Safe Enterprises Retail Fixtures IPO Allotment – 3 Ways To Check Allotment Status
K N Mishra
25/Jun/2025

What’s covered under the Article
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Safe Enterprises Retail Fixtures IPO saw 13.73x subscription; retail interest remains strong
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GMP at ₹15 suggests 10.86% premium; risky investors may expect moderate listing gains
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IPO aims to raise ₹169.74 Cr for capacity expansion, working capital, and subsidiary investments
Safe Enterprises Retail Fixtures Limited, a specialized player in the shop fittings and retail display solutions sector, has closed its Initial Public Offering (IPO) on June 24, 2025, with a subscription rate of 13.73 times. The issue, entirely comprising a fresh issue of ₹169.74 Crores, opened on June 20, 2025, and is set for allotment on June 25, 2025, followed by its debut on the NSE SME platform tentatively on June 27, 2025.
Company Profile: Custom Solutions for Retail Display
Safe Enterprises Retail Fixtures designs, manufactures, and installs customized in-store retail fixtures for a broad range of sectors such as fashion & apparel, electronics, and departmental stores. Its ability to offer end-to-end tailored solutions in modular shelving, counters, storage racks, and fittings makes it a preferred partner for modern retail players across India.
The company’s leadership comprises:
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Saleem Shabbir Merchant – CMD, with 48+ years of retail solutions expertise
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Mikdad Saleem Merchant – Director & CFO, with 13+ years in finance and operations
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Huzefa Salim Merchant – Director, managing production, marketing, and vendor relationships
IPO Details and Structure
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IPO Opening Date: June 20, 2025
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IPO Closing Date: June 24, 2025
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Listing Date (Tentative): June 27, 2025
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Issue Size: ₹169.74 Crores (100% Fresh Issue)
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Equity Shares Offered: 123.00 Lakh Shares
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Price Band: ₹131 to ₹138 per share
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Market Capitalisation at Upper Band: ₹643.14 Crores
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Lot Size: 1,000 shares
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Retail Minimum Investment: ₹1,38,000
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HNI Minimum Investment: ₹2,76,000 (2 lots)
Book Running Lead Manager and Registrar
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BRLM: Hem Securities Limited
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Registrar: Maashitla Securities Private Limited
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Market Maker: Hem Finlease Private Limited
Anchor Investment Details
Safe Enterprises Retail Fixtures raised ₹48.31 Crores from Anchor Investors, allocating 35.01 lakh shares at ₹138 each. These shares were allotted under the Qualified Institutional Buyers (QIB) category. This early institutional interest is seen as a positive indicator of trust in the company’s fundamentals.
Grey Market Premium (GMP): ₹15 on Listing Buzz
The IPO has been trending with a Grey Market Premium of ₹15, implying a 10.86% expected listing gain over the issue price. While GMPs are unofficial and speculative, it often reflects early sentiment and can act as a directional cue.
Date | IPO Price | Expected Listing Price | GMP |
---|---|---|---|
18 June 2025 | ₹138 | ₹153 | ₹15 (10.86%) |
Subscription Status: High Demand
As of 7:00 PM on June 24, 2025, the Safe Enterprises IPO was subscribed 13.73x, showing strong interest across investor categories. This high subscription number indicates broad-based participation, likely from both retail and institutional investors.
Financial Performance: Strong Multi-Year Growth
Safe Enterprises has exhibited a consistent and strong financial trajectory over the past three fiscal years:
Metric | FY2023 | FY2024 | FY2025 |
---|---|---|---|
Revenue from Operations | ₹7,735.19 Lakh | ₹10,137.59 Lakh | ₹13,973.18 Lakh |
EBITDA | ₹1,933.90 Lakh | ₹3,199.00 Lakh | ₹5,085.64 Lakh |
Profit After Tax (PAT) | ₹1,208.90 Lakh | ₹2,308.84 Lakh | ₹3,918.54 Lakh |
This 50%+ revenue CAGR and 3x PAT growth between FY2023 and FY2025 reflect a robust operational model and efficiency gains in its expanding customer base.
Valuation & Return Ratios
The IPO appears reasonably priced based on industry benchmarks and peer comparison:
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Pre-Issue EPS (FY24): ₹11.42
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Post-Issue EPS (FY24): ₹8.41
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Pre-Issue P/E: 12.08x
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Post-Issue P/E: 16.41x
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Industry P/E: ~21x
Return Metrics (FY24):
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ROCE: 69.10%
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ROE: 77.54%
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RoNW: 54.37%
These exceptionally high return ratios suggest a capital-efficient and well-managed company, with high reinvestment returns and strong internal capital generation.
IPO Objectives: Focus on Capacity Expansion and Working Capital
The company plans to use the net proceeds for:
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₹65.88 Crores for setting up a new manufacturing unit
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₹6.99 Crores for investment in its subsidiary for additional machinery
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₹30.00 Crores towards working capital requirements
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₹10.00 Crores for working capital in the subsidiary
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Remaining towards general corporate purposes
The strategic capital deployment indicates future scalability, product innovation, and deeper retail penetration.
Allotment Status: How to Check?
The IPO allotment will be finalized on June 25, 2025. Here's how investors can check their status:
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Visit the registrar’s portal (Maashitla Securities Pvt. Ltd.)
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Select Safe Enterprises Retail Fixtures Limited IPO
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Enter your Application Number, PAN, or DP ID
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Click on Submit to view allotment status
IPO Review & Recommendation
Safe Enterprises Retail Fixtures IPO offers a compelling investment opportunity in the retail infrastructure segment, which is expected to grow alongside organized retail expansion across India.
Key Positives:
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Strong revenue and PAT growth
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High ROE and ROCE metrics
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₹15 GMP signals positive listing sentiment
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Healthy anchor investor participation
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Entirely fresh issue — capital remains within company
Key Concerns:
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High ticket size (₹1.38 lakhs) may deter small retail investors
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NSE SME listing implies low liquidity and potential volatility post listing
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Reliance on large customers can pose concentration risk
Final Verdict:
Given the reasonable valuation, strong subscription demand, healthy financials, and positive GMP, the IPO appears promising for listing gains. However, since it is an SME IPO with high entry cost and illiquid post-listing trading, we recommend:
Apply with caution only if you have a high-risk appetite and are targeting listing gains.
Disclaimer:
This article is for informational and educational purposes only and does not constitute financial advice. Investors are advised to consult a SEBI-registered financial advisor before making any investment decisions. Market conditions, subscription patterns, and regulatory risks may affect IPO outcomes. All data is based on public sources and is accurate as of the date mentioned.
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