The Rs 66.42 crore IPO of Msafe Equipments was subscribed heavily during the bidding period, reflecting strong investor appetite for the issue. The public offer, which was open from January 28 to January 30, was subscribed nearly 167 times overall.
Demand was particularly robust in the non-institutional investor segment, which saw subscription of over 300 times, while retail investors subscribed the issue more than 130 times. Qualified institutional buyers also showed strong interest, subscribing their portion nearly 118 times.
The IPO comprised a fresh issue of shares worth Rs 54.12 crore and an offer-for-sale of Rs 12.30 crore by existing shareholders.
Msafe Equipments is engaged in the manufacturing, sale and rental of access and height-safety equipment used for working at heights. Its product portfolio includes aluminium and mild steel scaffoldings, aluminium ladders and FRP ladders, catering to construction, infrastructure, maintenance and installation activities. The company operates three manufacturing facilities in Greater Noida and has a warehouse network spread across several states, enabling nationwide distribution and rental operations.
The proceeds from the fresh issue are proposed to be used for setting up a new manufacturing facility, purchasing equipment for its rental business, meeting working capital requirements and for general corporate purposes. The company has shown strong growth in recent years, with profit after tax rising to Rs 13.01 crore in FY25 from Rs 6.55 crore in FY24, supported by healthy operating margins.
Msafe Equipments raised Rs 18.76 crore from anchor investors ahead of the issue, which also added to confidence around the offering. The IPO is being managed by Seren Capital, with Maashitla Securities acting as the registrar. Evermore Share Broking is the market maker for the issue.While the strong grey market premium and heavy subscription point to a positive debut, investors are expected to closely track broader market conditions and post-listing liquidity, which can significantly influence the stock’s performance after listing.
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