited' in 2019 and successfully converted into a public limited company in May 2025 to facilitate its initial public offering on the BSE SME platform.

Impact: High

Substantial Fresh Capital Infusion

The IPO includes a significant fresh issue of up to 44,00,000 equity shares, which is intended to fund the company's growth objectives rather than solely providing an exit for existing shareholders.

Impact: High

Promoter-Led Offer for Sale (OFS)

Alongside the fresh issue, promoters Ajay Kumar Kanoi and Vansh Aggarwal are offering up to 10,00,000 equity shares for sale, indicating a partial divestment by the founding leadership.

Impact: Moderate

Market Making Provision for Liquidity

The offer includes a specific reservation of equity shares for a Market Maker, which is a regulatory requirement for SME listings intended to ensure post-listing liquidity for investors.

Impact: High

No Formal Market History Risk

As this is the company's first public issue, there is no historical market for its securities, posing a risk that the offer price may not be indicative of the actual trading price post-listing.

Impact: Low

SWOT Analysis

AI-generated strategic view

AI-generated

Strengths

•Diverse portfolio of access and height-safety products serving multi-sector demand.
•Integrated model of manufacturing, sales, and rental providing recurring revenue opportunities.
•Pan-India presence with three manufacturing units and 17 warehouses enabling quicker delivery and service.
•Strong growth in revenue and profitability over FY23–FY25.
•High return ratios including strong ROE, ROCE, and RoNW as of FY25.
•Experienced promoters with domain expertise in access equipment solutions.

Weaknesses

•High dependence on construction and infrastructure activity cycles.
•Relatively small scale compared to large diversified capital goods manufacturers.
•Significant reliance on borrowings to fund working capital and growth.
•SME listing may result in relatively lower liquidity compared to mainboard peers.

Opportunities

•Growing emphasis on safety standards at construction and industrial sites in India.
•Rising infrastructure and industrial capex driving demand for access equipment.
•Scope to expand rental services to increase recurring revenue.
•Potential to deepen presence in underpenetrated states and new sectors such as warehousing and logistics.

Threats

•Cyclicality in construction and real-estate sectors impacting demand.
•Competition from unorganized and regional players in access equipment.
•Increase in raw material prices such as aluminium and steel affecting margins.
•Regulatory changes in safety norms or labour regulations impacting operations.