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New Delhi: Msafe Equipments Ltd IPO is creating a huge buzz in the grey market. January 30, i.e., today is the last day to apply for the SME IPO. The issue has received tremendous response from investors and the total subscription was recorded at 25.55 times by today morning

Msafe Equipments SME IPO is a Rs 66.42 crore offer; combination of fresh issue of 44 lakh new shares (Rs 54.12 crore) and an offer for sale of 10 lakh shares (Rs 12.30 crore). Promoters Vansh Aggarwal and Ajay Kumar Kanoi are selling their stake through OFS.

The retail category received a subscription of 24.69 times. the share of Qualified Institutional Buyers (QIB — X anchor) fetched a subscription of 7.85 times, while Non-Institutional Investors (NII) garnered 50.82 times subscription by today morning.

The Msafe Equipments IPO price band has been fixed in the range of Rs 116 to Rs 123 per share. There are 1,000 shares in a lot. Retail investors must apply for a minimum of 2 lots i.e. 2,000 shares.

Msafe Equipments IPO GMP

According to Investorgain, the latest Grey Market Premium (GMP) of Msafe Equipments IPO stood at Rs 26. According to the upper price band of Rs 123, the estimated listing price of the stock is Rs 149, which indicates a potential profit of about 21% on listing. Its GMP is witnessing a steady rise.

Msafe Equipments IPO details

The proceeds raised from the fresh issue will be used for setting up new manufacturing facilities, purchasing manufacturing equipment for rental, working capital needs and general corporate purposes.

Msafe Equipments expected IPO Allotment date: 2 February

Msafe Equipments shares will list on BSE SME platfirm with a tentative date February 4.

Msafe Equipments business

Msafe Equipments manufactures, sells and rents access and safety equipment used for safe work at high altitude. Its product portfolio includes Aluminum Scaffolding, Aluminum Ladder, Mild Steel Scaffolding and FRP Ladder.

(Disclaimer: News9 has nothing to do with determining GMP. The media house alerts investors not to decide on investments based solely on GMP. Before investing, make sure to check the company’s fundamentals and consult an expert. This article is only meant to provide information and News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds)