Msafe Equipments IPO Listing: Safety equipment manufacturing company Msafe Equipments made a strong debut on BSE SME today. Its IPO also received an overwhelming response from investors, it was oversubscribed more than 166 times. Shares in the IPO were issued at a price of ₹ 123 per share.

Today, the stock listed at ₹144.00 on BSE SME, giving IPO investors a listing gain of 17.07%. However, the joy of IPO investors did not last long, as the share price fell. It reached the lower circuit at ₹136.80, which means IPO investors are now at a profit of 11.22%.

The ₹66 crore IPO of Msafe Equipments was open for subscription from January 28-30. The IPO received a tremendous response from investors. It was oversubscribed a total of 166.72 times.

How will Msafe Equipments IPO funds be used?

The reserved portion for Qualified Institutional Buyers (QIBs) was subscribed 117.97 times (except anchor investors), Non-Institutional Investors (NIIs) portion was subscribed 308.23 times and Retail Investors portion was subscribed 133.16 times. New shares worth ₹54 crore were issued under this IPO.

Apart from this, 54 lakh shares with face value of ₹10 were sold under the offer for sale window. The money received from the offer for sale went to the selling shareholders.

Of the funds raised through fresh shares, ₹32.26 crore will be used for setting up a new manufacturing facility, ₹6 crore for leasing manufacturing equipment, ₹8.00 crore for working capital needs and the remaining funds will be used for general corporate purposes.

About Msafe Equipments

Established in 2019, Msafe Equipments manufactures, sells and rents equipment required for safe work at heights.

Its product portfolio includes Aluminum Scaffolding, Mild Steel Scaffolding, Aluminum Stairs and Fiberglass Reinforced Plastic Stairs.

The company has three manufacturing facilities in Greater Noida, Uttar Pradesh and 17 warehouses in Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab and West Bengal.