Table of Contents
1. IPO Snapshot
Symbol: SAFEENTP
IPO Open Date: June 20, 2025
IPO Close Date: June 24, 2025
IPO Allotment Date: June 25, 2025
IPO Listing Date: June 27, 2025 (Tentative)
Issue Size: Approx ₹161.13 Cr
Issue Type: Bookbuilding IPO
Price Band: ₹131 to ₹138 per share
Lot Size: 1,000 shares
Minimum Investment: ₹1,38,000
Listing Exchange: NSE SME
2. Company Overview
Safe Enterprises Retail Fixtures Ltd is a long-established company that designs, manufactures, and installs customized retail fixtures for various industries. Founded in 1976, the company has decades of experience in helping retail brands improve their store layouts, displays, and customer experience.
It offers complete shopfitting solutions, from design to final installation. For segments like fashion, electronics, grocery, and luxury retail. Safe Enterprises works with many well-known Indian retailers such as Zudio, Westside, Reliance Retail, and Godrej Nature’s Basket. Their product range includes gondola shelving, checkout counters, display racks, mannequins, and storage fixtures.
The company is also known for its innovative approach, offering personalized fixture designs that blend functionality with modern aesthetics. Its in-house manufacturing is spread across three facilities in Maharashtra, two in Mumbai and one in Thane. It also operates through franchisees in Navi Mumbai and Hyderabad and has distributors in Dubai and Kansas City.
Safe Enterprises serves customers in over 25 states and union territories, with most of its revenue coming from Maharashtra. As of October 2024, the design team had 15 professionals. Its focus on quality, timely delivery, and client satisfaction has helped it build a strong, loyal customer base over the years.
3. Grey Market Premium (GMP)
As of the latest data, the grey market premium (GMP) for Safe Enterprises Retail Fixtures Ltd stands at ₹20 per share. This reflects a potential upside of approximately 14 percent over the upper price band of ₹138. Such a premium indicates moderate investor interest and expectations of a positive listing. However, it is important to understand that grey market premiums are unofficial and can be highly volatile. They serve as a general indicator of market sentiment but should not be the only factor in deciding whether to invest. Always evaluate the company’s fundamentals and business prospects before making a decision.
4. Shariah Compliance Status
Safe Enterprises Retail Fixtures Ltd is marked Non-Shariah Compliant based on the IslamicStock screening criteria. The company was evaluated against six key Shariah filters:
✅ The business activities are halal and permissible under Shariah guidelines.
✅ The impermissible income to total revenue ratio is less than 5%, which is acceptable.
✅ The interest-bearing debt to total assets is less than 33%, passing the financial compliance test.
❌ The illiquid assets to total assets ratio is less than 20%, which fails to meet the required minimum under Shariah standards.
✅ The net liquid assets compared to market capitalisation are within the acceptable Shariah limits.
❌ The non-compliant investments to total assets ratio is greater than 33%, making the company non-compliant on this front. The screening notes mention the presence of investments in bank deposits, mutual funds, and loans, as well as a director’s loan that further contributed to this failure.
As the company fails two critical financial filters (Rule 4 and Rule 6), it is considered Non-Shariah Compliant, and not suitable for investment by Shariah-conscious investors.
5. Subscription Status
As of Day 1 (June 20, 2025) at aroun 12:00 PM, the Safe Enterprises Retail Fixtures IPO has seen a muted response, with an overall subscription of 0.03 times. The retail investor category was subscribed 0.04 times, reflecting limited interest from individual investors so far. Similarly, the Non-Institutional Investor (NII) segment also recorded a 0.03 times subscription. Notably, there were no bids received in the Qualified Institutional Buyers (QIB) category, which currently stands at 0.00 times.
In terms of applications, the IPO received a total of 170 applications by the end of the first day. This includes 162 from retail investors and 8 from HNIs. The market maker portion is not included in these figures.
These early numbers suggest a cautious or slow start to the offering. However, IPOs often see increased participation towards the final days of the bidding window. Investors may want to monitor Day 2 and Day 3 updates for a clearer picture of overall demand.
6. Final Thoughts
Safe Enterprises Retail Fixtures Ltd operates in a specialized segment of custom retail fixtures with a strong presence across India. Despite its established track record and reputed client base, the IPO received a muted response on Day 1, with subscription figures across all investor categories remaining well below full subscription levels. Investors are advised to monitor upcoming subscription data and GMP movement before making any decisions. As per IslamicStock screening, the IPO is not Shariah compliant, which may affect participation from ethical investors. Due diligence is essential, especially in SME IPOs that often carry higher risk and limited post-listing liquidity.
7. Disclaimer
Investments in the securities market are subject to market risks. Read all scheme-related documents carefully before investing. The information provided in this article is for educational purposes only and does not constitute investment advice. Please consult with a SEBI-registered financial advisor before making any investment decisions. The content is based on publicly available information and is not responsible for any errors or omissions.