Msafe Equipments IPO
Market Sentiment
IPO Details
Market Lot Size
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | Sep 2025 |
|---|---|---|---|---|
| Revenue | 29.71 | 48.34 | 71.62 | 49.07 |
| Expense | 24.83 | 39.58 | 54.19 | 34.98 |
| Profit (PAT) | 3.65 | 6.55 | 13.01 | 10.50 |
| Total Assets | 33.54 | 48.19 | 73.59 | 87.67 |
| Company | EPS | P/E | Market Cap (Cr) |
|---|---|---|---|
| Techno Craft India Industries Limited | 112.32 | 24.60 | 15 |
Promoters: Pradeep Aggarwal, Ajay Kumar Kanoi, Vansh Aggarwal, Rushil Agarwal, Gaurav Ajay Kumar Kanoi, Rajani Ajay Kanoi and Monika Aggarwal
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,60,00,000 | 15.12% |
| Promoter Holding Post Issue | 2,04,00,000 | 19.28% |
Strengths & Risks
- Heavily oversubscribed — 166.8x overall (final).
- Strong institutional (QIB) demand — 118.0x.
- Revenue grew 48% in the latest reported year.
- Solid profit margin — 18.2%.
- Strong return on equity — 68%.
- Promoter stake drops to 19% after the issue.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
Msafe Equipments, founded in 2019, produces, sells, and offers height-safety equipment for rent to workers who work at heights. Its products include aluminium scaffoldings, mild steel (MS) scaffoldings, aluminium ladders, and fibre reinforced plastic (FRP) ladders. Their products mainly cater to construction, maintenance, installation, repair, and infrastructure development activities to ensure safe working. The company runs 3 manufacturing facilities in Greater Noida, Uttar Pradesh, with 17 warehouses running in states like Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab, and West Bengal. These facilities store and deliver the products for sales and rental purposes. Msafe has manufactured its products across 22 states and 3 Union Territories, serving clients in construction, HVAC, MEP, electrical works, fire safety, interiors, and warehousing sectors as of 2025.
Msafe Equipments Ltd., F-311, 3rd Floor, Aditya Arcade Plot No. 30, Community Center, Preet Vihar, East Delh, New Delhi, New Delhi, 110092
| Purpose | Amount (Cr) |
|---|---|
| Funding of Capital expenditure towards setup of a new Manufacturing Facility; | 27.20 |
| Funding of Capital expenditure for manufacturing of equipments for rental purpose; | 10.00 |
| Utilization towards working capital requirements; and | 15.00 |
| General Corporate Purpose | - |
Resources & Documents
Msafe Equipments has set a price band of Rs 116–Rs 123 per share for an issue size of Rs 66 crore in the safety equipment sector. The stock listed with a 17.07% gain versus its issue price on February 04, 2026.
Msafe Equipments, founded in 2019, produces, sells, and offers height-safety equipment for rent to workers who work at heights. Its products include aluminium scaffoldings, mild steel (MS) scaffoldings, aluminium ladders, and fibre reinforced plastic (FRP) ladders. The company operates in the safety equipment space.
The issue is promoted by Pradeep Aggarwal, Ajay Kumar Kanoi, Vansh Aggarwal, Rushil Agarwal, Gaurav Ajay Kumar Kanoi, Rajani Ajay Kanoi and Monika Aggarwal with Seren Capital Pvt. Ltd. acting as lead manager. Net proceeds will primarily be used towards Funding of Capital expenditure towards setup of a new Manufacturing Facility; (Rs 27 crore) and Funding of Capital expenditure for manufacturing of equipments for rental purpose; (Rs 10 crore).
On fundamentals, the company is posting revenue growth of 48.2%, a profit margin of 18.2%, return on equity of 68.0% in its most recent reported period. Listed peers in this segment include Techno Craft India Industries Limited (P/E 24.60x, market cap Rs 15 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read strong — the composite picture tilts positive, though not without some caveats. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Msafe Equipments IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed.
See the full Msafe Equipments GMP history and trend, or learn how grey market premium works and how reliable it is.
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