Msafe Equipments Ltd IPO
Non Ferrous Metals
Price Band
₹116 – ₹123
Lot Size
1000
Minimum Bid Quantity
2000
Minimum Investment
₹246000
Issue Size
₹66.42Cr
Opens
2026-01-28
Closes
2026-01-30
Listing
04-02-2026
Subscription Status
Qualified Institutional Buyers
117.97 x
Non-Institutional Investor
222.6 x
Retail Individual Investor
131.52 x
Total
153.16 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE2B5L01011
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Msafe Equipments is involved in the manufacturing, sale, and rental of access and height-safety equipment used for working at elevated locations. Incorporated in 2019, the company supplies equipment intended to support construction, maintenance, installation, repair, and infrastructure-related activities where safe vertical access is required. The company’s product portfolio includes aluminium scaffoldings, mild steel scaffoldings, aluminium ladders, and fibre-reinforced plastic ladders. Aluminium scaffoldings are offered in configurations such as stairway, narrow-width, extra-reach, podium, cantilever, and bridge sections. Mild steel scaffoldings are used for projects requiring higher load-bearing capacity over longer durations. Ladder offerings include A-type, straight, platform, and cage variants, with aluminium ladders used for mobility-focused tasks and FRP ladders used in electrical applications. Msafe Equipments provides these products through both direct sales and rental arrangements, with rentals available on short- and medium-term durations. The company serves customers across industries in India and operates its sales and rental activities nationwide.
Pros
- • Msafe Equipments claims to derive its revenue from both product sales and rental services. The rental model has consistently contributed a significant share of revenues across recent periods, providing recurring income alongside one-time sales. The company claims this structure allows it to serve both short-term site requirements and long-duration infrastructure projects across India.
- • The company claims to operate three in-house manufacturing facilities located in Greater Noida, Uttar Pradesh, dedicated to the production of ladders, aluminium scaffoldings, and mild steel scaffoldings. These facilities reportedly have a combined installed capacity across multiple product categories and are equipped with specialised machinery for fabrication and finishing processes.
- • The company is ISO 9001:2015 certified for quality management systems, ISO 14001:2015 certified for environmental management systems, ISO 45001:2018 certified for occupational health & safety management, and ISO/IEC 27001:2022 certified for information security management systems.
Cons
- • Msafe Equipments’ business is significantly dependent on demand from the construction and infrastructure sector, as its scaffoldings and ladders are primarily used in these activities. The performance of this sector is influenced by factors such as government policies, budget allocations, availability of finance, regulatory approvals, project execution timelines, and overall economic conditions. Any prolonged slowdown, reduction in government spending, project delays, or shift towards alternative access technologies can adversely affect demand for the company’s products and services, which may negatively impact its business, financial condition, and cash flows.
- • Aluminium scaffolding accounted for Rs 17.98 crore (36.68 percent) of the company’s revenue for the period ended September 30, 2025; Rs 25.64 crore (35.94 percent) in FY25; Rs 17.97 crore (37.34 percent) in FY24, and Rs 7.77 crore (26.17 percent) in FY23. Any decline in the sale or rental services of this key offering could have an adverse effect on the company’s business, results of operations, and financial condition.
- • A significant portion of Msafe Equipments’ revenue is derived from its rental business, making its financial performance sensitive to fluctuations in rental demand. Revenue from rental services accounted for 43.07 percent, 51.65 percent, 52.30 percent, and 62.97 percent of revenue from operations for the period ended September 30, 2025, and in FY25, FY24, and FY23, respectively. Any decline in rental demand, increased competition, changes in customer preferences, or operational challenges in managing rental equipment could adversely affect the company’s business, financial condition, results of operations, and cash flows.
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