Safe Enterprises Retail Fixtures
Price
₹131–₹138
Lot Size
1,000 shares
About the IPO
Safe Enterprises Retail Fixtures Limited, a Navi Mumbai-based leader in retail shopfitting solutions, is launching its IPO on the NSE Emerge platform from June 20 to June 24, 2025.
Founded in 1976, the company delivers customized fixtures and modular display systems to top retail brands like Zudio, Westside, and Reliance Retail, integrating IoT, LED, and digital tech into its offerings. With strong revenue growth and modern manufacturing across three units, Safe Enterprises is positioning itself at the forefront of India’s expanding retail infrastructure market.
🔍 IPO SnapshotIssue Size: ₹161.13 – ₹169.74 Cr (100% Fresh Issue)
Price Band: ₹131–₹138 | P/E: 16.4x (FY25 basis)
Lot Size: 1,000 shares | Min investment: ₹1.38 lakh
GMP (June 20): ₹20–₹40 → Estimated listing gains: 14.5% to 29%
Allotment Date: June 25 | Tentative Listing: June 27, 2025
📈 Financial HighlightsFY24 Revenue: ₹101.38 Cr | PAT: ₹23.09 Cr
FY25 Revenue: ₹138.31–₹139.73 Cr | PAT: ₹39.19 Cr
Capacity Utilization: 88%–92% across units
Attrition Rate: 0% in FY23 – strong employee retention
🏗️ Use of IPO Proceeds₹65.89 Cr for new manufacturing unit in Thane
₹6.99 Cr for investment in subsidiary (plant and machinery)
₹30 Cr for working capital
Balance for corporate and strategic needs
🛍️ Why It’s InterestingTech-Integrated Shopfitting: IoT, lighting, and modular designs
Major Clients: Reliance Retail, Zudio, Westside, Nature’s Basket
Pan-India Presence: Across 25 states/UTs + exports to US, UAE, Oman
Positive GMP: Listing gains appear likely amid retail expansion
Industry Tailwinds: India's retail market set to hit $2 trillion by 2032
⚠️ Risks to WatchCustomer Concentration: One client = 84.5% of FY25 revenue
E-Commerce Threat: Rise in quick commerce may reduce physical retail demand
Low Day 1 Subscription: Only 0.02x on opening day
Subsidiary Losses: Group entities have reported losses in prior years
SME IPO Risks: Volatility, oversubscription, and limited liquidity
💡 Bottom LineWith strong revenue growth, a tech-forward approach, and marquee clients, Safe Enterprises presents a compelling case in India’s evolving retail infrastructure story. While GMP suggests potential short-term gains, long-term investors should assess client diversification and resilience against e-commerce disruption.
📌 Retail investors with a moderate to high-risk appetite can consider applying after reviewing the RHP or checking allotment status.
Disclaimer: This post is for informational purposes only and should not be considered investment advice. Always consult a SEBI-registered financial advisor before making any investment decisions.