Safe Enterprises Retail Fixtures Limited IPO

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Safe Enterprises Retail Fixtures Limited is a prominent provider of shop fitting and retail fixture solutions, offering end-to-end services including design, manufacturing, supply, and installation. With a strong focus on customization and innovation, the company addresses the evolving needs of retailers across multiple segments such as fashion & apparel, electronics, and departmental stores.

Product and Service Offerings

Safe Enterprises provides fully customized retail fixture solutions (Bespoke Solutions) tailored to client-specific needs. Its offerings span:

i) Modular fixtures
ii) Electrified shop fittings
iii) Digital displays, LED lighting, and touch-enabled monitors
iv) Storage systems, racks, counters, and partition systems

These solutions are designed for single brand outlets, multi-brand outlets, and shop-in-shops across various retail formats. Through its subsidiary, Safe Enterprises Retail Technologies Pvt. Ltd., the company delivers technology-integrated fittings that support interactive and smart retail experiences.

Manufacturing Capabilities

The company operates three well-equipped manufacturing units in Navi Mumbai, Maharashtra, capable of:

– Prototyping
– Metal fabrication
– Carpentry and woodwork
– Powder coating and painting
– Assembling, testing, and packing

It also plans to set up a new integrated manufacturing facility at Ambernath, Thane, to further enhance its production capabilities and reduce operational costs.

Subsidiaries

  • Safe Enterprises Retail Technologies Pvt. Ltd. – Specializes in the development of electrified and smart shop fittings; holds a UL certification.

  • Inscite Advisory Services LLP – Offers financial advisory and consultancy services.

Market Presence and Client Base

The company has a strong domestic market presence, with sales spanning over 25 states and union territories in India, contributing over 99% to revenue in FY24. It also has a growing international footprint, exporting to countries like the USA, UAE, and Oman.

To expand its reach, the company operates:

– An Experience Centre in Cochin
– Franchisees in Navi Mumbai and Hyderabad
– Distributors in Dubai and Kansas City

Objects of the Safe Enterprises Retail Fixtures Limited IPO:

The Company  proposes to utilise the Net Proceeds from the Issue towards the following objects:

1. Capital Expenditure requirements for setting up a new manufacturing unit (₹78 cr) 2. Investment in subsidiary for installation of additional plant and machinery and Capital Expenditure (₹6.9 cr) 3. Meeting working capital requirements of the Company and its subsidiary 4. General corporate purposes

DRHP of Safe Enterprises Retail Fixtures Limited IPO
RHP of Safe Enterprises Retail Fixtures Limited IPO

Safe Enterprises Retail Fixtures Limited IPO Details:

Open Date: Jun 20 2025
Close Date: Jun 24 2025
Total Shares: 1,23,00,000
Face Value: ₹ 5 Per Equity Share
Issue Type: Book Building
Issue Size: 169.74 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 131-138 Per Equity Share
Listing At: NSE Emerge

Promoters And Management:

1. Mr. Saleem Shabbir Merchant is the Promoter, Chairman, and Managing Director of Safe Enterprises Retail Fixtures Limited. He is one of the founding partners of the erstwhile partnership firm, M/s Safe Enterprises. He completed his Secondary Examination (10th) from Taheri High School in 1974 and possesses around 48 years of extensive experience. He plays a crucial role in business planning and development, strategy formulation, and its effective execution. Additionally, he oversees the company’s sales and marketing functions. 2. Mr. Mikdad Saleem Merchant is the Promoter, Whole-Time Director, and Chief Financial Officer of the Company. He is a qualified Chartered Accountant and a member of the Institute of Chartered Accountants of India since 2011. He holds a Bachelor's degree in Commerce from the University of Mumbai, also completed in 2011. With approximately 13 years of experience, he is well-versed in finance and related activities. He is responsible for overseeing the company’s finance and secretarial functions and provides regular guidance to the team on day-to-day operations. 3. Mr. Huzefa Salim Merchant is the Promoter and Whole-Time Director of the Company. He has been associated with the Company since its incorporation. He holds a Bachelor of Arts degree from the University of Mumbai (2004) and has around 16 years of work experience. He is in charge of the company’s production and operational activities, which include vendor management, business operations, marketing and development, and after-sales services.

Financials of Safe Enterprises Retail Fixtures Limited IPO:

In Cr.
Particulars FY 2024-25 FY 2023-24  FY 2022-23
Revenue from Operations 138.31 100.91 77.21
EBITDA 52.10 34.25 19.19
EBITDA Margins 37.67% 33.94% 24.85%
PAT 39.18 23.08 12.08
PAT Margins 28.33% 22.88% 15.66%
ROCE 69.10% 104.94% 115.98%
CFOA 31.05 13.54 8.54

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Safe Enterprises Retail Fixtures  (FY 2025) 138.31 Cr. 37.67% 28.33% 0.003 634.53 16.19
Naman In-Store (India) (FY 2025) 156 Cr. 9% 3.84% 0.23 137 Cr. 21.90

Recommendation on Safe Enterprises Retail Fixtures Limited IPO:

Review and Recommendation of Safe Enterprises Retail Fixtures IPO by team IZ is 4/10.

Lead Manager of Safe Enterprises Retail Fixtures Limited IPO:

  1. Hem Securities Limited

Registrar of Safe Enterprises Retail Fixtures Limited IPO:

  1. Maashitla Securities Pvt. Limited

Discussion on Safe Enterprises Retail Fixtures Limited IPO:

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