Safe Enterprises Retail Fixtures Limited (SERFL), a leading retail fixture manufacturer, has announced its Initial Public Offering (IPO) worth Rs 169.74 crore. The public issue will be open from June 20 to June 24, 2025, and will be listed on the NSE Emerge platform. This offering marks a major step for the company in expanding its manufacturing and retail solutions footprint across India.
The IPO includes a fresh issue of 1.23 crore equity shares, each with a face value of Rs 5. The price band for these shares is fixed between Rs 131 and Rs 138. The company aims to raise Rs 16,974 lakhs through this issue. Hem Securities Limited is the lead manager, and Maashitla Securities is handling the registrar responsibilities.
Funding Expansion Plans
The funds raised through the IPO will primarily support the creation of a new integrated manufacturing facility. This includes land purchase, construction work, and machinery procurement. A significant Rs 65.88 crore has been allocated for this purpose. In addition, Rs 6.99 crore will be invested in Safe Enterprises Retail Technologies Pvt. Ltd., its subsidiary, to boost infrastructure.
Another Rs 40 crore will go towards meeting working capital needs for both the parent company and its subsidiary. The rest of the funds will be used for general business purposes, helping the company grow its footprint in the retail design and manufacturing sector.
Strong Financial Growth
For the financial year 2025, the company reported strong performance with Rs 138.31 crore in consolidated revenue, and an EBITDA of Rs 52.11 crore, giving a healthy margin of 37.67%. Net profit stood at Rs 39.18 crore with a 28.33% net margin. Safe Enterprises also reported an impressive Return on Equity (ROE) of 77.54% and Return on Capital Employed (ROCE) of 69.10%.
Between FY23 and FY25, the company’s revenue grew at a CAGR of 33.84%, while profits rose even faster at a CAGR of 80.04%—demonstrating robust financial health and strong future potential.
Experienced Industry Leader
Founded originally as a partnership in 1976, Safe Enterprises was restructured into a company in July 2024. It is now headquartered in Navi Mumbai and runs three manufacturing plants along with an Experience Centre in Cochin. The company supplies to major retail sectors like fashion, electronics, and department stores.
Led by Chairman and MD Saleem Shabbir Merchant, who brings over 48 years of experience, along with CFO Mikdad Merchant and Director Huzefa Merchant, the team is pushing ahead with tech-integrated retail solutions. Their offerings now include IoT-enabled systems, electrified fixtures, and digital displays, positioning them as innovators in modern retail infrastructure.
