Msafe Equipments Ltd. IPO Opens Today; Price Band Set at ₹116 to ₹123 Per Share 

Mumbai, 28 January 2026:  Msafe Equipments book build IPO of ₹66.42 crores opened today, 28 January 2026, for subscription. The issue is a combination of fresh issue of 0.44 crore shares aggregating to ₹54.12 crores and offer for sale of 0.10 crore shares aggregating to ₹12.30 crores. The IPO will remain open till 30 January 2026. 

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. 

Msafe Equipments Ltd. IPO Price Band Set between ₹116 and ₹123; Lot Size 1000 Shares 

Msafe Equipments IPO is a book build issue of ₹66.42 crores. The issue is a combination of fresh issue of 0.44 crore shares aggregating to ₹54.12 crores and offer for sale of 0.10 crore shares aggregating to ₹12.30 crores. 

The IPO opens for subscription today, January 28, 2026 and closes on January 30, 2026. The allotment for the IPO is expected to be finalised on February 2, 2026. Msafe Equipments IPO will list on BSE SME with a tentative listing date fixed as February 4, 2026. 

The IPO price band is set at ₹116 to ₹123 per share. The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹2,46,000 (2,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,000 shares), amounting to ₹3,69,000. 

Seren Capital Pvt. Ltd. is the book running lead manager and Maashitla Securities Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Evermore Share Broking Private Limited. 

Msafe Equipments Ltd. IPO Reservation and Anchor Investors 

Msafe Equipments IPO offers total of 54,00,000 shares. Out of which, 25,42,000 (47.07%) has been allocated to QIB, 10,17,000 (18.83%) to QIB (Ex- Anchor), 7,74,000 (14.33%) to NII, 17,86,000 (33.07%) to RII and 15,25,000 (28.24%) to Anchor investors. 

Msafe Equipments IPO raised ₹18.76 crore from anchor investors on January 27, 2026. Some of the key anchor investors are Sanshi Fund -I, Bharat Venture Opportunities Fund, Shrem Investments Private Limited, and Pine Oak Global Fund, among others. 

Utilisation of IPO Proceeds 

The company proposes to utilise the net proceeds from the issue towards funding of capital expenditure towards setup of a new manufacturing facility (₹32.26 crore), funding of capital expenditure for manufacturing of equipments for rental purpose (₹6.00 crore), utilization towards working capital requirements (₹8.00 crore), and meet general corporate expenses 

Msafe Equipments Ltd. IPO Key Financials 

The company’s restated financials show steady expansion over recent years. Total assets increased from ₹33.54 crore in March 2023 to ₹87.67 crore by September 2025, reflecting balance-sheet growth. Total income rose from ₹29.71 crore in FY23 to ₹49.07 crore for the period ended September 2025, despite peaking at ₹71.62 crore in FY25. Profit after tax improved from ₹3.65 crore in FY23 to ₹10.50 crore in September 2025. EBITDA followed a similar upward trend, while net worth strengthened to ₹36.15 crore, supported by higher reserves. 

Msafe Equipments Ltd. IPO Day 1 Subscription So Far 

Msafe Equipments IPO recorded an overall subscription of 0.45 times on Day 1, as of 12:00:01 pm on 28 January 2026. The issue saw relatively higher participation from individual investors, where the category was subscribed 0.66 times, with bids for 11.84 lakh shares against 17.86 lakh shares on offer. The non-institutional investors (NII) portion was subscribed 0.55 times, including 0.54 times from big NIIs and 0.57 times from small NIIs. The QIB (excluding anchor investors) segment received no bids, while the anchor portion was fully subscribed. 

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