Updated on 04.02.2026|4:35 PM
Msafe Equipments Limited is set to open its Initial Public Offering (IPO) on Wednesday, January 28, 2026. It is a manufacturer and rental provider of access and height-safety solutions, including scaffolding and ladders. You can track all the live, upcoming and closed IPOs at our IPO hub page which is updated regularly.
The company which recently pivoted from trading to in-house manufacturing, operates a dual business model of sales and rentals, catering to the infrastructure sector.
The IPO, closing on Friday, January 30, 2026, aims to raise approximately ₹66.42 Crores with a price band of ₹116 to ₹123 per share.
In this article, you will find Msafe Equipments IPO GMP today, price band, and a detailed review. You can check the subscription details of this and other IPOs at our IPO subscription status page and for the allotment details of the IPO, track our IPO allotment status page.
Briefs of Msafe Equipments IPO Details:
- Price Band: ₹116 – ₹123 per equity share
- IPO Open / Close Dates: January 28, 2026 – January 30, 2026
- Lot Size: 1,000 Shares (Note: Retail Minimum Application is 2 Lots / 2,000 Shares)
- Issue Size: 54,00,000 Equity Shares / ~₹66.42 Crores
- Fresh Issue: 44,00,000 Shares
- Offer for Sale (OFS): 10,00,000 Shares
- Registrar: Maashitla Securities Pvt. Ltd.
- Listing Exchange: BSE SME
What Is The Msafe Equipments IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 123.00 | 144.00 | 17.07 |
What Are The Important Msafe Equipments IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Wednesday, January 28, 2026
- IPO Close Date: Friday, January 30, 2026
- Basis of Allotment Date: Monday, February 2, 2026
- Refund Initiation Date: Tuesday, February 3, 2026
- Credit of Shares: Tuesday, February 3, 2026
- Listing Date: Wednesday, February 4, 2026
What Are The Objectives of Msafe Equipments IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- New Manufacturing Facility: A significant portion of ₹32.26 Crores is earmarked for setting up a new manufacturing unit in Mathura to expand production capacity.
- Rental Fleet Expansion: ₹6.00 Crores will be used to manufacture equipment specifically for rental purposes, capitalizing on the high-margin recurring revenue model.
- Working Capital: ₹8.00 Crores is allocated to meet incremental working capital requirements.
- General Corporate Purposes: To fund ongoing operational needs.
How is The Financial Performance of Msafe Equipments?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 49.07 | 71.62 | 48.34 | 29.71 |
Profit After Tax (PAT) | 10.50 | 13.01 | 6.55 | 3.65 |
EBITDA | 19.21 | 26.08 | 15.12 | 9.19 |
Total Borrowing | 37.67 | 32.56 | 25.87 | 20.37 |
Assets | 87.67 | 73.59 | 48.19 | 33.54 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹71.62 Crores in FY25, reflecting robust growth of over 48% compared to FY24. This momentum continued in the first half of FY26 with ₹49.07 Crores, driven by the strong demand for rental equipment and the shift to in-house manufacturing.
Profit After Tax (PAT):
Profitability has surged, with PAT rising to ₹13.01 Crores in FY25 from ₹3.65 Crores in FY23. The PAT margin expansion to 18.24% demonstrates the company's ability to scale efficiently and benefit from the high-margin rental business.
EBITDA:
Operational efficiency has improved significantly, with EBITDA reaching ₹26.08 Crores in FY25. The EBITDA margin expansion to 36.55% is a direct result of better cost control through in-house production and the capitalization of rental assets.
Total Borrowing:
Borrowings have increased to ₹37.67 Crores as of September 2025 to fund capital expenditure and working capital. However, the Debt-to-Equity ratio has improved to 1.04 due to faster growth in equity reserves.
Assets:
The asset base nearly doubled to ₹87.67 Crores by September 2025. This rapid asset accumulation is due to the company's strategy of capitalizing manufactured scaffolding as fixed assets for its rental fleet, converting inventory into long-term revenue generators.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹8.13, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 15.13x at the upper end of the price band (₹123).
P/E Ratio = ₹123(Price) / ₹8.13(Earnings Per Share)
P/E Ratio ≈ 15.13x
Peer Comparison:
The company compares itself with Technocraft Industries India Limited.
| Company | P/E Ratio | RoNW (%) | Revenue (₹ Lakhs) |
Msafe Equipments | ~15.13 | 50.73 | 7,134.07 |
| Technocraft Industries | 19.90 | 14.84 | 2,59,558.39 |
Analysis:
Msafe Equipments is entering the market at a P/E multiple of approximately 15.13x. When compared to its listed peer Technocraft Industries (19.90x), the issue appears to be priced attractively.
Furthermore, Msafe has a Return on Net Worth (RoNW) of over 50% compared to Technocraft's ~15%, suggesting efficient capital utilisation despite its smaller scale.
What is The Industry Outlook of Msafe Equipments Limited ?
Growth Potential:
The Indian scaffolding market is projected to grow at a CAGR of over 10% through 2030. The push for infrastructure development, including metro rails, airports, and highways, creates a direct demand for safe access equipment.
Market Trends:
There is a shift from traditional bamboo/timber scaffolding to compliant metal systems due to safety regulations. The rental model is gaining traction as construction companies prefer opex (renting) over capex (buying) for project-specific needs.
What Are The Strengths and Risks of Msafe Equipments IPO?
Strengths:
- Hybrid Revenue Model: Combining equipment sales with high-margin rentals provides both immediate cash flow and recurring revenue stability.
- Manufacturing Transition: Shifting to in-house production has improved quality control and margins compared to trading.
- Efficiency: A RoNW of 50% indicates excellent management of shareholder funds.
Risks:
- High Working Capital Intensity: The rental model requires heavy upfront investment in assets. High inventory turnover days (196 days) and receivables indicate cash gets tied up in operations.
- Geographic Concentration: Significant revenue dependence on Maharashtra and Karnataka exposes the company to regional construction cycles.
- Litigation: A high number of criminal proceedings (mostly cheque bounce cases filed by the company) highlights the collection risks inherent in the B2B rental market.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 1,000 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (2,000 Shares), amounting to ₹2,46,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category effectively targets HNI investors.
- Valuation: At ~15x P/E, the pricing leaves room for upside compared to industry peers.
- Risk Profile: High growth and margins are attractive, but the high ticket size and working capital intensity are factors to weigh.
Key Takeaways
- IPO Price: ₹123 per share (Upper Band).
- Min Investment: ₹2,46,000 (2,000 Shares).
- Allotment Date: February 2, 2026
- Listing: BSE SME platform on February 4, 2026.
FAQs on Msafe Equipments IPO
What is Msafe Equipments IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check the gmp of all the ipos at our gmp today page.
What is Msafe Equipments IPO price band?
The price band is fixed at ₹116 to ₹123 per equity share.
What is Msafe Equipments IPO allotment date?
The allotment status is expected to be finalized on Monday, February 2, 2026.
How to check Msafe Equipments IPO allotment status?
Investors can check the status on the website of Maashitla Securities Pvt. Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is Msafe Equipments IPO listing date?
The shares are tentatively scheduled to list on Wednesday, February 4, 2026.
Investment Perspective on Msafe Equipments IPO
Msafe Equipments offers a high-growth play on the infrastructure theme with impressive margins driven by its rental model. While the valuation is attractive, the high minimum investment ticket size and working capital intensity are key factors for investors to consider.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
