MSafe Equipments lists at 17% premium on BSE SME
MSafe Equipments, known for making safety gear used on construction sites, listed its shares at ₹144 on the BSE SME—17% above the IPO price of ₹123.
The excitement was real, but prices dipped slightly to ₹140 soon after trading began.
The IPO was nearly 154 times over subscribed
The IPO was a hit, getting subscribed nearly 154 times overall.
Non-institutional investors led the charge with 223 times subscription, while retail and institutional buyers also jumped in with over 133 and 118 times respectively.
MSafe's business and financials
MSafe builds and rents out things like scaffolding and ladders for people working at heights—think construction or big infrastructure projects.
The company's revenue has more than doubled in two years, hitting ₹71.34 crore with a solid net profit of ₹13 crore.
What the proceeds from the issue will be used for?
MSafe's total issue size was ₹66.42 crore, of which ₹54.12 crore were fresh proceeds to the company and ₹12.30 crore was an offer-for-sale by promoters.
Most of this will help build a new manufacturing facility and boost day-to-day operations.
Some funds are set aside to buy more rental equipment, while the rest will go toward general business needs.