Safe Enterprises IPO GMP

July 20, 2025 Written By Mihir Gohel, Reviewed and Fact Checked by Harpal Parmar

Safe Enterprises Retail Fixtures Limited is launching its initial public offering (IPO) on June 20, 2025, marking the largest SME IPO of the year by raising up to ₹169.74 crore. Safe Enterprises IPO showcases a company that specializes in designing, manufacturing, supplying, and installing customized shop fittings and retail fixtures for various segments such as fashion, electronics, and departmental stores. With three manufacturing units in Maharashtra and a strong presence across over 25 Indian states and Union Territories, Safe Enterprises serves major clients like Zudio, Westside, Godrej Nature’s Basket, and Reliance Retail.

₹5

Latest IPO GMP

Last updated on 26 Jun 2025 19.58

₹138

IPO Offer Price

*cut off price

₹151.00

Listing Price

Listing Date 27/06/2025

Expert Opinions

Market sentiment for Safe Enterprises IPO is cautiously optimistic, reflecting confidence in India’s expanding retail and manufacturing sectors, though investors remain mindful of broader market volatility and the company’s relatively niche positioning. The company’s strengths are notable: a legacy since 1976, a diversified presence across 25 states, and a robust client portfolio including major brands such as Zudio, Westside, and Reliance Retail, with revenue growing to ₹101.38 crore and profit to ₹23.09 crore in FY2024.

However, risks persist, including high customer concentration, operational dependency on a few large clients, and potential challenges in executing new manufacturing expansions. Valuation analysis for Safe Enterprises Retail Fixtures IPO in FY2025 is compelling, with Return on Equity (ROE) at 77.54% and Return on Capital Employed (ROCE) at 69.10%, both far exceeding industry averages and signaling strong capital efficiency. Long-term prospects appear favorable if the company diversifies its client base and successfully scales its operations, positioning it well for sustained growth amid India’s retail boom.

Investor Considerations

Investors considering the Safe Enterprises IPO should closely assess the company’s strong performance and fundamentals, which include robust year-on-year revenue and profit growth, efficient in-house manufacturing capabilities, and a wide client base across over 25 Indian states and international markets. The sector outlook is positive, driven by increasing demand for retail fixtures as organized retail and branded outlets expand in India. The Safe Enterprises Retail Fixtures IPO valuation for FY2025 is notable, with a price to book value of 6.57, PAT margin of 28.33%, and RoNW of 54.37%, indicating efficient capital utilization and profitability.

Growth prospects are promising, supported by planned investments in new manufacturing facilities and continued client acquisition. However, risk factors include high customer concentration—over 90% of revenue from top clients—and depends on a limited number of suppliers, which could impact stability and growth. For short-term investors, the current valuation and sector momentum may offer attractive opportunities, while long-term investors should weigh the company’s ability to diversify its client base and manage operational risks to sustain growth and returns.