Here’s a comprehensive overview of the Safe Enterprises Retail Fixtures Limited IPO:
Safe Enterprises Retail Fixtures Limited IPO Dates
| Event | Date |
|---|---|
| Opening Date | 20 June 2025 |
| Closing Date | 24 June 2025 |
| Basis of Allotment Finalization | 25 June 2025 |
| Refunds Initiated & Shares Credited to Demat | 26 June 2025 |
| Listing on NSE SME | 27 June 2025 |
Safe Enterprises Retail Fixtures Limited IPO Details
| 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 | 1,16,76,000 shares (aggregating up to ₹161.13 Cr) |
| Fresh Issue | 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 |
GMP of Safe Enterprises Retail Fixtures Limited IPO
As of today, there is no active grey market premium (GMP) quoted for the Safe Enterprises Retail Fixtures Limited IPO — it’s currently showing as ₹ – or ₹ 0 in all monitored sources
Promoters of Safe Enterprises Retail Fixtures Limited
Saleem Shabbir Merchant
- Founder & Chairman‑Managing Director — Established the business in 1976 as a partnership firm; transformed it into a public limited company in July 2024.
- Retail Fixtures Pioneer — Launched India’s first shop fitting system (“The Grid”) in 1991. Under his leadership, the company has executed over 42,000 store projects covering ~30 million sq ft.
- Board Positions Across Group — Also a director in subsidiaries including Safe Enterprises Retail Technologies and Safe Enterprises Shopfittings.
Mikdad Saleem Merchant
- Whole-Time Director & CFO — Chartered Accountant; joined as partner and became a director at incorporation in July 2024.
- Digital & Process Leader — Focuses on tech implementation, process refinement, IT systems, and operational efficiency.
- Subsidiary Involvement — Also serves as director in Safe Enterprises Retail Technologies, Safe Enterprises Shopfittings, Insync Retail Project Management, and several advisory fintech entities.
Huzefa Salim Merchant
- Director & Design Innovator — Joined as director in July 2024.
- Founder of InSync Shop Fittings — Created in 2010 as the R&D and distribution arm for modular and digital-integrated fixtures; holds multiple design copyrights and patents; recognized among India’s top 100 influential retail minds.
- Group Roles — Also director of Safe Enterprises Shopfittings and Safe Enterprises Retail Technologies.
Munira Salimbhai Merchant
- Director — Appointed on incorporation in July 2024.
- Strategic Governance — Serves on boards of Safe Enterprises Shopfittings and Retail Technologies.
Shareholding Snapshot
- The promoter group collectively holds ~69.8% of pre‑issue equity (92.43 million shares out of 132.38 million).
- Public investors hold the remaining ~30.2%.
Summary Table
| Promoter | Role | Notable Credentials |
|---|---|---|
| Saleem S. Merchant | Founder & MD | Pioneer of modular retail fixtures; ~42k projects, 30 million sq ft coverage |
| Mikdad Saleem Merchant | Whole-time Director & CFO | CA; drives IT, systems and operational excellence |
| Huzefa Salim Merchant | Director; Design & Innovation Head | Launched Insync; holds design patents; top retail innovator |
| Munira S. Merchant | Director | Strategic board role |
Safe Enterprises Retail Fixtures Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 1000 | ₹1,38,000 |
| Retail (Maximum) | 1 | 1000 | ₹1,38,000 |
| HNI (Minimum) | 2 | 2,000 | ₹2,76,000 |
- Lot Size: 1,000 shares
- Price Band: ₹131 – ₹138 per share
- Minimum Investment: ₹131,000 – ₹138,000 per lot
If you’re planning to apply, you can choose one or more lots (in multiples of 1,000) when the bidding window opens from 20–24 June 2025.
About Safe Enterprises Retail Fixtures Limited
- Founded: Began operations as a partnership in 1976; incorporated as a public limited company on 21 July 2024 (CIN: U46493MH2024PLC429137).
- Headquarters & Manufacturing: Main office in Sanpada (Thane), Maharashtra, with three manufacturing units in the region and an experience centre in Kochi.
What They Do
Safe Enterprises specializes in end-to-end retail fixtures and shop‑fitting solutions:
- Offers custom-designed fixtures, from conception and engineering to manufacturing and installatio.
- Developed InSync, a proprietary modular shop-fit system launched in 2009, featuring standardized components, electrified tracks, integrated lighting, and more.
- Has executed over 30,000 store projects, covering more than 15–30 million sq.ft of retail space.
Business Scope & Subsidiaries
Two core verticals:
- Custom Fixtures: Tailored solutions based on client designs.
- SMART Shop Fitting Tech: Modular, plug‑and‑play systems under brand InSync Shop Fittings, developed via subsidiary Safe Enterprises Retail Technologies Pvt Ltd
Group employs 500+ people, operates five factories, and spans 180,000 sq.ft manufacturing space .
Why They Stand Out
- 30+ years of deep domain expertise in retail fixtures.
- Seamless end-to-end services: from design to installation.
- Innovative modular systems reducing lead times and increasing flexibility.
- Proven track record with 30k+ implementations and widespread retail footprint.
Snapshot Summary
| Feature | Details |
|---|---|
| Business Model | Custom & modular retail fixtures; InSync tech-driven shop fitting |
| Founded/Incorporated | 1976 (partnership); July 2024 (public limited) |
| Manufacturing Footprint | 3 units in Maharashtra; 180,000 sq.ft capacity |
| Project Portfolio | 30,000+ stores; 15–30 mn sq.ft; clients across India & abroad |
| Employees | ~500 personnel across 5 manufacturing locations |
| Subsidiary | Safe Enterprises Retail Technologies Pvt Ltd (InSync shop fittings) |
| Standout Advantage | Seamless turnkey solution, faster rollout, innovative electrified tech |
Safe Enterprises Retail Fixtures Limited Financial Information
| Period Ended | 30 Mar 2025 | 31 Mar 2024 |
| Assets | ₹101.94 Crore | ₹ 54.40 Crore |
| Revenue | ₹ 139.73 Crore | ₹ 101.38 Crore |
| Profit After Tax | ₹ 39.19 Crore | ₹ 23.09 Crore |
| Net Worth | ₹ 72.08 Crore | ₹ 28.99 Crore |
| Reserves and Surplus | ₹ 54.92 Crore | ₹ 4.36 Crore |
| Total Borrowing | 0.00 | 0.00 Crore |
Key Performance Indicator (KPI)
| KPI | Values |
|---|---|
| ROE | 77.54% |
| ROCE | 69.10% |
| RoNW | 54.37% |
| PAT Margin | 28.33% |
| Price to Book Value | 6.57 |
Notes:
- RoNW & RoE indicate high efficiency in using shareholders’ equity to generate profits.
- Low D/E ratio shows strong balance sheet with minimal debt burden.
- NAV of ₹8.78 vs IPO price band (₹131–₹138) implies a premium valuation.
Objects of the Issue
1) Establishment of a New Manufacturing Facility
- Setting up a new state-of-the-art production unit to increase manufacturing capacity for retail fixtures and shopfitting systems.
2) Capital Expenditure for Subsidiary
- Investment into Safe Enterprises Retail Technologies Private Limited for acquiring plant & machinery and expanding operations related to the “InSync” shopfitting system.
3) Working Capital Requirements
- To meet increased working capital demands of both the parent company and its subsidiary, ensuring smooth execution of retail projects and efficient operational flow.
4) General Corporate Purposes
- To support branding, administrative overheads, technology upgrades, and other strategic business needs essential for scaling operations.
Strengths of Safe Enterprises Retail Fixtures Limited
1) Long-standing Industry Presence
- Operating since 1976 with deep expertise in shopfitting, the company has completed over 30,000+ retail projects across India and overseas.
2) Diverse Client Base
- Serves reputed brands like Tata Trent, Future Group, Godrej Nature’s Basket, and Reliance, ensuring strong and recurring business relationships.
3) Innovative Modular Solutions (InSync Brand)
- Proprietary modular, electrified, plug-and-play shopfitting systems offer speed, flexibility, and design consistency—giving a technological edge over traditional carpentry.
4) Strong Financials with High Profit Margins
- Reported high PAT margins (~22.88%), RoNW of 79.64%, and RoE of 105.34% in FY24, indicating solid profitability and capital efficiency.
5) Asset-Light with Low Debt
- Debt-to-equity ratio of just 0.03 implies a robust balance sheet with minimal financial risk.
6) Export Potential
- Exports to USA, UAE, and Oman—expanding its footprint in global retail infrastructure markets.
Risks of Safe Enterprises Retail Fixtures Limited
1) SME IPO Volatility
- Listing on the NSE SME platform can mean lower liquidity and greater price volatility compared to mainboard stocks.
2) Customer Concentration Risk
- Heavy reliance on a few major retail clients may pose revenue risks if any client reduces or terminates business.
3) Working Capital Intensive
- High capital is tied up in inventory and receivables due to project-based billing; any delay in payments may impact cash flow.
4) Dependence on Retail Sector Growth
- Business is directly linked to the expansion of physical retail stores; slowdowns in this segment (especially post-COVID or due to e-commerce) could affect demand.
5) Technology and Design Imitation
- While the InSync system is proprietary, there is risk of imitation or competition from unorganized sectors offering cheaper alternatives.
6) Uncertain Grey Market Sentiment
- As of now, the GMP (Grey Market Premium) is neutral (₹0), indicating limited speculative interest before listing.
7) Execution & Expansion Risks
- Plans to expand manufacturing may face delays or cost overruns, potentially affecting returns on IPO proceeds.
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