Safe Enterprises Retail Fixtures, has launched its initial public offering (IPO) on Jun 20, 2025, aiming to raise Rs 169.74 crore through fresh issue of 123.00 lakh equity shares. Safe Enterprises Retail Fixtures IPO is set to close on Jun 24, 2025, with the shares expected to be listed on the NSE SME platform on Jun 27, 2025.
Safe Enterprises Retail Fixtures Limited Company Overview
Safe Enterprises Retail Fixtures Limited (SERFL) is a Navi Mumbai-based company specializing in the design, manufacturing, and installation of retail shop fittings and fixtures, serving major Indian retailers like Zudio, Westside, and Reliance Retail. Incorporated as a limited company in July 2024, SERFL operates three manufacturing units in Maharashtra and an Experience Centre in Cochin. The company reported strong financials in FY25, with revenue of Rs 139.73 crore and a net profit of Rs 39.19 crore, reflecting high profitability and robust growth. SERFL recently launched a Rs 169.74 crore IPO to fund expansion, working capital, and investment in technology. Its strengths include in-house manufacturing, technological innovation in shopfittings, and a reputation for quality, though it faces risks from high customer concentration and supply chain dependencies.
Safe Enterprises Retail Fixtures IPO Details
Safe Enterprises Retail Fixtures is a bookbuilding IPO of Rs 169.74 crores. The issue is a complete fresh issue of Rs 169.74 crores. Hem Securities Limited is the book running lead manger of the Safe Enterprises Retail Fixtures IPO, Maashitla Securities Private Limited is the Registrar for the issue. Market maker for Safe Enterprises Retail Fixtures Limited IPO is Hem Finlease Private Limited.
| Issue Type | Bookbuilding IPO |
| Face Value | Rs 5 per share |
| Issue Price | Rs 131 – Rs 138 per share |
| Lot Size | 1000 shares per lot |
| Issue Size | Rs 169.74 crore |
| Reserved for Market Maker | Rs 8.61 crore |
| Net offered to Public | Rs 161.13 crore |
| Listing at | NSE SME |
| Market Capitalization | Rs 634.53 cr |
| Book Running Lead Managers | Hem Securities Limited |
| Registrar | Maashitla Securities Private Limited |
| Market Maker | Hem Finlease Private Limited |
Safe Enterprises Retail Fixtures IPO Timeline
Safe Enterprises Retail Fixtures Limited IPO opened on 20th Jun 2025 and Closes on 24th Jun 2025. Find Safe Enterprises Retail Fixtures IPO tentative dates below.
| IPO Open Date | 20-Jun-2025 (Friday) |
| IPO Close Date | 24-Jun-2025 (Tuesday) |
| Allotment | 25-Jun-2025 (Wednesday) |
| Initiation of Refunds | 26-Jun-2025 (Thursday) |
| Demat Credit of Shares | 26-Jun-2025 (Thursday) |
| Listing Date | 27-Jun-2025 (Friday) |
| Cut off time for UPI mandate confirmation | 24-Jun-2025 at 5PM |
Safe Enterprises Retail Fixtures IPO Lot Size
Investors can bid for a minimum of 1000 shares and in multiples thereof. The following table shows the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 1000 | Rs 1,38,000 |
| Retail (Maximum) | 1 | 1000 | Rs 1,38,000 |
| HNI (Minimum) | 2 | 2000 | Rs 2,76,000 |
Safe Enterprises Retail Fixtures IPO Objectives
The proceeds from the Safe Enterprises Retail Fixtures Limited IPO will be utilised for following purposes:
| Purpose | Amount (in Rs) | Percentage |
|---|---|---|
| Capital expenditure | 65.89 Crore | 40.89% |
| Working capital requirements | 30.00 Crore | 18.62% |
| Working capital requirements of subsidiary, Safe Enterprises Retail Technologies | 10.00 Crore | 6.21% |
| Investment in capital expenditure of subsidiary, Safe Enterprises Retail Technologies | 6.99 Crore | 4.33% |
| General corporate purpose |
Safe Enterprises Retail Fixtures IPO Financial Performance
Find Safe Enterprises Retail Fixtures Limited IPO last 3 years financial details below.
| Financials | 31-Mar-25 (Crores) | 31-Mar-24 (Crores) |
|---|---|---|
| REVENUE | 139.73 | 101.38 |
| ASSETS | 101.94 | 54.40 |
| NET WORTH | 72.08 | 28.99 |
| TOTAL DEBT | 0.00 | 0.00 |
| PAT | 39.19 | 23.09 |
Safe Enterprises Retail Fixtures IPO Strengths and Risks
Strengths:
- The company has In-house manufacturing units in Maharashtra delivering high-quality, multi-material retail fixtures with strict quality control.
- Strong, diversified customer relationships across 25+ Indian states and select international markets contribute over 98% of revenue, with a focus on expanding geographic reach.
- Dedicated quality assurance team and ISO certifications ensure consistent product quality from sourcing to installation.
- Senior management with extensive industry experience, supported by a skilled design team, drives innovation and growth.
Risks:
- Limited history as a converted company may cause financial volatility and uncertainty in growth prospects.
- Dependence on leased premises risks operational disruption if leases aren’t renewed or disputes occur.
- One customer contributes to over 85% of the company’s revenue.
- Dependence on few suppliers, including a key subsidiary, risks supply disruptions and impacts profitability.
- The company is subject to strict quality requirements and any failure to comply with quality standards can negatively affect their reputation.
- Sharing registered office premises with group and subsidiary companies without formal agreements may risk operational disruptions in case of disputes.
- Exports (1–1.3% of revenue) expose the company to foreign exchange risks that may impact financial results.
Safe Enterprises Retail Fixtures IPO Grey Market Premium (GMP)
The grey market premium (GMP) for the Safe Enterprises Retail Fixtures Limited IPO is approximately Rs 10 per share, which represents a 7–7.25% premium over the upper end of the issue price band of Rs 138 per share. This means the shares were trading around Rs 148 in the grey market during the IPO subscription period, indicating moderate expected listing gains.
Safe Enterprises Retail Fixtures IPO Review: Apply
Disclaimer: This blog’s content is intended solely for informational and educational purpose only. Before making any investment decisions, it is recommended that investors consult with a certified financial advisor.