Msafe Equipments IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Jan 28 to Jan 30 2026
Price Band
₹116 - 123
Current GMP
₹144.0 (+17.07%)
Subscription
166.72 times
IPO Details
| IPO Date | 28 to 30 Jan, 2026 |
| Listing Date | Wed, Feb 4, 2026 T |
| Face Value | ₹ 10 per share |
| Price Band | ₹116 to ₹123 |
| Issue Price | ₹123 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital & OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 54,00,000 shares (agg. up to ₹ 66 Cr) |
| Reserved for Market Maker | 2,98,000 shares (agg. up to ₹ 4 Cr) Evermore Share Broking Private Limited |
| Fresh Issue (Ex Market Maker) | 41,02,000 shares (agg. up to ₹ 50 Cr) |
| Offer for Sale | 10,00,000 shares of ₹ 10 (agg. up to ₹ 12 Cr) |
| Net Offered to Public | 51,02,000 shares (agg. up to ₹ 63 Cr) |
| Share Holding Pre Issue | 1,60,00,000 shares |
| Share Holding Post Issue | 2,04,00,000 shares |
IPO Date
28 to 30 Jan, 2026
Listing Date
Wed, Feb 4, 2026 T
Face Value
₹ 10 per share
Price Band
₹116 to ₹123
Issue Price
₹123 per share
Lot Size
1,000 Shares
Sale Type
Fresh Capital & OFS
Issue Type
Bookbuilding IPO
Listing At
BSE SME
Total Issue Size
54,00,000 shares (agg. up to ₹ 66 Cr)
Reserved for Market Maker
2,98,000 shares (agg. up to ₹ 4 Cr) Evermore Share Broking Private Limited
Fresh Issue (Ex Market Maker)
41,02,000 shares (agg. up to ₹ 50 Cr)
Offer for Sale
10,00,000 shares of ₹ 10 (agg. up to ₹ 12 Cr)
Net Offered to Public
51,02,000 shares (agg. up to ₹ 63 Cr)
Share Holding Pre Issue
1,60,00,000 shares
Share Holding Post Issue
2,04,00,000 shares
IPO Subscription Details
| Anchor | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 117.97 |
| NII*** | 308.23 |
| bNII (> ₹10L) | 380.85 |
| sNII (< ₹10L) | 162.98 |
| Individual Investors | 133.16 |
| Total ** | 166.72 |
Anchor
1
Market Maker
1
QIB (Ex Anchor)
117.97
NII***
308.23
bNII (> ₹10L)
380.85
sNII (< ₹10L)
162.98
Individual Investors
133.16
Total **
166.72
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Jan 2 8 (Day 1) | 0.80 | 3.46 | 3.72 | 2.95 | 2.78 | 2.37 |
| Jan 2 9 (Day 2) | 0.81 | 26.65 | 31.28 | 17.39 | 15.15 | 13.56 |
| Jan 3 0 (Day 3) | 117.97 | 308.23 | 380.85 | 162.98 | 133.16 | 166.72 |
DayJan 2
8 (Day 1)
QIB (Ex Anchor)0.80
NII*3.46
NII (> ₹10L)3.72
NII (< ₹10L)2.95
Individual Investors2.78
Total2.37
DayJan 2
9 (Day 2)
QIB (Ex Anchor)0.81
NII*26.65
NII (> ₹10L)31.28
NII (< ₹10L)17.39
Individual Investors15.15
Total13.56
DayJan 3
0 (Day 3)
QIB (Ex Anchor)117.97
NII*308.23
NII (> ₹10L)380.85
NII (< ₹10L)162.98
Individual Investors133.16
Total166.72
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 04-02-2026 | 123.00 | 21(17.07%) | 144 |
| 03-02-2026 | 123.00 | 21(17.07%) | 144 |
| 02-02-2026 | 123.00 | 20(16.26%) | 143 |
| 01-02-2026 | 123.00 | 26(21.14%) | 149 |
| 31-01-2026 | 123.00 | 26(21.14%) | 149 |
| 30-01-2026 | 123.00 | 26(21.14%) | 149 |
| 29-01-2026 | 123.00 | 25(20.33%) | 148 |
| 28-01-2026 | 123.00 | 23(18.70%) | 146 |
| 27-01-2026 | 123.00 | 20(16.26%) | 143 |
| 26-01-2026 | 123.00 | 11(8.94%) | 134 |
| 25-01-2026 | 123.00 | 11(8.94%) | 134 |
| 24-01-2026 | 123.00 | 11(8.94%) | 134 |
| 23-01-2026 | 123.00 | 11(8.94%) | 134 |
| 22-01-2026 | 123.00 | 7(5.69%) | 130 |
Date04-02-2026
Price123.00
GMP21(17.07%)
Estimate List Price144
Date03-02-2026
Price123.00
GMP21(17.07%)
Estimate List Price144
Date02-02-2026
Price123.00
GMP20(16.26%)
Estimate List Price143
Date01-02-2026
Price123.00
GMP26(21.14%)
Estimate List Price149
Date31-01-2026
Price123.00
GMP26(21.14%)
Estimate List Price149
Date30-01-2026
Price123.00
GMP26(21.14%)
Estimate List Price149
Date29-01-2026
Price123.00
GMP25(20.33%)
Estimate List Price148
Date28-01-2026
Price123.00
GMP23(18.70%)
Estimate List Price146
Date27-01-2026
Price123.00
GMP20(16.26%)
Estimate List Price143
Date26-01-2026
Price123.00
GMP11(8.94%)
Estimate List Price134
Date25-01-2026
Price123.00
GMP11(8.94%)
Estimate List Price134
Date24-01-2026
Price123.00
GMP11(8.94%)
Estimate List Price134
Date23-01-2026
Price123.00
GMP11(8.94%)
Estimate List Price134
Date22-01-2026
Price123.00
GMP7(5.69%)
Estimate List Price130
IPO Important Dates
| IPO Open | Wed, Jan 28, 2026 |
| IPO Close | Fri, Jan 30, 2026 |
| Allotment | Mon, Feb 2, 2026 |
| Refund | Tue, Feb 3, 2026 |
| Credit of Shares | Tue, Feb 3, 2026 |
| Listing | Wed, Feb 4, 2026 |
IPO Open
Wed, Jan 28, 2026
IPO Close
Fri, Jan 30, 2026
Allotment
Mon, Feb 2, 2026
Refund
Tue, Feb 3, 2026
Credit of Shares
Tue, Feb 3, 2026
Listing
Wed, Feb 4, 2026
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,46,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,46,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,69,000 |
| S-HNI (Max) | 8 | 8,000 | ₹9,84,000 |
| B-HNI (Min) | 9 | 9,000 | ₹11,07,000 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares2,000
Amount₹2,46,000
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares2,000
Amount₹2,46,000
ApplicationS-HNI (Min)
Lots3
Shares3,000
Amount₹3,69,000
ApplicationS-HNI (Max)
Lots8
Shares8,000
Amount₹9,84,000
ApplicationB-HNI (Min)
Lots9
Shares9,000
Amount₹11,07,000
Key Performance Indicator
| ROE | 33.98% |
| ROCE | 21.21% |
| RoNW | 29.05% |
| PAT Margin | 21.42% |
| EBITDA Margin | 39.20% |
| Price to Book Value | 5.44 |
ROE
33.98%
ROCE
21.21%
RoNW
29.05%
PAT Margin
21.42%
EBITDA Margin
39.20%
Price to Book Value
5.44
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | P/E (x) | RoNW (%) | Financial statements |
|---|---|---|---|---|---|
| Msafe Equipments Ltd. | 8.13 | 8.13 | 50.73 | ||
| Techno Craft India Industries Limited | 112.32 | 112.32 | 19.90 | 14.84 |
Company NameMsafe Equipments Ltd.
EPS (Basic)8.13
EPS (Diluted)8.13
P/E (x)
RoNW (%)50.73
Financial statements
Company NameTechno Craft India Industries Limited
EPS (Basic)112.32
EPS (Diluted)112.32
P/E (x)19.90
RoNW (%)14.84
Financial statements
IPO Reservation
| Market Maker Shares Offered | 2,98,000 (5.52%) |
| QIB Shares Offered | 25,42,000 (47.07%) |
| − Anchor Investor Shares Offered | 15,25,000 (28.24%) |
| − QIB (Ex. Anchor) Shares Offered | 10,17,000 (18.83%) |
| NII (HNI) Shares Offered | 7,74,000 (14.33%) |
| − bNII > ₹10L | 5,16,000 (9.56%) |
| − sNII < ₹10L | 2,58,000 (4.78%) |
| Retail Shares Offered | 17,86,000 (33.07%) |
| Total Shares Offered | 54,00,000 (100.00%) |
Market Maker Shares Offered
2,98,000 (5.52%)
QIB Shares Offered
25,42,000 (47.07%)
− Anchor Investor Shares Offered
15,25,000 (28.24%)
− QIB (Ex. Anchor) Shares Offered
10,17,000 (18.83%)
NII (HNI) Shares Offered
7,74,000 (14.33%)
− bNII > ₹10L
5,16,000 (9.56%)
− sNII < ₹10L
2,58,000 (4.78%)
Retail Shares Offered
17,86,000 (33.07%)
Total Shares Offered
54,00,000 (100.00%)
Information 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.
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 December 31, 2025, the Company employed 350 permanent staff and 66 contractual employees, ensuring operational efficiency and nationwide reach.
Objectives of IPO
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
Disclaimer
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