Msafe Equipments IPO
Market Sentiment
Market Lot Size
IPO Details
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 |
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% |
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.
| 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 Ltd., F-311, 3rd Floor, Aditya Arcade Plot No. 30, Community Center, Preet Vihar, East Delh, New Delhi, New Delhi, 110092
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 22.20% 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).
Grey market is quoting a premium of +Rs 28 (+22.8% over issue price), up Rs 6 from the previous session. Final subscription data records overall subscription at 166.81x, retail at 133.16x, QIB at 117.97x, NII at 308.61x.
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.
Our data-driven engine currently flags this issue as a Subscribe call — the composite picture tilts favourable, though not without some caveats. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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