Msafe Equipments Ltd IPO
Status: Closed
Overview
IPO date
28 Jan 2026 to 30 Jan 2026
Face value
₹ 10 per share
Price
₹ 116 to ₹123 per share
Issue Size
5,400,000 shares
(aggregating up to ₹ 66.42 Cr)
(aggregating up to ₹ 66.42 Cr)
Allotment Date
02 Feb 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Non Ferrous Metals
Objectives of Msafe Equipments Ltd IPO
Msafe Equipments Ltd IPO Strategy
About Msafe Equipments Ltd
Unlock Stock of the Month
T&C*
Strengths vs Risks of Msafe Equipments Ltd
Know the pros & cons
Strengths
Multi-Model Source of Revenue through Product Sales and Rental Services.- In-House Manufacturing facilities supported by quality certifications.
- Well diversified customer base spread across various industries & geography.
- Experienced Promoters and management team having domain knowledge.
Risks
- The company's business is significantly dependent on the performance of the construction and infrastructure sector, and
any slowdown or adverse developments in these sectors may adversely affect its business, financial condition,
results of operations and cash flows.
- The company deriveds a significant portion of its revenue from the sale and rental of the company's key product i.e. Aluminium
Scaffolding. Any decline in the sale or rental services of its key offering could have an adverse effect on the company's
business, results of operations and financial condition.
- The company does not have long-term agreements with its customers, and the company's revenues are dependent on purchase orders
or work orders, which may not be renewed in the future.
- The object of the Offer relating to expansion of its rental segment is based on estimates and assumptions and
the actual cost and implementation may vary from those disclosed.
- A significant portion of its revenue is derived from the company's rental business, and any decline in rental demand,
changes in customer preferences or adverse developments in its rental operations may adversely affect the company's
business, financial condition, results of operations and cash flows.
- The company's products are used in elevated-work environments with inherent safety risks, and any accidents or safety
incidents involving its scaffoldings or ladders could expose the company to claims, litigation, regulatory action or
reputational harm.
- The company has recently commenced in-house manufacturing of scaffoldings and ladders, and given the company's limited
operating history in manufacturing, the company may faces challenges that could adversely affect its business, financial
condition, results of operations and future growth prospects.
- The company is significantly dependent on a limited number of suppliers for procurement of its raw materials, with
which the company does not have any long term agreements and any disruption in supply or volatility in raw material
prices may adversely affect its business, financial condition, results of operations and cash flows.
- There are outstanding legal proceedings involving the Company. Any adverse decisions could impact its cash
flows and profit or loss to the extent of demand amount, interest and penalty, divert management time and
attention and have an adverse effect on the company's business, prospects, results of operations and financial condition.
- The company's business requires significant investment in equipments and inventories, and any under-utilisation of its
rental equipments or inability to efficiently manage inventories could adversely affect the company's profitability, working
capital and return on capital employed.
- The company's rental business exposes the company to credit risks, collection delays and equipment recovery issues, which may
adversely affect its cash flows and profitability.
- The company is subject to stringent quality requirements, and any failures to meet prescribed standards may result in
cancellation of orders, product recalls, warranty claims, liability exposure and reputational damage.
- All the company's offices (including registered office) are located on third party premises which are taken by the company on rental
basis. If these arrangements/agreements are terminated or not renewed on terms acceptable to the company, it could have
a material adverse effect on its business, financial condition and results of operations.
- Setting up of a new manufacturing facility requires substantial capital outlay before the company realize any benefits or
returns on investments.
- Any disruptions or shutdown of its manufacturing operations at our existing facility could have an adverse
effect on the company's business, financial condition and results of operations.
- The Company has unsecured loans which are repayable on demand. Any demand from lenders for repayment
of such unsecured loans may adversely affect its cash flows.
- The company's business operations are majorly concentrated in certain geographical regions and any adverse
developments affecting its operations in these regions could have a significant impact on the company's revenue and
results of operations.
- The company requires certain approvals, licenses, registrations and permits to operate its business, and failures to obtain
or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to
operate its business may adversely affect the company's operations and financial conditions.
- There have been certain delays in payment of statutory dues in the past. Any delay in payment of statutory dues
in future, may result in the imposition of penalties and in turn may have an adverse effect on its business,
financial condition, results of operation and cash flows.
- The company intend to utilize a portion of the Net Proceeds for funding its capital expenditure requirements. The company has
shortlisted vendors and obtained quotations from them, however, the company is yet to place orders or enter into
definitive agreements with the vendors in relation to such capital expenditure requirements.
- Trade receivables form a major part of its current assets and net worth. Failures to manage the company's trade
receivables could have an adverse effect on its net sales, profitability, cash flow and liquidity.
- The company's Group Companies forming part of the Promoter Group are engaged in a similar line of business. Any
conflict of interest in the future may occur between the business of its Group Companies and the company, which may
adversely affect its business, prospects, results of operations and financial condition.
- Under-utilization of the company manufacturing capacities and an inability to effectively utilize its expanded
manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial
performance.
- Any negative publicity regarding the Company, brand or products, whether substantiated or not, including
concerns about product quality, misbranding or customer service issues, could adversely impact its reputation,
consumer trust and market position, which may materially affect the company's business, financial condition and results
of operations.
- The company's failures to identify and adapt to evolving industry trends, technological developments and customer
preferences may materially and adversely affect its business.
- The company is dependents upon the experience and skill of its Promoters, Key Managerial Personnel and
Senior Management Personnel for conducting the company's business and undertaking its day to day operations. The
loss of or its inability to retain, such persons could materially and adversely affect the company's business performance.
In addition, excess rate of attrition amongst the personnel engaged by the Company may have an adverse
impact on its business operations.
- The Promoters (including Promoter Group) and Directors hold 100.00% of the Equity Shares of the Company
and are therefore interested in the Company's performance in addition to their remuneration and
reimbursement of expenses.
- The company operates in a competitive industry and increased competition may lead to a reduction in the company's revenues,
reduced profit margins or a loss of market share.
- The company's international sales expose the company to various risks, including foreign currency fluctuations, regulatory changes,
and geopolitical uncertainties, which could adversely affect its revenues, margins and financial condition.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The company's operations and the work force are exposed to a variety of occupational and operational hazards, which
may adversely affect its business, financial condition and results of operations.
- Dependence upon transportation services for supply and transportation of its products are subject to various
uncertainties and risks, and delays in delivery may result in rejection of products by customer.
- If the company is not able to successfully manage the company's growth, the company's business and results of operations may be adversely
affected.
- The company may be subject to third-party claims, indemnification obligations or invocation of guarantees arising from
defects, accidents or damages related to its scaffoldings and ladders. Any such claims or liabilities could
adversely impact the company's business operations, cash flows, financial condition, results of operations and reputation.
- The company's operations are subject to high working capital requirements. The company's inability to maintain an optimal level of
working capital required for its business may impact the company's operations adversely.
- The company may be unable to adequately protect its intellectual property rights, and any actual or alleged infringement
or misappropriation may adversely affect the company's business, financial condition and reputation.
- The average cost of acquisition of Equity Shares by its Promoters could be lower than the Offer price.
- The company's industry is labour intensive, and the company's business operations may be materially adversely affected by strikes,
work stoppages or increased wage demands by its employees or those of our suppliers.
- The company's insurance coverage may not be adequate to protect the company against certain operating hazards, and this may
have a material adverse effect on its business.
- The company engages contract labour for carrying out certain operations, and the company may be held responsible for the payment
of wages and other obligations of such workers if the independent contractors through whom they are engaged
default on their obligations. Any such liability imposed on us could increase its costs and may have an adverse
effect on the company's business, financial condition, results of operations and prospects.
- The company has incurred significant indebtedness which exposes the company to various risks which may have an adverse-effect
on its business and results of operations.
- Loans availed by the Company has been secured on personal guarantees of its Promoters. The company's business,
financial condition, results of operations, cash flows and prospects may be adversely affected in case of
invocation of any personal guarantees provided by its Promoters.
- Fraud, theft, employee negligence or similar incidents may adversely affect its results of operations and
financial condition.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences
could adversely affect its financial condition, results of operations and reputation.
- The company has not identified any alternate source of funding and hence any failure or delay on its part to mobilize
the required resources or any shortfall in the Offer proceeds may delay the implementation schedule.
- The company is subject to the restrictive covenants of banks in respect of the Loans/ Credit Limits and other banking
facilities availed from them.
- The Company will not receive any proceeds from the Offer for Sale portion of the Offer.
- The Objects of the Offer for which funds are being raised, are based on its management estimates and have
not been appraised by any bank or financial institution or any independent agency.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements,
including prior shareholders' approval.
- Information relating to the company's production capacities and the historical capacity utilization of its production
facilities included in this Red Herring Prospectus is based on certain assumptions and has been subjected to
rounding off, and future production and capacity utilization may vary.
- The company's ability to pay any dividends will depend upon future earnings, financial condition, cash flows, working
capital requirements and capital expenditures.
- Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus
have been sourced from public sources and there is no assurance that such financial and other industry
information is complete
- The company's Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company
after the Offer, which will allow them to determine the outcome of the matters requiring the approval of
shareholders.
- There is no guarantee that the Equity Shares of the Company will be listed on the Stock Exchanges in a timely
manner or at all.
- Certain sections of this Red Herring Prospectus disclose information from industry report commissioned and
paid for by the company and any reliance on such information for making an investment decision in the Issue is subject
to inherent risks.
Msafe Equipments Ltd Peer Comparison
Understand the company’s industry standing
Msafe Equipments Ltd
Technocraft Industries (India) Ltd.
Face Value
10
10
Standalone / Consolidated
Standalone
Standalone
Total Income Rs. Cr.
71.34
2595.58
EPS-Basis
8.13
112.32
EPS-Diluted
8.13
112.32
NAV Per Share
---
---
P/E-Basic EPS
---
19.9
P/E-Diluted EPS
---
---
RONW(%)
50.73
14.84
Latest NAV Period
---
---
Latest NAV
---
---
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Enter details- PAN, Application number or DP client ID
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The IPO opens on 28 Jan 2026 & closes on 30 Jan 2026.
Msafe Equipments Limited was incorporated on August 19, 2019 as 'Msafe Equipments Private Limited', a Private limited Company issued by Registrar of Companies, Delhi. Further, Company was converted from private limited to public limited, and the name was changed from 'Msafe Equipments Private Limited' to 'Msafe Equipments Limited' vide fresh Certificate of incorporation dated May 26, 2025 issued by the Registrar of Companies, Central Processing Centre.
Company 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 product basket 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. These products provide safe and stable access for vertical and elevated operations, enabling workers to undertake activities such as building exterior works including facade and cladding installation, painting and plastering, HVAC and MEP works, electrical cabling and fittings, ceiling and interior finishing, fire-fighting works and warehouse stacking and retrieval, among others, while significantly reducing the risk of workplace accidents.
In FY 2023-24, Company commenced manufacturing operations covering aluminium scaffoldings, ladders (FRP and Aluminium) and MS scaffoldings, while earlier its product portfolio primarily comprised aluminium scaffoldings and aerial work platform (AWP) scissor lifts. In May 2025, it shifted manufacturing operations of MS Scaffolding to Unit-III.
Company is planning the Initial Offer aggregating 54,00,000 Equity Shares of face value Rs 10 each, comprising a fresh issue of 44,00,000 equity shares and 10,00,000 equity shares through offer for sale.
Msafe Equipments Ltd IPO will close on 30 Jan 2026.
- Multi-Model Source of Revenue through Product Sales and Rental Services.
- In-House Manufacturing facilities supported by quality certifications.
- Well diversified customer base spread across various industries & geography.
- Experienced Promoters and management team having domain knowledge.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Pradeep Aggarwal | 3360000 | 21 | 3360000 | 16.47 |
| 2 | Ajay Kumar Kanoi | 5532000 | 34.58 | 5032000 | 24.67 |
| 3 | Vansh Aggarwal | 3840000 | 24 | 3340000 | 16.37 |
| 4 | Rushil Agarwal | 320000 | 2 | 320000 | 1.57 |
| 5 | Gaurav Ajay Kumar Kanoi | 1600000 | 10 | 1600000 | 7.84 |
| 6 | Monika Agarwal | 320000 | 2 | 320000 | 1.57 |
| 7 | Rajani Ajay Kanoi | 800000 | 5 | 800000 | 3.92 |
| 8 | Shanker Lalchand Kanoi | 36000 | 0.23 | 36000 | 0.18 |
| 9 | Raj Kumar Kanoi | 20000 | 0.13 | 20000 | 0.1 |
| 10 | Ananya Gupta | 8000 | 0.05 | 8000 | 0.04 |
| 11 | Ruchika Kanoi | 16000 | 0.1 | 16000 | 0.08 |
| 12 | Rahul Kandoi | 8000 | 0.05 | 8000 | 0.04 |
- The company's business is significantly dependent on the performance of the construction and infrastructure sector, and any slowdown or adverse developments in these sectors may adversely affect its business, financial condition, results of operations and cash flows.
- The company deriveds a significant portion of its revenue from the sale and rental of the company's key product i.e. Aluminium Scaffolding. Any decline in the sale or rental services of its key offering could have an adverse effect on the company's business, results of operations and financial condition.
- The company does not have long-term agreements with its customers, and the company's revenues are dependent on purchase orders or work orders, which may not be renewed in the future.
- The object of the Offer relating to expansion of its rental segment is based on estimates and assumptions and the actual cost and implementation may vary from those disclosed.
- A significant portion of its revenue is derived from the company's rental business, and any decline in rental demand, changes in customer preferences or adverse developments in its rental operations may adversely affect the company's business, financial condition, results of operations and cash flows.
- The company's products are used in elevated-work environments with inherent safety risks, and any accidents or safety incidents involving its scaffoldings or ladders could expose the company to claims, litigation, regulatory action or reputational harm.
- The company has recently commenced in-house manufacturing of scaffoldings and ladders, and given the company's limited operating history in manufacturing, the company may faces challenges that could adversely affect its business, financial condition, results of operations and future growth prospects.
- The company is significantly dependent on a limited number of suppliers for procurement of its raw materials, with which the company does not have any long term agreements and any disruption in supply or volatility in raw material prices may adversely affect its business, financial condition, results of operations and cash flows.
- There are outstanding legal proceedings involving the Company. Any adverse decisions could impact its cash flows and profit or loss to the extent of demand amount, interest and penalty, divert management time and attention and have an adverse effect on the company's business, prospects, results of operations and financial condition.
- The company's business requires significant investment in equipments and inventories, and any under-utilisation of its rental equipments or inability to efficiently manage inventories could adversely affect the company's profitability, working capital and return on capital employed.
- The company's rental business exposes the company to credit risks, collection delays and equipment recovery issues, which may adversely affect its cash flows and profitability.
- The company is subject to stringent quality requirements, and any failures to meet prescribed standards may result in cancellation of orders, product recalls, warranty claims, liability exposure and reputational damage.
- All the company's offices (including registered office) are located on third party premises which are taken by the company on rental basis. If these arrangements/agreements are terminated or not renewed on terms acceptable to the company, it could have a material adverse effect on its business, financial condition and results of operations.
- Setting up of a new manufacturing facility requires substantial capital outlay before the company realize any benefits or returns on investments.
- Any disruptions or shutdown of its manufacturing operations at our existing facility could have an adverse effect on the company's business, financial condition and results of operations.
- The Company has unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans may adversely affect its cash flows.
- The company's business operations are majorly concentrated in certain geographical regions and any adverse developments affecting its operations in these regions could have a significant impact on the company's revenue and results of operations.
- The company requires certain approvals, licenses, registrations and permits to operate its business, and failures to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operate its business may adversely affect the company's operations and financial conditions.
- There have been certain delays in payment of statutory dues in the past. Any delay in payment of statutory dues in future, may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.
- The company intend to utilize a portion of the Net Proceeds for funding its capital expenditure requirements. The company has shortlisted vendors and obtained quotations from them, however, the company is yet to place orders or enter into definitive agreements with the vendors in relation to such capital expenditure requirements.
- Trade receivables form a major part of its current assets and net worth. Failures to manage the company's trade receivables could have an adverse effect on its net sales, profitability, cash flow and liquidity.
- The company's Group Companies forming part of the Promoter Group are engaged in a similar line of business. Any conflict of interest in the future may occur between the business of its Group Companies and the company, which may adversely affect its business, prospects, results of operations and financial condition.
- Under-utilization of the company manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance.
- Any negative publicity regarding the Company, brand or products, whether substantiated or not, including concerns about product quality, misbranding or customer service issues, could adversely impact its reputation, consumer trust and market position, which may materially affect the company's business, financial condition and results of operations.
- The company's failures to identify and adapt to evolving industry trends, technological developments and customer preferences may materially and adversely affect its business.
- The company is dependents upon the experience and skill of its Promoters, Key Managerial Personnel and Senior Management Personnel for conducting the company's business and undertaking its day to day operations. The loss of or its inability to retain, such persons could materially and adversely affect the company's business performance. In addition, excess rate of attrition amongst the personnel engaged by the Company may have an adverse impact on its business operations.
- The Promoters (including Promoter Group) and Directors hold 100.00% of the Equity Shares of the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company operates in a competitive industry and increased competition may lead to a reduction in the company's revenues, reduced profit margins or a loss of market share.
- The company's international sales expose the company to various risks, including foreign currency fluctuations, regulatory changes, and geopolitical uncertainties, which could adversely affect its revenues, margins and financial condition.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The company's operations and the work force are exposed to a variety of occupational and operational hazards, which may adversely affect its business, financial condition and results of operations.
- Dependence upon transportation services for supply and transportation of its products are subject to various uncertainties and risks, and delays in delivery may result in rejection of products by customer.
- If the company is not able to successfully manage the company's growth, the company's business and results of operations may be adversely affected.
- The company may be subject to third-party claims, indemnification obligations or invocation of guarantees arising from defects, accidents or damages related to its scaffoldings and ladders. Any such claims or liabilities could adversely impact the company's business operations, cash flows, financial condition, results of operations and reputation.
- The company's operations are subject to high working capital requirements. The company's inability to maintain an optimal level of working capital required for its business may impact the company's operations adversely.
- The company may be unable to adequately protect its intellectual property rights, and any actual or alleged infringement or misappropriation may adversely affect the company's business, financial condition and reputation.
- The average cost of acquisition of Equity Shares by its Promoters could be lower than the Offer price.
- The company's industry is labour intensive, and the company's business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by its employees or those of our suppliers.
- The company's insurance coverage may not be adequate to protect the company against certain operating hazards, and this may have a material adverse effect on its business.
- The company engages contract labour for carrying out certain operations, and the company may be held responsible for the payment of wages and other obligations of such workers if the independent contractors through whom they are engaged default on their obligations. Any such liability imposed on us could increase its costs and may have an adverse effect on the company's business, financial condition, results of operations and prospects.
- The company has incurred significant indebtedness which exposes the company to various risks which may have an adverse-effect on its business and results of operations.
- Loans availed by the Company has been secured on personal guarantees of its Promoters. The company's business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by its Promoters.
- Fraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- The company has not identified any alternate source of funding and hence any failure or delay on its part to mobilize the required resources or any shortfall in the Offer proceeds may delay the implementation schedule.
- The company is subject to the restrictive covenants of banks in respect of the Loans/ Credit Limits and other banking facilities availed from them.
- The Company will not receive any proceeds from the Offer for Sale portion of the Offer.
- The Objects of the Offer for which funds are being raised, are based on its management estimates and have not been appraised by any bank or financial institution or any independent agency.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Information relating to the company's production capacities and the historical capacity utilization of its production facilities included in this Red Herring Prospectus is based on certain assumptions and has been subjected to rounding off, and future production and capacity utilization may vary.
- The company's ability to pay any dividends will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete
- The company's Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- There is no guarantee that the Equity Shares of the Company will be listed on the Stock Exchanges in a timely manner or at all.
- Certain sections of this Red Herring Prospectus disclose information from industry report commissioned and paid for by the company and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
The Issue type of Msafe Equipments Ltd is Book Building - SME.
The minimum application for shares of Msafe Equipments Ltd is 2000.
The total shares issue of Msafe Equipments Ltd is 5400000.
Initial public offer of up to 54,00,000 equity shares of face value of Rs. 10/- each (The "Equity Shares") of Msafe Equipments Limited ("The Company" Or "MEL" Or "The Issuer") at an offer price of Rs.123 per equity share for cash, aggregating up to Rs.66.42 crores ("Public Offer") comprising of a fresh issue of up to 44,00,000 equity shares aggregating to Rs. 54.12 crores (The "Fresh Issue") and an offer for sale of up to 10,00,000 equity shares by the promoter selling shareholders, Ajay Kumar Kanoi and Vansh Aggarwal ("Offer For Sale") aggregating to Rs.12.3 crores, (Hereinafter Refferd As "Promoter Selling Shareholders") out of which 2,98,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs.123 per equity share for cash, aggregating Rs.3.67 crores will be reserved for subscription by the market maker to the offer (The "Market Maker Reservation Portion"). The public offer less market maker reservation portion i.e. offer of 51,02,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs.123 per equity share for cash, aggregating Rs. 62.75 crores is herein after referred to as the "Net Offer". The public offer and net offer will constitute 26.47% and 25.01% respectively of the post-offer paid-up equity share capital of the company.
Price Band: Rs. 123 per equity share of face value Rs. 10/- each.
The floor price is 12.3 times of the face value of the equity shares.
Bids can be made for a minimum of 2000 equity shares and in multiples of 1000 equity shares thereafter.