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16 Jul, 2025
Safe Enterprises Retail Fixtures Limited IPO
Safe Enterprises Retail Fixtures Limited is launching its Initial Public Offering (IPO) on the NSE Emerge platform which will open for subscription from June 20 to June 24, 2025. The IPO consists entirely of a fresh issue of up to 1,23,00,000 equity shares, aiming to raise approximately ₹161.13–₹169.74 crore. The price band is set at ₹131–₹138 per share, with a minimum application lot of 1,000 shares. Shares are expected to be listed on June 27, 2025.
Company Background
Safe Enterprises Retail Fixtures Limited, originally established as a partnership in 1976 and incorporated as a public limited company in 2024, is a leading provider of customized shop fittings and retail fixture solutions. The company serves diverse retail segments, including fashion, electronics, hypermarkets and department stores, with a strong presence in both domestic and select international markets.
Operations & Product Range
Facility & Production:
Safe Enterprises operates three modern manufacturing units in Maharashtra and maintains an Experience Centre in Cochin. The company has registered 15 designs under the Designs Act 2000 and is ISO certified, ensuring stringent quality control from sourcing to installation.
Brands & Market Presence:
The company’s clientele includes major retail brands like Zudio, Westside, Godrej Nature's Basket, Reliance Retail and Future Group. Its product offerings span modular and electrified shop fittings, racks, shelving systems, checkout counters, mannequins and visual merchandising units, often integrated with advanced digital technologies such as LED lighting and interactive displays.
Revenue Channels
Safe Enterprises generates revenue primarily from:
- Design, manufacturing and installation of retail fixtures and furniture.
- Serving corporate clients, franchises, distributors and experience centers.
- Export operations (currently 1–1.3% of revenue), with international presence in Dubai and Kansas City.
Management & Shareholding
Promoters & Shareholding:
The promoter group held 95.19% pre-issue, which will reduce to 70.07% post-issue. The public shareholding will increase from 4.81% to 29.93% after the IPO.
Board Members:
The board members of Safe Enterprises Retail Technologies Private Limited are Saleem Shabbir Merchant, Munira Salimbhai Merchant, Huzefa Salim Merchant and Mikdad Saleem Merchant.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Safe Enterprises Retail Fixtures Limited IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Safe Enterprises Retail Fixtures Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | June 20, 2025 to June 24, 2025 |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Issue Price Band | ₹131 to ₹138 per share |
| Lot Size | 1,000 Shares |
| Total Issue Size (Ex Market Maker) | 1,16,76,000 shares (aggregating up to ₹161.13 Cr) |
| Fresh Issue (Ex Market Maker) | 1,16,76,000 shares (aggregating up to ₹161.13 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 3,43,04,478 shares |
| Share Holding Post Issue | 4,59,80,478 shares |
| Market Maker Portion | 6,24,000 shares |
Safe Enterprises Retail Fixtures Limited IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Fri, Jun 20, 2025 |
| IPO Close Date | Tue, Jun 24, 2025 |
| Tentative Allotment | Wed, Jun 25, 2025 |
| Initiation of Refunds | Thu, Jun 26, 2025 |
| Credit of Shares to Demat | Thu, Jun 26, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 24, 2025 |
Safe Enterprises Retail Fixtures Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1000 | ₹1,38,000 |
| Retail (Max) | 1 | 1000 | ₹1,38,000 |
| HNI (Min) | 2 | 2,000 | ₹2,76,000 |
Safe Enterprises Retail Fixtures IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 6,24,000 (4.83%) |
| QIB Shares Offered | 58,37,000 (45.16%) |
| Anchor Investor Shares Offered | 35,01,000 (27.09%) |
| QIB (Ex. Anchor) | 23,36,000 (18.07%) |
| Retail Shares Offered | 40,87,000 (31.62%) |
| NII (HNI) Shares Offered | 17,52,000 (13.56%) |
| Total Shares Offered | 1,29,24,000 (100.00%) |
Safe Enterprises Retail Fixtures Limited IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 95.18% |
| Share Holding Post Issue | 70.07% |
Competitive Strength:
- ● In-house manufacturing units with multi-material capabilities and strict quality control.
- ● Strong, diversified customer relationships across 25+ Indian states and international markets.
- ● Dedicated quality assurance team and ISO certifications.
- ● Senior management with deep industry expertise and a skilled design team.
- ● High profitability, with a PAT margin of 28.33% and strong ROE (77.54%) in FY25.
Safe Enterprises Retail Fixtures Limited IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Mar 2025 | 101.94 | 139.73 | 39.19 | 72.08 | 0 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 54.4 | 101.38 | 23Q | 28.99 | 0 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 77.54% |
| ROCE | 69.10% |
| RoNW | 54.37% |
| PAT Margin | 28.33% |
| Price to Book Value | 6.57 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 11.42 | 8.52 |
| P/E (x) | 12.08 | 16.19 |
IPO Objectives
-
The IPO proceeds will be used for:
- ● Capital expenditure to set up an integrated manufacturing facility (including land, construction and machinery).
- ● Investment in subsidiary Safe Enterprises Retail Technologies for manufacturing infrastructure.
- ● Meeting working capital requirements for both the company and its subsidiary.
- ● General corporate purposes.
Conclusion
Safe Enterprises Retail Fixtures Limited is a well-established player in the retail fixtures industry, offering end-to-end solutions to prominent retail brands. With robust financials, a strong client base and expansion plans supported by the IPO proceeds, the company is poised for further growth. However, risks such as revenue concentration, dependence on leased premises and limited export exposure should be considered by prospective investors.
RHP:
DRHP:
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Frequently asked Questions (FAQs )
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1. Which dates are Safe Enterprises Retail Fixtures Limited's initial public offerings?
On June 20, 2025, the IPO will open, and on June 24, 2025, it will shut. The shares are anticipated to become public on June 27, 2025, after the allocation is finalised on June 25.
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2. What is the IPO's pricing range and lot size?
The minimum application lot is 1,000 shares (₹1.31–₹1.38 lakh per lot), and the pricing range is ₹131–₹138 per share.
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3. With the IPO, how much does the company want to raise?
The IPO seeks to issue new shares with a target price range of ₹161.13 to ₹169.74 crore.
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4. What will the promoter holding be after the IPO?
Promoter holding will decrease from 95.19% pre-issue to 70.07% post-issue.
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5. What are the IPO's primary goals?
The money will be utilised for working capital, subsidiary investments, capital expenditures (new manufacturing unit), and general business needs.
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6. Who are the issue's registrar and lead manager?
Maashitla Securities Private Limited is the registrar, and Hem Securities Limited is the lead manager for bookkeeping.
