Msafe Equipments IPO Opens With ₹116–₹123 Price Band, Lists Feb

The initial public offering (IPO) of Msafe Equipments Ltd, a company that manufactures and rents height‑safety equipment, opened for public subscription on 28 January 2026 as investors showed interest in the growing industrial safety segment.

The SME IPO is being offered at a price band of ₹116 to ₹123 per share, with a lot size of 1,000 shares. At the upper end of this range, a retail investor would need ₹2,46,000 to apply for two lots (2,000 shares).

According to unofficial markets tracking grey market premium (GMP), Msafe Equipments’ shares were trading at around ₹134, indicating a 9% premium over the upper price band ahead of listing.

Key details of the Msafe Equipments IPO:

• The IPO opened on 28 January 2026 and will close on 30 January 2026.
• The issue size is approximately ₹66.42 crore, made up of a fresh issue of 4.4 million shares and an offer for sale of 1 million shares.
• Shares are expected to be listed on the BSE SME platform on 4 February 2026.
• The basis of allotment is likely to be finalized on 2 February 2026, with shares credited to investor demat accounts on 3 February 2026.
  
  

Msafe Equipments, incorporated in 2019, operates three manufacturing units in Greater Noida, Uttar Pradesh, and offers products such as aluminium and mild‑steel scaffoldings, ladders, and safety equipment used for working at heights.

According to the company’s red herring prospectus, a portion of the IPO proceeds will be used to set up a new manufacturing facility and expand rental equipment offerings, while some funds will support working capital and general corporate uses.

In the financial year FY25, the company reported a strong growth trend with revenue from operations increasing approximately 48% to ₹71.34 crore, and profit after tax rising to ₹13.01 crore from ₹6.55 crore a year earlier.