Msafe Equipments IPO overview

Founded in 2019, Msafe Equipments produces and rents height safety equipment including aluminium scaffoldings, mild steel scaffoldings, aluminium ladders and FRP ladders for construction, maintenance, MEP, HVAC, fire safety and warehousing activities. It operates three manufacturing facilities in Greater Noida, Uttar Pradesh, and 17 warehouses across Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab and West Bengal for efficient distribution.​

Key IPO details

• IPO open date: January 28, 2026

• IPO close date: January 30, 2026
• Basis of allotment: February 2, 2026
• Refunds & credit to Demat: February 3, 2026
• Listing date: February 4, 2026
• Bidding cut‑off time: January 30, 2026 – 5 PM.​
• Price band :- Rs 116 to Rs 123
• Sale type:- Fresh capital & OFS
• Total issue size :- Rs 66 crore
• Fresh issue :- Rs 50 cr
• OFS :- Rs. 16 cr
• Rserved of market makerV:- Rs 4 cr

Market lot and investor reservation

• Minimum market lot: 2,000 shares

• Retail minimum & maximum: 1 lot (2,000 shares) – application amount ₹2,46,000.​
• S‑HNI: 3,000–8,000 shares; B‑HNI from 9,000 shares upwards.​

Reservation:​

• Anchor investors: 15,25,000 shares (28.24%) – ₹18.76 crore allocated.
• QIB (ex‑anchor): 10,17,000 shares (18.83%)
• NII: 7,74,000 shares (14.33%)
• Retail: 17,86,000 shares (33.07%).

Promoters include Pradeep Aggarwal, Ajay Kumar Kanoi, Vansh Aggarwal and others; promoter holding increases from 15.12% pre‑issue (1,60,00,000 shares) to 19.28% post‑issue (2,04,00,000 shares).​

Objective of the issue

• Capital expenditure for new manufacturing facility – ₹27.20 crore.​

• Capex for manufacturing equipment available for rental – ₹10.00 crore.
• Working capital requirements – ₹15.00 crore.
• General corporate purposes.​

Financials and valuation snapshot

Msafe has delivered consistent growth with expanding margins.​

Financials (₹ crore):

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
Amount in ₹ Crore

 

Key FY25 metrics:​

• ROE: 67.97%

• ROCE: 34.56%
• EBITDA margin: 36.55%
• PAT margin: 18.24%
• Debt‑equity ratio: Nil
• EPS (basic): ₹8.13
• RoNW: 50.73%
• NAV: ₹16.03 per share.

Peer: Techno Craft Industries Ltd (EPS ₹112.32, RoNW 14.84%).​

Strengths

• Dual revenue model: manufacturing + equipment rental.​
• Revenue growth from ₹29.71 crore (FY23) to ₹71.62 crore (FY25).​
• Strong margins: EBITDA 36.55%, PAT 18.24% in FY25.​
• Exceptional returns: ROE 67.97%, RoNW 50.73%.​
• Zero debt (debt‑equity nil).​
• Nationwide presence across 22 states with 17 warehouses.​
• IPO funds for new manufacturing and rental fleet expansion.​
• Solid anchor allocation at ₹18.76 crore (28.24%).​

Risks

• SME IPO with construction sector cyclical exposure.​
• High retail minimum ticket (₹2,46,000 for 1 lot).​
• Relatively young company (founded 2019).​
• Working‑capital intensive rental business.
• Competition from larger safety equipment providers.
• Promoter holding dilution from 15.12% pre to 19.28% post (wait, increase? Check structure).
• Infrastructure capex execution risk.​

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

 

FAQs

Q1. What does Msafe Equipments manufacture and offer?
Msafe produces aluminium/MS scaffoldings, ladders and FRP ladders for height safety, with sales and rental services to construction, MEP, HVAC and infrastructure sectors.​

Q2. What are the Msafe Equipments IPO dates?
The IPO opens on January 28, 2026 and closes on January 30, 2026; basis of allotment is on February 2, refunds/Demat credit on February 3, and listing on February 4, 2026.​

Q3. What is the lot size and minimum investment?
Minimum retail application is 1 lot of 2,000 shares, requiring ₹2,46,000.​

Q4. How is the issue reserved?
28.24% for anchors (₹18.76 crore), 18.83% QIB (ex‑anchor), 14.33% NII, 33.07% retail.​

Q5. What are the objects of the issue?
New manufacturing facility (₹27.20 crore), rental equipment manufacturing (₹10 crore), working capital (₹15 crore) and general purposes.​

Q6. How have financials trended?
Revenue grew from ₹29.71 crore (FY23) to ₹71.62 crore (FY25), PAT from ₹3.65 crore to ₹13.01 crore, with H1 FY26 PAT at ₹10.50 crore.​

Q7. What are the key FY25 metrics?
ROE 67.97%, ROCE 34.56%, EBITDA margin 36.55%, PAT margin 18.24%, EPS ₹8.13, RoNW 50.73%.​