Safe Enterprises Retail Fixtures Launches INR 169.74 Cr IPO
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Safe Enterprises Retail Fixtures Limited (SERFL), a leading player in the design, manufacturing, and installation of retail shop fittings and fixtures, has announced the launch of its INR 169.74 crore Initial Public Offering (IPO) on the NSE Emerge platform.
The public issue will open on June 20, 2025, and close on June 24, 2025.
The IPO comprises a fresh issue of 1.23 crore equity shares with a face value of INR 5 each. The price band for the offering is set between INR 131 and INR 138 per equity share. The company aims to raise INR 16,974 lakhs through the issue. Hem Securities Limited is acting as the book-running lead manager for the issue, while Maashitla Securities Private Limited is the registrar.
The proceeds from the IPO will be primarily used to fund capital expenditure for setting up an integrated manufacturing facility. This includes land acquisition, civil construction, and procurement of plant and machinery, with an allocation of INR 65.88 crore. An additional INR 6.99 crore will be invested in the company's subsidiary, Safe Enterprises Retail Technologies Private Limited, for infrastructure development.
Furthermore, INR 40 crore will be used to meet working capital requirements for both the parent company and its subsidiary. The remaining funds will be used for general corporate purposes.
In FY25, the company reported consolidated revenue of INR 138.31 crore, with an EBITDA of INR 52.11 crore, reflecting a strong margin of 37.67%. Net profit for the year stood at INR 39.18 crore, translating to a net margin of 28.33%. The company also reported a high return on equity (ROE) of 77.54% and return on capital employed (ROCE) of 69.10%. Between FY23 and FY25, revenue grew at a CAGR of 33.84%, while profit after tax grew at a remarkable 80.04% CAGR.
Originally founded in 1976 as a partnership firm, the company was restructured and incorporated as Safe Enterprises Retail Fixtures Limited in July 2024. Headquartered in Navi Mumbai, the company operates three manufacturing units and has an Experience Centre in Cochin. It caters to a wide array of retail sectors including fashion, electronics, and department stores.
SERFL offers both traditional and modular retail fixture solutions, many of which integrate modern technologies such as IoT-enabled components, digital displays, and electrified systems. The company is led by Chairman and Managing Director Saleem Shabbir Merchant, who has over 48 years of industry experience, along with Mikdad Merchant, CFO, and Huzefa Merchant, Director.
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