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Msafe Equipments Ltd
Non Ferrous MetalsIPOSME
₹123 - 123
Incorporated in 2019, we are engaged in the business of manufacturing, sales and rental of access and height-safety equipments, primarily used to facilitate safe working at heights. Our product portfolio 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.
Lot1,000Min Invest₹2,46,000Face Value₹10Issue Size₹66 CrFresh Issue₹54 CrOffer for Sale₹12 CrListing Price₹144CMP₹268
Timeline
28 Jan
Bidding opens
30 Jan
Bidding closes
2 Feb
Allotment
3 Feb
Refund & demat credit
4 Feb
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹66 Cr0.54 Cr shares
Fresh Issue₹54 Cr
Offer for Sale₹12 Cr
Face Value₹10
Lot Size1,000 shares
ReservationQIB 49.82% · NII 15.17% · RETAIL 35.01%
Application Sizes
Retail₹2,46,0001-1 lots
sNII₹2,46,000from 2 lots
bNII₹11,07,000from 9 lots
Managers & Registrar
Lead ManagerSeren Capital Private Limited
RegistrarMaashitla Securities Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrAjay Kumar KanoiPRMTR5,00,0006.15Vansh AggarwalPRMTR5,00,0006.15Total10,00,00012.30
Shareholding
CategoryPre IPOPost IPOPromoter Group99.14%72.85%Public0.86%27.15%
Objects of the Issue
- Funding of Capital expenditure towards setup of a new Manufacturing Facility
- Funding of Capital expenditure for manufacturing of equipments for Rental purpose
- Utilization towards working capital requirements
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 16 | 30 | 48 | 71 | 104 |
| Operating ProfitCr | 4 | 9 | 15 | 26 | 41 |
| OPM% | 26.7 | 30.9 | 31.4 | 36.5 | 39.5 |
| PBTCr | 3 | 5 | 9 | 17 | 30 |
| PATCr | 2 | 4 | 7 | 13 | 22 |
| EPS | 2,092 | 2 | 4 | 8 | 13 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 1 | 1 | 1 | 20 |
| ReservesCr | 2 | 5 | 12 | 25 | 78 |
| BorrowingsCr | 11 | 20 | 26 | 33 | 39 |
| Total AssetsCr | 20 | 34 | 48 | 70 | 149 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | - | 5 | 6 | 14 | 12 |
| Investing Cash FlowCr | - | -13 | -10 | -18 | -63 |
| Financing Cash FlowCr | - | 9 | 3 | 4 | 52 |
| Net Cash FlowCr | - | 0 | 0 | 0 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- 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.
Strategies · as stated in the DRHP
- Expand our production capabilities by setting up a new manufacturing facility.
- Proposed Expansion into Hanging Scaffolding and Ladder Segments.
- Focus on consistently meeting quality standards.
Risks · as stated in the DRHP
- 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.