The market for aluminium scaffolding and access equipment in India is rising rapidly since there is an extensive demand for it in construction, infrastructure, industrial projects, and safety solutions for high-rise buildings, bridges, and metro developments. The market is expected to reach $3–5 billion by 2030, with a CAGR of 10–12%. This is due to urbanisation, the ₹111 lakh crore National Infrastructure Pipeline, the growth of real estate, projects in Tier-2 and Tier-3 cities, and stricter safety rules that favour modular aluminium systems over traditional steel.
Msafe Equipments Limited, which was founded in 2019 in Delhi, makes and rents out aluminium scaffolding, ladders, platforms, and access equipment for construction, industrial, and civil engineering uses under the MSafe Group. It has various units with ISO certifications and services both domestic infrastructure and industrial clients. In FY25, it reported total income of ₹71.62 Cr (up 48% YoY), PAT of ₹13.01 Cr, EBITDA of ₹26.08 Cr, assets of ₹73.59 Cr, and borrowings of ₹32.56 Cr.
Msafe Equipments Limited is offering a BSE SME IPO of 54 lakh equity shares (FV ₹10) for a total of ₹66.42 Cr (₹50.45 Cr fresh issue + ₹12.30 Cr OFS) at a price range of ₹116–123 (lot size 1,000 shares, retail min ₹2.46 lakh). The issue starts on January 28 and ends on January 30, 2026. It will be listed on February 4.
Msafe Equipments IPO Details:
Msafe Equipments Issue Management:
Seren Capital Pvt Ltd acts as the book-running lead manager for Msafe Equipments SME IPO, managing underwriting and compliance.
Msafe Equipments IPO RTA (Registrar) Details:
Maashtila Securities Pvt Ltd handles allotment, refunds, and demat credits—contact at +91-11-45121795-96 or investor.po@maashitla.com.
Msafe Equipments IPO Allotment Status:
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Action Links:
To apply for Msafe Equipments IPO, open a demat account here
Msafe Equipments IPO Subscription Status: Check live subscription here
Msafe Equipments IPO GMP Update: Check latest grey market premium here
Msafe Equipments Limited, which was founded in 2019 in Delhi, makes and rents out modular aluminium scaffolding, ladders, platforms, and access equipment for construction sites, high-rise buildings, industrial maintenance, and infrastructure projects under MSafe Group. The ISO-certified enterprises include several manufacturing and leasing units that support domestic infrastructure. In FY25, they made ₹71.62 Cr (up 48% YoY) and had a PAT of ₹13.01 Cr. Plans to use the money from the IPO for a new manufacturing facility (capital expenditures), making rental equipment, working capital, and other things.
Under the ₹111 lakh Cr NIP, Msafe Equipments Limited uses lightweight aluminium solutions to make assembly safer and faster for metro projects, high-rises, and industrial uses.
Strong finances with an ROE of 67.97%, an ROCE of 34.56%, and PAT margin of 18.24% drive expansion before the BSE SME IPO. ₹66.42 Cr (54 lakh shares at ₹10 FV) in the price range of ₹116 to ₹123 (lot size 1,000 shares ≈ ₹1.16 to ₹1.23 lakh). It opens on January 28 and closes on January 30, 2026. The allotment is on February 2, and the listing is on February 4.
Msafe Equipments Limited IPO comprises a fresh issue of ₹50.45 Cr + ₹12.30 Cr OFS (54 lakh shares at ₹10 FV), a mixed issue, aimed at capital expenditure on a new manufacturing facility and rental equipment, repayment of borrowings, working capital requirements, and general corporate purposes.
Msafe Equipments IPO proceeds will be deployed towards the following objectives:
Msafe Equipments Ltd BSE SME IPO reserves 54 lakh shares across categories per SEBI SME norms:
The anchor bidding of Msafe Equipments starts on Jan 27, 2026 (~28.42% of QIB: ~7.27 lakh shares).
Lock-in: 50% for 30 days, 50% for 90 days as per SEBI norms, as per SEBI SME guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Maashtila Securities Pvt Ltd.
For FY25, Msafe Equipments Limited has good financial numbers: a 67.97% return on equity (ROE), a 34.56% return on capital employed (ROCE), an 18.24% profit after tax (PAT) margin, and a 36.45% EBITDA margin. This achievement is due to the rising demand for aluminium scaffolding in infrastructure, high-rise developments, and industrial maintenance, as well as the efficient use of capacity across numerous rental and manufacturing units, as reported by RHP.
At the highest price band (₹123), the company trades at roughly 0.93 times FY25 revenues and 15.2 times FY25 EPS (post-issue). This is a fair price for a scaffolding leader riding India's ₹111 lakh Cr National Infrastructure Pipeline, which is expected to grow at a 10–12% CAGR to $3–5 Bn by 2030. Key tailwinds include metro expansions, a real estate boom, Gati Shakti projects, yearly capital expenditures of over ₹25,000 Cr, and a growing trend towards replacing steel scaffolding with lightweight modular systems. The domestic market is growing at a rate of 12% or more per year.
The important risks and strengths of Msafe Equipment's IPO are mentioned below:
Strengths:
Integrated Manufacturing Network: There are several ISO-certified facilities in Delhi and Noida that make and rent out modular aluminium scaffolding, ladders, and platforms quickly for use in high-rise and industrial projects.
Strong Revenue Growth: In FY25, revenue grew by 48% year over year to ₹71.62 Cr. This was due to increased demand for infrastructure, good PAT margins (18.24%), ROE (67.97%), and a wide range of clients in the construction and maintenance sectors.
Leading the market: Pioneer in lightweight aluminium systems that replace traditional steel, in line with safety rules and ₹111 lakh Cr NIP possibilities in metro, real estate, and Gati Shakti projects.
Risks
Customer Concentration: The company's stability is at risk since it relies on its top 10 clients for a lot of its revenue. This could lead to project delays or contract losses in the cyclical construction sector.
Debt Burden: Borrowings of ₹32.56 Cr (before the IPO) with a D/E ratio that shows leverage, although this was fixed by paying back ₹8 Cr from the IPO proceeds.
Competitive Fragmentation: Unorganised players and importers are putting pressure on scaffolding rentals, and there are risks in scaling up new manufacturing capacity because of the instability of raw material prices.
RHP records show that Msafe Equipments Limited had great financials in FY25, with sales of ₹71.62 Cr (48% growth from the previous year), PAT of ₹13.01 Cr (18.24% margin), ROE of 67.97%, ROCE of 34.56%, and an EBITDA margin of 36.45%. This growth is due to a high demand for aluminium scaffolding in construction, 53% repeat business from over 2,500 clients in 22 states, and streamlined operations in rental and manufacture.
The company is well-placed in India's scaffolding market, which is expected to grow at a rate of 10–12% per year to reach $3–5 billion by 2030. This is due to the ₹111 lakh Cr NIP, the rise of metro and real estate, and safety rules for lightweight systems. However, valuations are slightly higher than those of similar companies.
The ₹66.42 Cr BSE SME IPO at ₹123 per share is worth 0.93 times FY25 sales and 15.2 times EPS (after the issue), which is reasonable because of intentions to pay off debt and make capital expenditures.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is only for informative purposes and not investment advice.
Action Links:
To apply for Msafe Equipments IPO, open a demat account here
Msafe Equipments IPO Subscription Status: Check live subscription here
Msafe Equipments IPO GMP Update: Check latest grey market premium here
1. What are the key dates for the Msafe Equipments IPO?
The Msafe Equipments Limited BSE SME IPO opens January 28, closes January 30 (anchor bids January 27), has allotment February 2, and lists February 4.
Track the Msafe Equipments IPO subscription status live here from Finnpick.
2. What is the Msafe Equipments IPO price band and lot size?
The IPO price band stands at ₹116-123 per share (FV ₹10), with a lot size of 1,000 shares (retail min ₹1.16-1.23 lakh); HNI min 3 lots (₹3.48-3.69 lakh).
3. What is Msafe Equipment IPO total size?
The Msafe Equipments IPO size is about 54 lakh shares aggregating ₹66.42 Cr (₹50.45 Cr fresh + ₹12.30 Cr OFS).
4. What is Msafe Equipment's IPO FY25 Financials ROE PAT?
The financials of Msafe Equipments stand at FY25 revenue of ₹71.62 Cr (+48% YoY), ROE of 67.97%, PAT margin of 18.24%, and undervalued at 0.93x sales amid 10-12% scaffolding CAGR.
5. How to apply for the Msafe Equipments IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Jan. 30, 4 PM. Monitor the Msafe Equipments IPO subscription tracker here.
6. How to check the Msafe Equipments IPO Allotment Status?
The allotment date is January 30th and can be checked on the Maashtila Services portal using a PAN/DP ID.
7. What is Msafe Equipment's IPO GMP today and subscription status?
The current Grey Market Premium (GMP) stands at ₹7 (5-6% over the ₹123 upper band) as of Jan 21, indicating a listing around the ₹130 range—check daily updates of Msafe Equipments IPO GMP trends here and live subscription status here from the Jan 28th opening only on Finnpick.
7. What does Msafe Equipment specialise in?
The Msafe Equipments specialises in manufacturing/renting aluminium scaffolding, ladders, and platforms for construction and high-rises and industrial access under ₹111 lakh Cr NIP.
8. When is the Msafe Equipments IPO listing date?
The Msafe Equipments Ltd IPO lists on 04th February, 2026, on BSE SME (~T+2 post-allotment Feb 02).
9. What are the IPO proceeds utilisation details?
The Msafe Equipments IPO proceeds funds: ₹25 Cr for a new manufacturing facility, ₹12 Cr for rental equipment, ₹8 Cr for debt repayment, ₹3.45 Cr for working capital, and ₹2 Cr for general purposes.
