Msafe Equipments IPO was introduced as a Book Built SME public issue by Msafe Equipments Limited. The public offering consisted of a fresh issue of equity shares along with an offer for sale. Through the fresh issue, the company aims to strengthen its financial resources for future business requirements, while the offer for sale provides an opportunity for certain existing shareholders to partially reduce their shareholding. After the completion of the IPO process, the company’s equity shares were listed on the BSE SME platform.
Msafe Equipments Limited operates in the industrial safety and fire protection sector by supplying a broad range of safety products and engineering solutions. The company provides products and services that support industrial facilities, commercial buildings, infrastructure projects, manufacturing units, healthcare institutions, and other organisations requiring safety and protection systems.
Its business covers the supply, installation, testing, commissioning, and maintenance of safety-related equipment and systems. By combining technical expertise with project execution capabilities, the company focuses on delivering reliable and customised safety solutions that meet the operational requirements of different industries.
Growing investments in infrastructure, manufacturing, logistics, commercial real estate, healthcare, and industrial development continue to increase the demand for safety equipment and fire protection systems across India. These long-term industry trends are expected to create favourable growth opportunities for companies operating in this sector.
Although the IPO process has been completed and the company’s shares are listed, investors should carefully evaluate its financial performance, business model, valuation, industry outlook, and long-term growth prospects before making any investment decision.
Msafe Equipments IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Msafe Equipments IPO |
| Company Name | Msafe Equipments Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹116 to ₹123 Per Share |
| Issue Size | ₹66.42 Crore |
| Fresh Issue | ₹54.12 Crore |
| Offer for Sale | ₹12.30 Crore |
| Total Shares Offered | 54,00,000 Equity Shares |
| Fresh Issue Shares | 44,00,000 Equity Shares |
| Offer for Sale Shares | 10,00,000 Equity Shares |
| IPO Open Date | 28 January 2026 |
| IPO Close Date | 30 January 2026 |
| Basis of Allotment | 2 February 2026 |
| Refund Initiation | 3 February 2026 |
| Shares Credited to Demat Account | 3 February 2026 |
| Listing Date | 4 February 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 1,000 Equity Shares |
| Registrar | Maashitla Securities Private Limited |
| Book Running Lead Manager | Seren Capital Private Limited |
The IPO included both a fresh issue and an offer for sale. The capital raised through the fresh issue is intended to support business expansion, strengthen operational capabilities, meet working capital requirements, and fulfil general corporate purposes, while the proceeds from the offer for sale will be received by the respective selling shareholders.
Msafe Equipments IPO Dates
The important dates relating to the Msafe Equipments IPO are provided below.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 28 January 2026 |
| IPO Closing Date | 30 January 2026 |
| Basis of Allotment | 2 February 2026 |
| Refund Initiation | 3 February 2026 |
| Shares Credited to Demat Account | 3 February 2026 |
| Listing Date | 4 February 2026 |
Following the completion of the allotment process, successful applicants received the allotted equity shares in their demat accounts before trading commenced on the BSE SME platform.
Msafe Equipments IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The allocation of shares among different investor categories was carried out in accordance with the regulatory framework applicable to SME Book Built public issues. The final allotment in each category depended on the number of valid applications received during the bidding period.
Msafe Equipments IPO Lot Size
| Application Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail (Minimum) | 2 | 2,000 | ₹246,000 |
| Retail (Maximum) | 2 | 2,000 | ₹246,000 |
| S-HNI (Minimum) | 3 | 3,000 | ₹369,000 |
| B-HNI (Minimum) | 9 | 9,000 | ₹1,107,000 |
Applications were accepted only in the prescribed lot size and in multiples thereafter. The investment amounts shown above are calculated using the upper price band of ₹123 per equity share.
About Msafe Equipments Limited
Msafe Equipments Limited is engaged in providing industrial safety, fire protection, and engineering solutions for a wide range of industries. The company offers safety equipment, fire protection systems, and related services to customers operating in manufacturing, infrastructure, commercial, healthcare, logistics, warehousing, oil & gas, power, and other industrial sectors.
The company provides complete safety solutions that include product supply, system design, installation, testing, commissioning, inspection, maintenance, and after-sales support. Its integrated business model enables customers to source multiple safety products and services through a single platform.
Msafe Equipments Limited focuses on delivering quality products that comply with applicable safety standards while ensuring reliable project execution. By combining technical expertise with customer-focused solutions, the company has built long-term relationships across various industries.
With increasing awareness of workplace safety, stricter regulatory compliance, and rising investments in infrastructure and industrial development, the company continues to strengthen its operations while expanding its presence in the organised safety equipment market.
Business Operations
Msafe Equipments Limited operates as a provider of industrial safety equipment and fire protection solutions. The company serves customers by supplying products as well as executing projects involving installation and maintenance of safety systems.
Its principal business activities include:
- Supply of industrial safety equipment.
- Fire detection and fire protection systems.
- Personal protective equipment (PPE).
- Fire extinguishers and fire suppression solutions.
- Safety signages and emergency equipment.
- Design and installation of fire safety systems.
- Testing, commissioning, inspection, and maintenance services.
- Annual maintenance contracts (AMC) for safety systems.
- Engineering and project execution services.
- Turnkey industrial safety solutions.
The company’s diversified operations allow it to serve customers across multiple industries while providing comprehensive safety and protection solutions.
Product Portfolio
Msafe Equipments Limited offers a broad range of safety products and engineered solutions designed for commercial and industrial applications.
Its major product categories include:
- Fire Detection Systems
- Fire Alarm Systems
- Fire Suppression Systems
- Fire Hydrant Systems
- Fire Extinguishers
- Sprinkler Systems
- Personal Protective Equipment (PPE)
- Industrial Safety Equipment
- Gas Detection Systems
- Emergency Evacuation Equipment
- Safety Signages
- Rescue Equipment
- Electrical Safety Products
- Industrial Safety Accessories
The diversified product portfolio enables the company to address the safety requirements of customers across manufacturing facilities, commercial buildings, hospitals, warehouses, educational institutions, and infrastructure projects.
Industry Overview
India’s industrial safety and fire protection industry has grown steadily due to increasing industrialisation, infrastructure development, urban expansion, and stricter workplace safety regulations. Government regulations and industry standards have encouraged businesses to invest in advanced fire protection systems and industrial safety equipment to safeguard people, assets, and operations.
Growing investments in manufacturing facilities, logistics parks, commercial complexes, healthcare institutions, airports, metro rail projects, power plants, and data centres have significantly increased the demand for integrated fire protection and industrial safety solutions.
In addition, rising awareness regarding occupational health and workplace safety has accelerated the adoption of personal protective equipment, fire detection systems, emergency response solutions, and preventive safety measures across multiple sectors.
As industrial and commercial infrastructure continues to expand throughout the country, demand for comprehensive safety solutions is expected to remain strong, creating long-term growth opportunities for companies operating in this sector.
Business Strategy
Msafe Equipments Limited aims to strengthen its position by expanding its product portfolio, increasing project execution capabilities, and enhancing customer relationships across different industries.
The company plans to broaden its geographical presence while securing new contracts from industrial, commercial, and infrastructure projects. It also focuses on strengthening its engineering capabilities and improving operational efficiency to deliver projects within scheduled timelines.
Another important strategic objective is to expand value-added services such as installation, inspection, testing, and annual maintenance contracts, enabling the company to generate recurring business from existing customers.
Going forward, Msafe Equipments Limited intends to leverage the growing demand for industrial safety and fire protection solutions by improving operational capabilities, expanding its customer base, and maintaining high standards of product quality and service delivery.
Msafe Equipments IPO Financial Information
A company’s financial performance provides important insights into its revenue growth, profitability, operational efficiency, and financial stability. Before investing in an IPO, investors generally review the company’s financial statements and key performance indicators to understand its business fundamentals and future growth potential.
Msafe Equipments Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹95.84 Crore | ₹131.72 Crore | ₹178.96 Crore |
| Total Income | ₹96.27 Crore | ₹132.41 Crore | ₹179.84 Crore |
| EBITDA | ₹12.43 Crore | ₹17.38 Crore | ₹24.62 Crore |
| Profit Before Tax (PBT) | ₹7.84 Crore | ₹11.36 Crore | ₹16.74 Crore |
| Profit After Tax (PAT) | ₹5.89 Crore | ₹8.43 Crore | ₹12.41 Crore |
| Net Worth | ₹26.78 Crore | ₹35.84 Crore | ₹48.63 Crore |
| Total Borrowings | ₹12.57 Crore | ₹14.06 Crore | ₹15.48 Crore |
The company has reported consistent growth in revenue and profitability during the last three financial years. Rising operating income, improving earnings, and growth in net worth indicate expansion of business operations and better financial performance. The company’s borrowing levels also remain manageable in relation to its business growth.
Msafe Equipments IPO Key Performance Indicators (KPIs)
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 28.54% |
| Return on Capital Employed (ROCE) | 31.47% |
| Return on Net Worth (RONW) | 25.52% |
| EBITDA Margin | 13.69% |
| PAT Margin | 6.90% |
| Debt-to-Equity Ratio | 0.32 |
| Earnings Per Share (EPS) | ₹8.62 |
| Net Asset Value (NAV) Per Share | ₹33.78 |
| Price to Earnings (P/E) | 14.27x |
The financial indicators reflect healthy profitability, efficient utilisation of capital, and a balanced capital structure. Investors should analyse these ratios together with the company’s business model, industry outlook, competitive position, and valuation before making an investment decision.
Objects of the Msafe Equipments IPO
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
- Funding working capital requirements.
- Capital expenditure for business expansion.
- Investment in operational infrastructure.
- Strengthening business development initiatives.
- General corporate purposes.
The proposed utilisation of the IPO proceeds is expected to improve the company’s operational capabilities, strengthen working capital, support future expansion plans, and enhance its overall business efficiency.
Msafe Equipments IPO Listing Performance
The listing performance of an IPO indicates how the market responded when the company’s shares began trading on the stock exchange. While listing gains may reflect positive investor sentiment, investment decisions should always be based on the company’s financial performance, business fundamentals, valuation, and long-term growth prospects rather than short-term price movements.
Msafe Equipments IPO Listing Details
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 4 February 2026 |
| Issue Price | ₹123 Per Share |
| Listing Price | ₹148.80 Per Share |
| Listing Gain | 20.98% |
| Closing Price on Listing Day | ₹156.20 Per Share |
Msafe Equipments Limited made its debut on the BSE SME platform at a premium over its issue price, reflecting healthy investor participation during the IPO. However, investors should evaluate the company’s long-term business performance and growth strategy instead of relying solely on listing-day returns.
Msafe Equipments IPO Subscription Status
The subscription data provides an overview of investor participation during the IPO bidding period. Strong subscription generally indicates positive market interest, although investors should also consider the company’s valuation, financial position, and future growth potential before making an investment decision.
Msafe Equipments IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 54.87 Times |
| Non-Institutional Investors (NII) | 189.36 Times |
| Retail Individual Investors (RII) | 121.74 Times |
| Total Subscription | 113.42 Times |
The IPO witnessed robust demand across all investor categories. The Non-Institutional Investor (NII) segment recorded the highest participation, while strong interest from retail and institutional investors also contributed to the overall subscription.
Msafe Equipments IPO Review
Msafe Equipments Limited operates in the industrial safety and fire protection industry by supplying a comprehensive range of safety equipment, fire protection systems, and engineering solutions. The company also undertakes installation, testing, commissioning, inspection, and maintenance services, enabling it to provide integrated safety solutions across multiple sectors.
Its diversified product portfolio, technical capabilities, and project execution experience enable the company to serve customers operating in manufacturing, infrastructure, healthcare, logistics, commercial buildings, and other industrial segments. The company continues to focus on improving operational efficiency while expanding its customer base and service offerings.
The increasing emphasis on workplace safety, regulatory compliance, infrastructure development, and industrial expansion is expected to support sustained demand for industrial safety products and fire protection systems in the coming years.
However, investors should also consider factors such as project execution risks, competitive pressure, fluctuations in procurement costs, dependence on industrial capital expenditure, and changes in regulatory requirements before making an investment decision.
Msafe Equipments IPO Strengths
Msafe Equipments Limited has several business strengths that support its long-term growth strategy.
- Diversified portfolio of industrial safety and fire protection products.
- End-to-end capabilities covering supply, installation, testing, and maintenance.
- Experienced management team with industry knowledge.
- Strong project execution capabilities.
- Long-term relationships with customers across multiple industries.
- Focus on quality standards and technical expertise.
- Presence in a growing industrial safety market.
- Scalable business model supported by expansion opportunities.
Msafe Equipments IPO Risk Factors
Like other companies operating in the industrial safety sector, Msafe Equipments Limited is exposed to several operational and industry-related risks.
- Intense competition from organised and regional market participants.
- Dependence on timely execution of customer projects.
- Delay in project completion may affect revenue recognition.
- Working capital requirements remain significant for business operations.
- Fluctuations in raw material and procurement costs may impact profitability.
- Dependence on industrial and infrastructure spending.
- Changes in safety regulations and compliance requirements may affect operations.
- Economic slowdowns could influence customer demand and new project opportunities.
Msafe Equipments IPO Promoters
Msafe Equipments Limited is promoted by experienced professionals who have played an important role in developing the company’s industrial safety and fire protection business. The promoters have focused on expanding the company’s product portfolio, strengthening project execution capabilities, improving customer relationships, and supporting long-term business growth.
Msafe Equipments IPO Promoters Details
| Promoter | Designation |
|---|---|
| Mohammed Salim | Promoter & Managing Director |
| Shabana Salim | Promoter & Director |
Msafe Equipments IPO Management Team
The company is managed by professionals with experience in industrial safety, fire protection systems, engineering, project execution, finance, procurement, and corporate governance. The management team is responsible for overseeing daily operations, business development, customer service, and the company’s long-term strategic initiatives.
| Name | Designation |
|---|---|
| Mohammed Salim | Managing Director |
| Shabana Salim | Director |
| Executive Director | Executive Director |
| Chief Financial Officer | CFO |
| Company Secretary & Compliance Officer | Company Secretary |
| Independent Directors | Independent Directors |
Msafe Equipments IPO Registrar Details
Maashitla Securities Private Limited acted as the registrar to the public issue. The registrar was responsible for processing IPO applications, finalising the basis of allotment, facilitating the credit of allotted equity shares to investors’ demat accounts, processing refunds where applicable, and handling investor-related queries after the completion of the issue.
| Particular | Details |
|---|---|
| Registrar Name | Maashitla Securities Private Limited |
| Website | https://maashitla.com/ |
| IPO Allotment Status | https://maashitla.com/allotment-status/public-issues |
| Email ID | [email protected] |
| Contact Number | +91-11-4512 1795 |
Investors may contact the registrar for assistance regarding allotment status, refunds, demat credit, or other IPO-related services.
Msafe Equipments IPO Lead Manager Details
Seren Capital Private Limited served as the Book Running Lead Manager for the IPO. The lead manager coordinated the public issue, managed regulatory documentation, worked with intermediaries involved in the offering, and assisted the company throughout the IPO process to ensure compliance with applicable regulations.
| Particular | Details |
|---|---|
| Lead Manager | Seren Capital Private Limited |
| Website | https://serencapital.in/ |
| Email ID | [email protected] |
| Contact Number | As available on the official website |
The lead manager assisted the company in successfully completing the IPO process while ensuring compliance with the applicable regulatory framework.
Msafe Equipments Limited Contact Details
The following contact details may be used by investors, customers, suppliers, and other stakeholders for business and investor-related communication.
| Particular | Details |
|---|---|
| Company Name | Msafe Equipments Limited |
| Registered Office | Mumbai, Maharashtra, India |
| Website | https://www.msafegroup.co.in/ |
| Email ID | [email protected] |
| Phone Number | As available on the company’s official website |
How to Check Msafe Equipments IPO Allotment Status
Applicants could check the allotment status after the basis of allotment was finalised through either the registrar’s online portal or the BSE IPO platform.
Through Maashitla Securities Private Limited
- Visit the official IPO allotment portal of Maashitla Securities Private Limited.
- Select Msafe Equipments IPO from the list of available public issues.
- Choose any one of the available search options such as PAN, Application Number, or DP/Client ID.
- Enter the required details.
- Click on the submit button to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment portal.
- Select Msafe Equipments IPO from the available IPO list.
- Enter your PAN number or Application Number.
- Complete the verification process, if required.
- Click on the search button to check your allotment status.
Frequently Asked Questions (FAQs)
What is Msafe Equipments IPO?
Msafe Equipments IPO is a Book Built SME public issue comprising a fresh issue of equity shares and an offer for sale.
What was the price band of the Msafe Equipments IPO?
The IPO was offered at a price band of ₹116 to ₹123 per equity share.
What was the total issue size of the Msafe Equipments IPO?
The total issue size of the IPO was ₹66.42 crore.
When did the Msafe Equipments IPO open and close?
The IPO opened on 28 January 2026 and closed on 30 January 2026.
On which stock exchange are Msafe Equipments shares listed?
The company’s equity shares are listed on the BSE SME platform.
Who was the registrar for the Msafe Equipments IPO?
Maashitla Securities Private Limited was appointed as the registrar to the issue.
Who was the lead manager for the Msafe Equipments IPO?
Seren Capital Private Limited acted as the Book Running Lead Manager for the IPO.
What was the minimum lot size for the Msafe Equipments IPO?
Retail investors were required to apply for a minimum of 2 lots comprising 2,000 equity shares.
What does Msafe Equipments Limited do?
Msafe Equipments Limited provides industrial safety products, fire protection systems, personal protective equipment, and related engineering, installation, testing, and maintenance services for customers across multiple industries.
What were the objectives of the Msafe Equipments IPO?
The company intends to utilise the proceeds from the fresh issue for working capital requirements, business expansion, strengthening operational infrastructure, and general corporate purposes.
