Safe Enterprises Retail Fixtures IPO is set to open on June 20, 2025, and will close on June 24, 2025. This IPO is a Book Build Issue with the company aiming to raise approximately ₹169.74 crores through a fresh issue of the same amount, while the offer for sale component details are yet to be disclosed. The Safe Enterprises Retail Fixtures IPO price band has been fixed between ₹131 to ₹138 per share, with a face value of ₹5 per equity share. The retail investor quota is reserved at 35%, while QIBs and HNIs have allocations of 50% and 15%, respectively. The IPO allotment date is scheduled for June 25, 2025, and the listing date on the NSE is set for June 27, 2025. Financially, Safe Enterprises Retail Fixtures has demonstrated strong growth, reporting a revenue of ₹139.73 crores in FY 2025 as compared to ₹101.38 crores in FY 2024, and a significant jump in profit from ₹23.09 crores in 2024 to ₹39.19 crores in 2025. Given the robust financial performance, strong revenue growth, and profit margin expansion, the Safe Enterprises Retail Fixtures IPO appears promising for long-term investment.
Safe Enterprises Retail Fixtures IPO Date & Price Band Details
| Category | Details |
|---|---|
| IPO Open Date: | June 20, 2025 |
| IPO Close Date: | June 24, 2025 |
| Face Value: | ₹5 Per Equity Share |
| IPO Price Band: | ₹131 to ₹138 Per Share |
| Issue Size: | Approx ₹169.74 Crores |
| Fresh Issue: | Approx ₹169.74 Crores |
| Issue Type: | Book Build Issue |
| IPO Listing: | NSE SME |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
Safe Enterprises Retail Fixtures Limited: Company Overview, Strengths, and Risks
Safe Enterprises Retail Fixtures Limited (SERFL) is a prominent player in the design, manufacturing, supply, and installation of retail shop fittings and fixtures. The company offers a wide range of customized in-store solutions across various retail segments, including fashion, electronics, and departmental stores. Originally founded as a partnership firm in 1976, it was restructured and incorporated as a public limited company in July 2024. Headquartered in Navi Mumbai, India, SERFL has established itself as a key provider of merchandising solutions, addressing challenges in display, placement, storage, and product safety for retailers and brand marketers.
Company Overview
SERFL’s offerings span both traditional customized fixtures and innovative modular systems, many of which integrate modern technologies such as IoT-enabled components, digital displays, and electrified systems. The company operates three manufacturing units in Navi Mumbai and Thane, Maharashtra, equipped for comprehensive in-house capabilities including metal fabrication, woodwork, carpentry, painting, and powder coating. It also has an Experience Centre in Cochin, franchisees in Navi Mumbai and Hyderabad, and distributors in Dubai and Kansas City, serving over 25 states and union territories in India, and exporting to countries like the USA, UAE, and Oman.
The company recently launched an Initial Public Offering (IPO) on the NSE Emerge platform, aiming to raise INR 169.74 crore primarily for setting up an integrated manufacturing facility, investing in its subsidiary (Safe Enterprises Retail Technologies Private Limited), and meeting working capital requirements.
Key Financial Highlights (FY25, Consolidated):
- Revenue: INR 138.31 crore
- EBITDA: INR 52.11 crore (37.67% margin)
- Net Profit: INR 39.18 crore (28.33% net margin)
- Return on Equity (ROE): 77.54%
- Return on Capital Employed (ROCE): 69.10%
- Revenue CAGR (FY23-FY25): 33.84%
- Profit After Tax CAGR (FY23-FY25): 80.04%
The company is led by Chairman and Managing Director Saleem Shabbir Merchant, who possesses over 48 years of industry experience.
Strengths
- Comprehensive In-house Manufacturing Capabilities: SERFL boasts extensive in-house capabilities across its three manufacturing units, covering all aspects from prototyping and metal fabrication to woodworking, painting, and assembly. This ensures high-quality control, minimal rejection rates, and the ability to produce multi-material products efficiently.
- Established Customer Relationships and Diversified Clientele: The company has built strong, long-term relationships with major retail chains and hypermarkets in India, including prominent names like Zudio, Westside, Godrej Nature’s Basket, Reliance Retail, and Future Group. This diverse client base, coupled with its consistent focus on quality, has fostered significant brand loyalty and repeat business.
- Experienced Senior Management and Design Team: The company benefits from a seasoned leadership team with decades of industry experience, including Chairman and MD Saleem Shabbir Merchant. This is complemented by a dedicated design and development team of 15 employees, fostering continuous product innovation and the creation of technologically integrated solutions (e.g., IoT-enabled, digital displays).
- Strong Financial Performance: SERFL has demonstrated robust financial growth, with significant year-on-year increases in revenue and net profit. Its high ROE and ROCE indicate efficient capital utilization and strong profitability. The company also reports zero external borrowings as of March 31, 2025, contributing to financial resilience.
- Focus on Quality and Certifications: The company maintains a consistent focus on quality throughout its operations, from raw material sourcing to installation. It holds ISO 9001:2015 (Quality Management) and ISO 10001:2018 (Quality Management and Customer Satisfaction) accreditations.
- Growing Market Presence: With sales in over 25 Indian states and union territories and expanding exports to countries like the USA, UAE, and Oman, SERFL has a broad and growing market footprint.
Risks
- Revenue Concentration Risk: A significant portion of the company’s revenue reportedly comes from a single large customer (84.53% of FY25 revenue from its largest customer, including multiple sub-brands). While long-term relationships mitigate some risk, any disruption with this key client could significantly impact financial performance.
- Project Execution and Design Risks: The company’s business relies heavily on the precise execution of projects and accurate designs for customized retail fixture solutions. Delays, cost overruns, or deviations from estimates during the setting up of the proposed new manufacturing unit or in project delivery could negatively affect its financial health and growth prospects.
- Intense Competition: The retail fixture industry is competitive and fragmented. SERFL faces competition from both domestic and international suppliers, which could pressure pricing and market share.
- Dependence on Retail Sector Performance: The company’s business is directly tied to the performance and capital spending of the retail sector. Economic slowdowns, changes in consumer spending habits, or shifts in retail strategies (e.g., increased e-commerce adoption) could reduce demand for physical retail fixtures.
- SME Listing Liquidity Risk: As the company is listed on the NSE Emerge platform (for Small & Medium Enterprises), its shares may experience lower liquidity compared to main-board listings, potentially limiting large-scale investor participation and making it harder for investors to buy or sell shares.
- Contingent Liabilities and Litigations: While the majority of contingent liabilities as of March 31, 2025 (INR 25.75 crore) are related to land, plant, and equipment purchases for expansion, the company also has pending tax litigations, including a personal tax demand against a promoter, which could have financial and reputational implications.
- Group Company Losses/Conflict of Interest: One of its subsidiaries, Inscite Advisory Services LLP, has reported losses. Additionally, the subsidiary Safe Enterprises Retail Technologies Private Limited operates in the same business area, and shared promoters could potentially lead to conflicts in business allocation and priorities.
Safe Enterprises Retail Fixtures IPO Market Lot
The Safe Enterprises Retail Fixtures IPO has a minimum market lot of 1000 shares, requiring a total application amount of ₹1,38,000 for retail investors. This allotment structure is based on the upper price band of ₹138 per share.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 1000 | ₹1,38,000 |
| Retail Maximum | 1 | 1000 | ₹1,38,000 |
| S-HNI Minimum | 2 | 2000 | ₹2,76,000 |
Safe Enterprises Retail Fixtures IPO Allotment & Listing Dates
The Safe Enterprises Retail Fixtures IPO is scheduled to open on June 20, 2025, and will close on June 24, 2025. The IPO allotment date is set for June 25, 2025, with the listing on the NSE expected on June 27, 2025.
| Type | Date |
|---|---|
| IPO Open Date: | June 20, 2025 |
| IPO Close Date: | June 24, 2025 |
| Basis of Allotment: | June 25, 2025 |
| Refunds: | June 26, 2025 |
| Credit to Demat Account: | June 26, 2025 |
| IPO Listing Date: | June 27, 2025 |
Safe Enterprises Retail Fixtures IPO: Promoters
The promoters of Safe Enterprises Retail Fixtures are Saleem Shabbir Merchant, Mikdad Saleem Merchant, Huzefa Salim Merchant, and Munira Salimbhai Merchant. Their collective leadership and industry experience form the backbone of the company’s growth and operational excellence. The strong promoter backing adds credibility and trust to the Safe Enterprises Retail Fixtures IPO, making it an attractive opportunity for long-term investors.
Safe Enterprises Retail Fixtures IPO Company Financial Report
Safe Enterprises Retail Fixtures has shown strong financial performance ahead of its IPO. The company reported a revenue of ₹139.73 crores in FY 2025, up from ₹101.38 crores in FY 2024, reflecting solid business growth. Additionally, the profit surged to ₹39.19 crores in 2025 compared to ₹23.09 crores in 2024, indicating healthy profitability and efficient operations. These impressive financial results highlight the company’s strong fundamentals and strengthen investor confidence in the Safe Enterprises Retail Fixtures IPO for potential long-term gains.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2024 | ₹101.38 | ₹70.11 | ₹23.09 | ₹54.40 |
| 2025 | ₹139.73 | ₹89.73 | ₹39.19 | ₹101.94 |
Safe Enterprises Retail Fixtures IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 77.54% |
| ROCE: | 69.10% |
| EBITDA Margin: | 37.67% |
| PAT Margin: | 28.33% |
| Debt to equity ratio: | 0.0) |
| Earning Per Share (EPS): | ₹11.42 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 54.37% |
| Net Asset Value (NAV): | ₹21.01 |
Safe Enterprises Retail Fixtures Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Naman In-Store (India) Limited | 5.34 | 21.31 | 7.91% | NA | 157.13 Cr. |
Objects of the Issue – Safe Enterprises Retail Fixtures IPO
- Funding capital expenditure for setting up a new manufacturing unit.
- Investment in the subsidiary, Safe Enterprises Retail Technologies Private Limited, for financing capital expenditure towards installation of additional plant and machinery.
- Meeting working capital requirements of the company.
- Investment in the subsidiary, Safe Enterprises Retail Technologies Private Limited, to meet its working capital requirements.
- General corporate purposes.
Safe Enterprises Retail Fixtures IPO Review
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Safe Enterprises Retail Fixtures IPO Registrar
Maashitla Securities Private Limited
Phone: +91-11-45121795-96
Email: ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues
IPO Lead Managers aka Merchant Bankers
- Hem Securities Limited
Company Address
Safe Enterprises Retail Fixtures Limited
Plot No. D-372
TTC MIDC Industrial Area,
MIDC Kukshet Village, Sanpada,
Phone: +917021883016
Email: compliance@safeenterprises.com
Website: https://safeenterprises.com/
FAQs on Safe Enterprises Retail Fixtures IPO
The Safe Enterprises Retail Fixtures IPO opens on June 20, 2025, and closes on June 24, 2025.
The IPO price band is set between ₹131 to ₹138 per share.
The minimum market lot is 1000 shares, requiring an investment of ₹1,38,000.
The IPO allotment will be finalized on June 25, 2025.
The shares will be listed on the NSE SME platform on June 27, 2025.
The company plans to raise approximately ₹169.74 crores through the IPO.
Funds will be used for setting up a new manufacturing unit, investment in the subsidiary, working capital requirements, and general corporate purposes.
In FY 2025, the company reported revenue of ₹139.73 crores and net profit of ₹39.19 crores, showing strong growth.
The promoters include Saleem Shabbir Merchant, Mikdad Saleem Merchant, Huzefa Salim Merchant, and Munira Salimbhai Merchant.
The registrar is Maashitla Securities Private Limited.
