Safe Enterprises Retail Fixtures IPO is a book-building issue worth ₹161.13 crore. This IPO consists entirely of a fresh issue of 116.76 lakh equity shares. The subscription window opens on June 20, 2025, and will close on June 24, 2025. The basis of allotment is likely to be finalised on June 25, 2025.
The shares are proposed to be listed on the NSE SME platform, with the tentative listing date set for June 27, 2025. The price band for Safe Enterprises Retail Fixtures IPO is fixed between ₹131 and ₹138 per share. The minimum lot size for retail investors is 1,000 shares, requiring an investment of ₹1,31,000.
However, bidding at the upper band (cut-off price) is suggested, taking the investment to ₹1,38,000, to increase chances in case of oversubscription. For High Net-Worth Individuals (HNIs), the minimum application is for 2 lots or 2,000 shares, which amounts to ₹2,76,000.
Hem Securities Limited is the lead manager for the issue, and Maashitla Securities Private Limited is the registrar. Hem Finlease Private Limited acts as the market maker for this IPO.
Industry Outlook
- India’s manufacturing sector reached a 16-year high with a PMI of 59.1 in March, driven by increased output, new orders, and job creation. With manufacturing contributing around 17% to GDP and projected to reach 25% by 2025, Safe Enterprises Retail Fixtures Limited stands to benefit from increased demand for retail infrastructure and fixtures across expanding manufacturing-linked retail channels.
- India’s retail market is expected to touch US$ 2 trillion by 2032, backed by rising urbanisation, middle-class consumption, and over 23 million sq. ft of new mall space by 2025.
- Online shoppers in India are projected to grow to 500 million by 2030, while the e-commerce market is set to hit US$ 350 billion in GMV. This shift is expected to drive demand for modern retail setups and warehouse shelving, supporting future growth for Safe Enterprises Retail Fixtures Limited in both online and offline retail formats.
Safe Enterprises Retail Fixtures IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company aims to use the proceeds to set up a new manufacturing unit to boost production capacity.
- Funds will be invested in subsidiary Safe Enterprises Retail Technologies Private Limited for plant and machinery expansion.
- A portion of the issue will be used to meet the company’s working capital needs.
- Additional investment will support the working capital requirements of the subsidiary as well.
- A portion of the funds will be used for general corporate purposes to support overall business needs.
About Safe Enterprises Retail Fixtures Limited
Safe Enterprises Retail Fixtures Limited is engaged in designing, manufacturing, supplying, and installing shop fittings and retail fixtures. The company offers customised in-store solutions across various retail segments, including fashion, electronics, and departmental stores.
Its services span from conceptual design and prototyping to manufacturing and installation, helping retailers meet the evolving display and storage needs of modern retail. Established in 1976 as a partnership firm, it later converted into a public limited company in July 2024.
The company holds ISO 9001:2015 and ISO 10001:2018 certifications for quality and customer satisfaction. It has 15 registered designs under the Designs Act 2000 and operates three fully equipped manufacturing units in Navi Mumbai. These units support activities like metal fabrication, woodworking, painting, testing, and assembly.
The company also runs an experience centre in Cochin and has two franchisees in Navi Mumbai and Hyderabad, along with distributors in Dubai and Kansas City. These centres enable architects and customers to explore technology-enabled shop fittings, including electrified units integrated with digital displays and IoT applications like Lift and Learn.
Safe Enterprises Retail Fixtures Limited has two subsidiaries—Safe Enterprises Retail Technologies Private Limited and Inscite Advisory Services LLP. The company sells its products across 25+ Indian states and exports to countries like the USA and UAE. Key leadership is handled by experienced professionals with decades of industry expertise.
How To Check the Allotment Status of Safe Enterprises Retail Fixtures IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Safe Enterprises Retail Fixtures IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Safe Enterprises Retail Fixtures IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Safe Enterprises Retail Fixtures IPO
Registered office: Plot No. D-372, TTC MIDC Industrial Area, MIDC Kukshet Village, Sanpada, Thane - 400703, Maharashtra, India
Phone: +917021883016
E-mail: compliance@safeenterprises.com
Safe Enterprises Retail Fixtures IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares Offered |
58,37,000 (45.16%) |
|
NII (HNI) Shares Offered |
17,52,000 (13.56%) |
|
Retail Shares Offered |
40,87,000 (31.62%) |
Safe Enterprises Retail Fixtures IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
1,000 |
₹1,31,000 |
|
Retail (Max) |
1 |
1,000 |
₹1,38,000 |
|
HNI (Min) |
2 |
2,000 |
₹2,76,000 |
Safe Enterprises Retail Fixtures IPO Anchor Investors Details
|
Event |
Date/Details |
|
Anchor Investor Bidding Date |
19 June 2025 |
|
Total Number of Shares Allocated |
35,01,000 |
|
Anchor Investor Portion (₹ in Cr) |
₹48.31 crore |
|
Lock-in End Date for 50% of Anchor Shares |
25 July 2025 |
|
Lock-in End Date for Remaining Shares |
23 September 2025 |
Safe Enterprises Retail Fixtures IPO Promoter Holding
Saleem Shabbir Merchant, Mikdad Saleem Merchant, Huzefa Salim Merchant and Munira Salimbhai Merchant are the promoters of the company.
|
Share Holding Pre-Issue |
95.18% |
|
Share Holding Post Issue  |
- |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Safe Enterprises Retail Fixtures IPO
|
KPI |
Value |
|
ROE (%) |
77.54 |
|
RoCE (%) |
69.10 |
|
Price to Book Value |
6.57 |
|
PAT Margin |
28.33 |
Safe Enterprises Retail Fixtures IPO Prospectus
Safe Enterprises Retail Fixtures IPO Registrar and Lead Managers
Safe Enterprises Retail Fixtures IPO Lead Managers
- Hem Securities Limited
Registrar for Safe Enterprises Retail Fixtures IPO
Maashitla Securities Private Limited
- Contact Number: +91-11-45121795-96
- Email Address: ipo@maashitla.com
Safe Enterprises Retail Fixtures IPO Registrar
Financial Performance of Safe Enterprises Retail Fixtures Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 13,831.31 | 10,091.49 |
| Profit/ (loss) for the year (in ₹ lakh) | 3,918.54 | 2,308.84 |
| Earnings per Share (₹) | 11.42 | 6.73 |
| Net Worth (in ₹ lakh) | 7,207.58 | 2,899.15 |
| Return on Equity (RoE) (%) | 77.54 | 105.34 |
| Return on Capital Employed (RoCE) | 69.10 | 104.94 |
| EBITDA (in ₹ lakh) | 5,210.65 | 3,425.54 |
Know before investing
Strengths
8Operates three fully equipped units with in-house multi-material production.
Serves over 25 Indian states and exports to multiple countries.
Earned ₹13,086.82 lakh revenue in FY25 from domestic sales.
Top 10 customers contributed 95.91% of FY25 operational revenue.
Planning ₹8,385.65 lakh investment in a new manufacturing unit.
Holds ISO 9001:2015 and ISO 10001:2018 quality management certifications.
Offers customised, electrified shop fittings through subsidiary with UL certification.
Strong leadership with combined 75+ years of industry-specific experience.
Risks
8Limited operating history since July 2024 may affect business evaluation.
Loss of top customer contributing 84.44% of FY25 revenue may hurt.
92.49% revenue from top five clients in FY25 raises dependency risk.
63.86% raw material from top ten suppliers in FY25 shows reliance.
Delays in ₹8385.65 lakh manufacturing unit setup may affect growth.
No ownership of premises may disrupt operations if rental ends.
Customisation errors by 15-member design team may impact deliveries.
Working capital risks as inventory hit ₹672.86 lakh in FY25.
Safe Enterprises Retail Fixtures IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | RoNW (%) | Total Income (in ₹ lakh) |
|---|---|---|---|---|
| Safe Enterprises Retail Fixtures Limited | 11.42 | 11.42 | 54.37 | 13,973.18 |
| Naman In-store (India) Limited | 11.99 | 11.99 | 7.91 | 15,712.71 |
