MSafe Equipments IPO listing: Shares make strong debut, list at 17% premium

MSafe Equipments IPO listing: MSafe Equipments share price made a strong debut on Wednesday, February 4, as it listed at a premium of 17% over the IPO upper price of ₹123.

MSafe Equipments shares opened at ₹144 apiece on the BSE SME on Wednesday. This means that the IPO allottees gained 17% on MSafe Equipments' listing.

The listing of MSafe Equipments IPO came in line with the market expectations. Ahead of listing, the GMP of MSafe Equipments IPO was +21, which indicated the estimated listing of ₹144, as per websites tracking grey market trends.

After listing, MSafe Equipments share price immediately fell 2.78% to ₹140 on the BSE.

MSafe Equipments IPO details

The SME IPO was subscribed 153.98 times, attracting bids for 59,66,65,000 shares as against 38,75,000 shares available for bidding, as per BSE data.

The allotment of MSafe Equipments IPO was finalised on Monday, February 2.

Priced in the range of ₹116– ₹123 per share, the IPO sought to raise ₹66.42 crore, comprising a fresh issue of 44 lakh shares worth ₹54.12 crore and an offer for sale of ₹12.30 crore by promoters Ajay Kumar Kanoi and Vansh Aggarwal.

Proceeds from the issue will be used to meet capital expenditure needs for setting up a manufacturing facility, fund working capital requirements, acquire manufacturing equipment for rental operations, and for general corporate purposes.

Seren Capital Pvt.Ltd. is the book running lead manager and Maashitla Securities Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Evermore Share Broking Private Limited.

Msafe Equipments is engaged in the manufacturing, sale, and rental of height-safety equipment used for working safely at elevated locations. Its product range includes aluminium ladders, aluminium and mild steel scaffoldings, and fibre-reinforced plastic ladders.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.