ME
Msafe Equipments
Book Building issueSMEBSE₹66.42 Cr issue
+17.07%
Listing gain over issue price
Issue size
₹66.42 Cr
1 lot at cut-off
₹1,23,000
Lot size
1,000shares
Open
28 Jan 2026
Close
30 Jan 2026
Allotment
02 Feb 2026
Listing
04 Feb 2026
Listing performance
Issue price
₹123
Listed at
₹144
Listing-day close
₹150.30
Latest price
₹195
Listing gain
+17.07%
Return since listing
+58.54%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹21
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 04 Feb 2026 | ₹21 | +17.07% | ₹16,000 | ₹144 | ₹21,000 |
| 03 Feb 2026 | ₹21 | +17.07% | ₹16,000 | ₹144 | ₹21,000 |
| 02 Feb 2026 | ₹20 | +16.26% | ₹15,200 | ₹143 | ₹20,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 28 Jan 2026 – 30 Jan 2026
- Listing date
- 04 Feb 2026
- Face value
- ₹10 per share
- Issue price
- ₹123 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹66.42 Cr
- Market cap at offer price
- ₹251 Cr
- Promoter holding
- 100.00% → 73.53% pre-issue → post-issue
- ISIN
- INE2B5L01011
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Seren Capital Pvt.Ltd.
- Registered office
- F-311, 3rd Floor, Aditya Arcade Plot No.30, Community Center, Preet Vihar, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,25,000 | — | — |
| Market maker | 2,98,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹123
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,23,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,46,000 |
| S-HNI (max) | 8 | 8,000 | ₹9,84,000 |
| B-HNI (min) | 9 | 9,000 | ₹11,07,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
15,25,000
Anchor portion
₹18.76 Cr
at ₹123 per share
Valuation and performance
Valuation at offer price
₹123 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.13 | 10.29 |
| P/E (×) | 15.13 | 11.95 |
| Price to book (×) | 7.67 | — |
| Market cap | — | ₹251 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 50.73%
- ROCE
- 34.56%
- PAT margin
- 18.24%
- EBITDA margin
- 36.55%
- NAV per share
- ₹16.03
- Price to book
- 7.67
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Msafe Equipments
Incorporated in 2019, Msafe Equipments Limited is engaged in the business of manufacturing, sales and rental of access and height-safety equipments, primarily used to facilitate safe working at heights. The company's product portfolio includes aluminium scaffoldings, mild steel (MS) scaffoldings, aluminium ladders and fibre reinforced plastic (FRP) ladders, which are designed to meet varied operational and safety requirements across construction, maintenance, installation, repair and infrastructure development activities. The company commenced in-house manufacturing operations in Fiscal 2023-24, transitioning from third-party sourcing. The company operates from three manufacturing facilities (Unit-I, Unit-II and Unit-III) located at Gautam Buddha Nagar, Greater Noida, Uttar Pradesh. For the half year ended September 30, 2025 and in Fiscal 2025, 2024 and 2023, revenue from rental services accounted for 43.07%, 51.65%, 52.30% and 62.97% of revenue from operations, respectively, while sales contributed the remainder.
Company Analysis
from DRHPMsafe Equipments Limited manufactures and rents access and height-safety equipment—aluminium scaffoldings, mild steel scaffoldings, and ladders—primarily for construction, infrastructure, and maintenance applications.
Incorporated in 2019, Msafe Equipments Limited is engaged in the business of manufacturing, sales and rental of access and height-safety equipments, primarily used to facilitate safe working at heights. The company's product portfolio includes aluminium scaffoldings, mild steel (MS) scaffoldings, aluminium ladders and fibre reinforced plastic (FRP) ladders, which are designed to meet varied operational and safety requirements across construction, maintenance, installation, repair and infrastructure development activities. The company commenced in-house manufacturing operations in Fiscal 2023-24, transitioning from third-party sourcing. The company operates from three manufacturing facilities (Unit-I, Unit-II and Unit-III) located at Gautam Buddha Nagar, Greater Noida, Uttar Pradesh. For the half year ended September 30, 2025 and in Fiscal 2025, 2024 and 2023, revenue from rental services accounted for 43.07%, 51.65%, 52.30% and 62.97% of revenue from operations, respectively, while sales contributed the remainder.
constructioninfrastructure developmentmaintenanceinstallation and repairfacility managementHVACMEP contractinginterior contractingelectrical contractingwarehousing and logisticsfirefighting and safety systems
Objects of the Issue
- Funding of Capital expenditure towards setup of a new Manufacturing Facility ₹3,225.92 lakhs p.19
- Funding of Capital expenditure for manufacturing of equipments for rental purpose ₹600.00 lakhs p.19
- Utilization towards working capital requirements ₹800.00 lakhs p.19
- General corporate purpose ₹176.31 lakhs p.19
- Funding of capital expenditure towards setup of a new manufacturing facility ₹3,225.92 lakhs p.94
- Funding of capital expenditure for manufacturing of equipments for rental purpose ₹600.00 lakhs p.90
- Utilization towards working capital requirements ₹800.00 lakhs p.90
- General corporate purposes ₹176.31 lakhs p.90
- Funding of Capital expenditure towards setup of a new Manufacturing Facility ₹3,225.92 lakhs (₹2,100.58 lakhs in FY 2025-26 and ₹1,125.34 lakhs in FY 2026-27) p.109
- Funding of Capital expenditure for manufacturing of equipments for Rental purpose ₹600.00 lakhs (₹120.00 lakhs in FY 2025-26 and ₹480.00 lakhs in FY 2026-27) p.109
- Utilization towards Working Capital requirements ₹800.00 lakhs (₹300.00 lakhs in FY 2025-26 and ₹500.00 lakhs in FY 2026-27) p.109
- General corporate purpose ₹176.31 lakhs p.108
- Funding of capital expenditure towards setup of new manufacturing facility ₹3,225.92 lakhs p.164
- The document excerpt does not contain information about the specific objects of the issue or purposes for which the money is being raised
Issue Structure
- Total Issue
- Up to 54,00,000 Equity Shares aggregating to ₹6,642.00 Lakhs
- Fresh Issue
- Up to 44,00,000 Equity Shares aggregating to ₹5,412.00 Lakhs
- Offer for Sale
- Up to 10,00,000 Equity Shares by Promoter Selling Shareholders (Ajay Kumar Kanoi and Vansh Aggarwal) aggregating to ₹1,230.00 Lakhs
- Price Band
- Floor Price: ₹116 per equity share; Cap Price: ₹123 per equity share
- Lot Size
- 1,000 equity shares (minimum bid lot); multiples of 1,000 equity shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company generates revenue through two primary channels: (1) Sale of Products—selling aluminium scaffoldings, MS scaffoldings, and ladders (aluminium and FRP) to customers; and (2) Rental Services—providing equipment on monthly, fortnightly or weekly rental terms. For the six months period ended September 30, 2025, sales of products and rental services accounted for 47.92% and 43.07% of revenue from operations, respectively, with the remainder from other operating income. The company also earns revenue from facility management, HVAC solutions, MEP contracting, interior contracting, electrical contracting, warehousing and logistics, and other industries.
Business Segments
Sale of aluminium scaffoldings, modular lightweight structures made from high-grade aluminium designed to provide safe and stable access to elevated work areas
Rental of aluminium scaffoldings on monthly, fortnightly or weekly terms
Sale and rental of aluminium and fibre reinforced plastic (FRP) ladders
Sale and rental of mild steel (MS) scaffoldings
Manufacturing and selling aluminium scaffoldings, mild steel scaffoldings, aluminium ladders, and fibre reinforced plastic ladders designed for safe working at heights in construction, maintenance, installation, repair and infrastructure development activities
Renting access and height-safety equipment to construction and infrastructure companies
Direct sales of aluminium scaffolding products including stairway, narrow-width, extra reach, podium, cantilever, and bridge sections
Provision of aluminium scaffoldings on weekly, fortnightly or monthly rental terms to customers across India
Direct sales of mild steel scaffolding structures used in long-duration construction and infrastructure projects requiring higher structural strength and load-bearing capacity
Provision of mild steel scaffoldings on weekly, fortnightly or monthly rental terms
Direct sales of aluminium and fibre reinforced plastic ladders including A-type, straight, platform and cage variants
Provision of aluminium and FRP ladders on weekly, fortnightly or monthly rental terms
Modular, lightweight structures made from high-grade aluminium, designed to provide safe and stable access to elevated work areas. Offered in multiple configurations including stairway, narrow-width, extra reach, Z-type, bridge sections, cantilevers and podium models, supporting working heights of up to 30 meters. Also offers end-to-end services such as transportation, erection, and dismantling.
Essential access solutions used across construction, industrial, commercial, and maintenance applications for safe vertical movement and elevated work. Portfolio includes A-type ladders, straight ladders, platform ladders, and cage ladders, manufactured and sold under in-house brands.
Heavy-duty access structures made from mild steel pipes and fittings, used to support workmen and materials during construction, maintenance, and repair activities at elevated heights. Known for strength and load-bearing capacity, used in large-scale infrastructure projects, civil construction, and industrial settings.
Mechanical platforms designed to provide safe and stable vertical access for personnel and materials. Operated through a criss-cross (scissor-like) mechanism, these lifts are widely used in construction, industrial maintenance, warehousing, and installation activities.
Manufacturing and sale of aluminum scaffolding for domestic and export markets
Manufacturing and sale of aluminum and FRP ladders
Manufacturing and sale of mild steel scaffolding
Rental services for aluminum scaffolding
Rental services for aluminum and FRP ladders
Rental services for mild steel scaffolding
Damage charges, erection and training charges, loading/unloading, transportation, dismantling charges, and scrap sales
Manufacturing and selling of aluminium scaffolding systems
Rental of aluminium scaffolding to construction customers
Manufacturing, selling and renting of aluminium and FRP ladders
Manufacturing, selling and renting of mild steel scaffolding systems
Damage charges, erection and training charges, transportation charges, and scrap sales
SWOT Analysis
Strengths
- • Presence in growing scaffolding and ladders market with expansion potential(p.19)
- • Diversified product portfolio across multiple equipment categories(p.19)
- • Diversified revenue streams from both sales and rental operations(p.34)
- • Transition to in-house manufacturing operations(p.34)
- • Geographically dispersed customer base across multiple states and countries(p.33)
- • Established manufacturing facilities with significant installed capacity(p.91)
- • Growing market opportunity in scaffolding and access equipment sector(p.91)
- • Diversified product portfolio across multiple access equipment segments(p.91)
- • Dual revenue model with stable rental contribution(p.101)
- • In-house manufacturing with quality control(p.102)
- • Diversified geographical presence across India(p.156)
- • Experienced promoter and management team(p.156)
- • Strong EBITDA margin performance(p.113)
- • Dual revenue model providing recurring income from rental services(p.159)
- • In-house manufacturing across three facilities with quality certifications(p.160)
- • Well-diversified customer base across industries and geographies(p.160)
- • Strong recurring customer base providing revenue predictability(p.162)
- • Experienced promoters and management team with domain expertise(p.163)
- • High financial profitability with strong EBITDA and PAT margins(p.158)
- • No single customer concentration risk(p.177)
- • Manufacturing and rental model with integrated operations(p.235)
- • Strong revenue growth trajectory(p.298)
- • Improving profitability margins(p.298)
- • Diversified product portfolio across scaffolding and ladder categories(p.274)
- • Established manufacturing and operational infrastructure(p.252)
- • Growing customer base(p.298)
- • Diversified revenue streams from both product sales and rental services(p.306)
- • Strong revenue growth trajectory with 48.22% increase in FY 2024-25(p.310)
- • Improved profitability with expanding EBITDA margins(p.316)
- • Strong PAT margin expansion to 18.24% in FY 2024-25(p.316)
- • Established manufacturing operations across multiple locations and product categories(p.316)
- • Diversified customer base with no material revenue concentration(p.318)
- • Strong net tangible assets exceeding minimum requirements(p.357)
Weaknesses
- • Significant concentration of suppliers with no long-term agreements(p.33)
- • Lack of long-term customer contracts creating revenue volatility(p.33)
- • Limited manufacturing operating history with execution risks(p.34)
- • All operating premises held on rental basis with short tenure agreements(p.36)
- • Significant unsecured loans repayable on demand(p.37)
- • High employee attrition rates impacting operational stability(p.44)
- • Manufacturing operations concentrated in single geographical region(p.37)
- • Pending statutory approvals and regulatory compliance gaps(p.40)
- • High dependence on transportation services without long-term agreements(p.49)
- • Significant indebtedness with personal guarantees from promoters(p.52)
- • High working capital requirements relative to revenue(p.50)
- • Loans secured on personal guarantees of promoters creating concentration risk(p.52)
- • Limited intellectual property protection with only six registered trademarks(p.50)
- • Labour intensive operations with unionization risks(p.51)
- • Dependence on aluminium scaffolding revenue(p.103)
- • Geographic concentration of manufacturing facilities(p.156)
- • Reliance on warehouse network for operations(p.156)
- • Limited product development team(p.156)
- • Heavy reliance on raw material sourcing concentrated in few suppliers(p.179)
- • All manufacturing facilities concentrated in single industrial area(p.160)
- • Short-term borrowings represent significant portion of liabilities(p.226)
- • Limited warehouse capacity with 21 warehouses on lease/rent(p.162)
- • High reliance on related-party borrowings(p.296)
- • Significant unresolved trade receivables aging(p.272)
- • Unfunded gratuity obligation(p.256)
- • Inventory valuation challenges and reconciliation issues(p.259)
- • Working capital deficit position(p.285)
- • Significant depreciation burden from capital-intensive assets(p.233)
- • High leverage ratio of 1.04 with total debt to equity near upper regulatory limit(p.358)
- • Significant working capital requirements with increasing inventory levels(p.318)
- • High finance costs with interest expenses increasing 31.71% year-on-year(p.311)
- • Rapid expansion placing strain on operational infrastructure(p.312)
- • Material pending litigation with 94 cheque bounce cases filed by the company(p.319)
- • Delays in payment of statutory dues including ESIC and PF(p.349)
Opportunities
- • Expansion of manufacturing capacity with new facility setup(p.33)
- • Growth in rental equipment segment with dedicated capital allocation(p.33)
- • Anticipated growth in infrastructure and construction sectors(p.19)
- • Ladder market growth with strong CAGR potential(p.19)
- • Expansion of operations into adjacent industrial sectors(p.33)
- • Expansion into hanging/suspended scaffolding segment for high-rise construction(p.91)
- • Growing demand for ladders across industrial and infrastructure sectors(p.91)
- • Large-scale infrastructure projects driving scaffolding demand(p.91)
- • Rental income potential from industrial access solutions(p.91)
- • Strategic new manufacturing facility to expand capacity and market reach(p.91)
- • Significant market growth trajectory in scaffolding sector(p.155)
- • Expansion of organized rental networks(p.101)
- • Government infrastructure investment momentum(p.140)
- • Shift towards advanced modular systems(p.155)
- • Expansion opportunity in MS scaffolding segment(p.103)
- • Large growing market for scaffolding and ladder products(p.163)
- • Expansion into high-rise and specialized hanging scaffolding market(p.164)
- • New manufacturing facility expansion to increase capacity(p.164)
- • Growing adoption of advanced safety-certified scaffolding systems(p.163)
- • Transition to Turnkey and Design-Build-Operate infrastructure contracts(p.164)
- • Expanding infrastructure and urbanization-driven market growth(p.298)
- • Rising demand for ladders in construction and maintenance sectors(p.298)
- • Technology integration and digital enhancement opportunities(p.298)
- • Export market expansion(p.288)
- • Environmental, Social and Governance (ESG) driven market trends(p.298)
- • Expansion into new product categories with demonstrated market acceptance(p.318)
- • Growing rental services segment contributing over 50% of revenue(p.310)
- • Geographic expansion with presence across 20+ states with multiple manufacturing units(p.353)
- • Emerging markets for aerial work platform products(p.310)
- • International market entry through UAE subsidiary(p.353)
Threats
- • Dependence on construction and infrastructure sector performance(p.33)
- • Price volatility and supply disruptions in raw materials(p.34)
- • Competition from unorganized and organized players(p.44)
- • Potential adoption of alternative access solutions and technologies(p.33)
- • Inherent safety risks and liability exposure from product usage(p.34)
- • Regulatory changes and compliance requirements for safety standards(p.33)
- • Delays and risks in government project execution(p.33)
- • Credit and collection risks from rental customers(p.35)
- • Intense competition from larger organized players with superior resources(p.48)
- • Competitors may reduce prices or offer aggressive commercial terms(p.48)
- • Foreign exchange fluctuation risks from limited export exposure(p.48)
- • Occupational and operational hazards at project sites(p.49)
- • Slowdown in Indian economic growth affecting construction sector demand(p.55)
- • Natural disasters and geopolitical events disrupting operations(p.56)
- • Regulatory changes and labour law modifications increasing operational costs(p.57)
- • Inflation and rising operational costs impacting profitability(p.58)
- • Intense competition from unregulated suppliers(p.143)
- • Raw material price volatility(p.143)
- • Labor shortage in construction sector(p.143)
- • Regulatory compliance and safety standard variations(p.144)
- • Global economic uncertainty impacting infrastructure spending(p.124)
- • Competitive landscape includes large organized players with greater resources(p.178)
- • Insurance coverage may not adequately protect against all operational hazards(p.184)
- • Significant presence of unorganized regional competitors(p.177)
- • Raw material prices subject to market volatility(p.178)
- • Raw material cost volatility(p.298)
- • Skilled labor shortage(p.298)
- • Inventory valuation uncertainty affecting bank statements(p.260)
- • Regulatory compliance and BIS/IS standards enforcement(p.298)
- • Competitive pressure from market growth attracting new entrants(p.298)
- • Competitive construction equipment market with multiple established players(p.318)
- • Cyclical nature of construction industry tied to infrastructure spending(p.318)
- • Regulatory and compliance risks across multiple jurisdictions(p.349)
- • Dependence on raw material availability particularly aluminum extrusion(p.311)
- • Significant GST litigation with demand for Rs. 3.36 lakh in penalties(p.338)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pradeep Aggarwal | Promoter | 21.00% | 16.47% |
| Ajay Kumar Kanoi | Promoter/Promoter Selling Shareholder | 34.58% | 24.67% |
| Vansh Aggarwal | Promoter/Promoter Selling Shareholder | 24.00% | 16.37% |
| Rushil Agarwal | Promoter | 2.00% | 1.57% |
| Gaurav Ajay Kumar Kanoi | Promoter | 10.00% | 7.84% |
| Rajani Ajay Kanoi | Promoter | 5.00% | 3.92% |
| Monika Agarwal | Promoter | 2.00% | 1.57% |
| Ajay Kumar Kanoi | Promoter | 34.58% | 24.67% |
| Vansh Aggarwal | Promoter | 24.00% | 16.37% |
| Pradeep Aggarwal | Promoter | 21.00% | 16.47% |
| Gaurav Ajay Kumar Kanoi | Promoter | 10.00% | 7.84% |
| Rajani Ajay Kanoi | Promoter | 5.00% | 3.92% |
| Rushil Agarwal | Promoter | 2.00% | 1.57% |
| Monika Agarwal | Promoter | 2.00% | 1.57% |
| Pradeep Aggarwal | Promoter/Promoter Group | — | — |
| Ajay Kumar Kanoi | Promoter/Promoter Group | — | — |
| Rushil Agarwal | Promoter/Promoter Group | — | — |
| Pradeep Aggarwal | Promoter | 21.00% | — |
| Ajay Kumar Kanoi | Promoter | 34.58% | — |
| Rushil Agarwal | Promoter | 2.00% | — |
| Vansh Aggarwal | Promoter | 24.00% | — |
| Gaurav Ajay Kumar Kanoi | Promoter | 10.00% | — |
| Rajani Ajay Kanoi | Promoter | 5.00% | — |
| Monika Agarwal | Promoter | 2.00% | — |
| Ajay Kumar Kanoi | Promoter/Whole-time Director | 35.00% | — |
| Pradeep Aggarwal | Promoter/Chairman & Managing Director | 21.00% | — |
| Vansh Aggarwal | Promoter | 25.00% | — |
| Gaurav Ajay Kumar Kanoi | Promoter Group | 10.00% | — |
| Rajani Ajay Kanoi | Promoter/Director | 5.00% | — |
| Ajay Kumar Kanoi | Promoter | — | — |
| Vansh Aggarwal | Promoter | — | — |
| Ajay Kumar Kanoi | Promoter | — | — |
| Vansh Aggarwal | Promoter | — | — |
| Ajay Kumar Kanoi | Promoter Selling Shareholder | — | — |
| Vansh Aggarwal | Promoter Selling Shareholder | — | — |
Leadership
Pradeep Aggarwal · Chairman and Managing Director
Ajay Kumar Kanoi · Whole-time Director
Rushil Agarwal · Whole-time Director
Sombir · Chief Financial Officer
Renuka Uniyal · Company Secretary & Compliance Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.