Msafe Equipments came to market through an SME IPO that opened on 28 January 2026 and closed on 30 January 2026, and the shares listed on 4 February 2026 on BSE SME. The price band was ₹116 to ₹123 per share and one lot was 1000 shares, so the minimum application was ₹1,23,000. The issue size was ₹66.42 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
Maashitla Securities Pvt.Ltd was the registrar to the issue, and Seren Capital Pvt.Ltd was the lead manager.
As of 30 January 2026.
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Incorporated in the year 2019, the company, Msafe Equipments Limited, is into the manufacturing, selling, and hiring of access, as well as height safety equipment for safe working at heights. Its product offering includes aluminum scaffoldings, mild steel (MS) scaffoldings, aluminum ladders, and fiber-reinforced plastic (FRP) ladders. Such products meet operational and qualitative demands in the context of construction, maintenance, installation, repair, and development.
It has three manufacturing units at Greater Noida, Uttar Pradesh, in addition to a storage network of 17 warehouses covering various states such as Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab, and West Bengal. These units work efficiently for storing, dispatching, or collecting the product for any sales or rental transactions.
During Fiscal 2025, their products were marketed in 22 States and 3 Union Territories to meet a multitude of client requirements in areas ranging from construction to interior and storage sectors. As on June 30, 2025, the Company had 299 permanent employees and 28 contractual employees, which ensured operational efficiency and geographical reach.
As described in the offer document.
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Pradeep Aggarwal, Ajay Kumar Kanoi, Vansh Aggarwal, Rushil Agarwal, Gaurav Ajay Kumar Kanoi, Rajani Ajay Kanoi, Monika Aggarwal. Promoter holding 100% before the issue and 73.53% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Msafe Equipments IPO was a ₹66.42 crore book-built issue, comprising a fresh issue of ₹54.12 crore and an offer for sale of ₹12.3 crore. It was priced at ₹116–₹123 per share with a lot size of 1,000 shares; the minimum retail application was 2,000 shares (₹2,46,000). The IPO was open from January 28 to January 30, 2026 and was subscribed 166.81x.
Shares listed on BSE SME on February 4, 2026 at ₹144, a 17.1% premium to the issue price of ₹123. Maashitla Securities Pvt. Ltd. is the registrar. Seren Capital Pvt. Ltd. is the book running lead manager.
The price band of Msafe Equipments IPO is ₹116 to ₹123 per share.
The lot size of Msafe Equipments IPO is 1000 shares.
The minimum investment for Msafe Equipments IPO is approximately ₹2,46,000 based on the upper price band.
The allotment date of Msafe Equipments IPO is Feb 2, 2026.
Msafe Equipments IPO's final recorded GMP before listing was ₹21 per share (a 17% premium over the ₹123 upper price band). The shares listed at ₹144. GMP is unofficial and does not forecast or guarantee the actual listing price.
You can check Msafe Equipments IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Msafe Equipments IPO allotment status on Rupix for quick and easy access.
₹116 to ₹123 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1000 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,23,000. After listing, SME shares also trade in lots rather than one share at a time.
₹1,23,000, for one lot of 1000 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 28 January 2026 and closed on 30 January 2026.
The basis of allotment was published on 2 February 2026 by Maashitla Securities Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 4 February 2026 on BSE SME.
The issue size was ₹66.42 crore. The fresh issue was 44,00,000 shares (aggregating up to ₹54.12 crore). The offer for sale was 10,00,000 shares (aggregating up to ₹12.3 crore).