Safety Equipment - Listed on 04 February 2026
Msafe Equipments (Safety Equipment) closed its IPO window in 2026 and listed on NSE and BSE on 04 February 2026 at an upper band issue price of Rs 123, opening at Rs 144 for a listing gain of +17.1% and closing day one at Rs 150.3 (+22.2% on closing basis). The IPO was subscribed 166.80x overall - QIB 117.97x, HNI/NII 308.61x, Retail 133.15x. The total issue size was Rs 66.42 Cr (Fresh Issue Rs 54.12 Cr, OFS Rs 12.3 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Safety Equipment
Msafe Equipments operates in the Safety Equipment space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The Msafe Equipments issue was offered at an upper price of Rs 123 and raised approximately Rs 66.42 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 15 | +12.20% |
| Day 2 | Rs 26 | +21.14% |
| Day 3 | Rs 25 | +20.33% |
| Day 4 | Rs 25 | +20.33% |
| Day 5 | Rs 23 | +18.70% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the Msafe Equipments IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
Msafe Equipments IPO listed at +17.1% versus the upper issue price of Rs 123 on 04 February 2026.
Msafe Equipments IPO was subscribed 166.80x overall. QIB portion was subscribed 117.97x, HNI / NII 308.61x and Retail 133.15x.
IPO GMP started at Rs 15 on Day 1 and moved to Rs 23 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.