Brandman Retail IPO review with GMP, subscription status, price band, lot size, financials, risks and listing expectations. Know IPO dates, registrar, lead manager and strategy before you apply.
Brandman Retail IPO GMP Today : ₹24 per share on 05.02.2026, indicating POSITIVE market sentiment.
Brandman retail IPO subscription : 4.91X
Table of Contents
Brandman Retail IPO : Quick Summary
| Parameter | Details |
|---|---|
| IPO Open | February 4, 2026 |
| IPO Close | February 6, 2026 |
| Listing Date (Expected) | February 11, 2026 |
| Price Band | ₹167 – ₹176 per share |
| Face Value | ₹10 per share |
| Lot Size | 800 shares |
| Minimum Investment (Retail) | ₹2,81,600 (2 lot) |
| Issue Size | ₹86.09 Crore (Fresh Issue only) |
| Shares Offered | 48,91,200 equity shares |
| Lead Manager | Gretex Corporate Services Ltd |
| Registrar | Bigshare Services Pvt Ltd |
| Market Maker | Gretex Share Broking Pvt Ltd & Shree Bahubali Stock Broking Ltd |
| Listing Platform | NSE SME |
| GMP (as of Feb 4) | ₹24 (14.0% premium) |
Brandman Retail IPO Timetable
| Event | Date |
|---|---|
| Anchor Bidding | February 3, 2026 |
| IPO Open | February 4, 2026 |
| IPO Close | February 6, 2026 |
| Allotment Finalization | February 9, 2026 |
| Refunds Initiation | February 10, 2026 |
| Listing & Trading | February 11, 2026 |
Pro Tip: Make sure to complete your application and UPI mandate well before the 5 PM cut off on February 06, 2026, to avoid last minute rushes.
Issue Structure: Fresh Issue and Market Maker Allocation
Brandman Retail IPO Retail and Market Maker categories as per SEBI SME IPO guidelines.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 2,44,800 (5.00%) |
| QIB | 23,20,000 (47.43%) |
| Anchor Investor | 13,92,000 (28.46%) |
| QIB | 9,28,000 (18.97%) |
| NII (HNI) | 6,99,200 (14.30%) |
| bNII (Above ₹10 Lakhs) | 4,66,400 (9.54%) |
| sNII (Below ₹10 Lakhs) | 2,32,800 (4.76%) |
| Retail Individual Investors (RII) | 16,27,200 (33.27%) |
| Total Shares Offered | 48,91,200 (100.00%) |
The Brandman Retail IPO allocation follows the standard SME structure with the highest portion reserved for QIB investors, followed by Retail and NII categories.
Brandman Retail IPO Financials
The financial performance of Brandman Retail Limited reflects steady growth in revenue and profitability over the last three financial years.
| Particulars (₹ in Crores) | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Total Income / Revenue | 46.20 | 123.49 | 136.30 |
| EBITDA | 1.11 | 12.00 | 31.14 |
| EBITDA Margin (%) | 2.38% | 9.74% | 23.02% |
| Profit After Tax (PAT) | 0.42 | 8.27 | 20.95 |
| PAT Margin (%) | 0.90% | 6.71% | 15.35% |
| Net Worth | 8.8 | 8.84 | 29.79 |
| Total Assets | 40 | 40.5 | 84.73 |
| Total Borrowings | 3.5 | 3.53 | 11.87 |
Brandman Retail IPO : Key Ratios
| Particulars | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| EPS (₹) | 0.33 | 6.49 | 16.43 |
| NAV per Share (₹) | 0.44 | 6.93 | 23.37 |
| ROE (% approx.) | 73% | 93.6% | 70.33% |
| ROCE (% approx.) | 28.03% | 93.22% | 75.08% |
The company has shown sharp growth in recent periods :
- Revenue jumped sharply from FY24 to FY25
- PAT saw strong growth
- ROE and ROCE look impressive
- Debt levels manageable
Objects of the Issue and Use of Proceeds
The IPO proceeds will be utilized as follows:
| Objects of the Issue | Details |
|---|---|
| Expansion of Retail Network | Setting up new Exclusive Brand Outlets (EBOs) and Multi Brand Outlets (MBOs) across key locations |
| Working Capital Requirements | Funding day to day operational needs, inventory procurement and store level expenses |
| Strengthening Supply Chain | Supporting logistics, warehousing and backend operations |
| General Corporate Purposes | Meeting administrative, branding, marketing and other strategic business expenses |
Company Background
About Brandman Retail Limited :
Incorporation: Incorporated in 2021, later converted into a public limited company
Registered Office: Mumbai, Maharashtra
Business :
Brandman Retail Limited is engaged in the retail and distribution of premium lifestyle and consumer brands. The company operates through a combination of exclusive brand outlets, multi-brand outlets, wholesale distribution and online sales channels.
Product & Brand Portfolio:
- Premium lifestyle and consumer products
- Brand led apparel, accessories, and related retail offerings
Business Model & Reach :
Brandman Retail follows an omni-channel business model, integrating physical retail stores with digital and wholesale channels to reach a wider customer base.
Operational Highlights:
- Presence across multiple cities in India
- Mix of offline retail, wholesale, and online sales
- Focus on curated product offerings and margin led growth
- Scalable retail model supported by efficient inventory management
Promoters, Shareholding and Post IPO Equity-Brandman Retail Limited
| Particulars | Pre-IPO Holding | Post-IPO Holding |
|---|---|---|
| Promoters Holding | 1,35,65,986 shares (93.91%) | ~1,84,57,186 shares |
| Public Shareholding | – | Balance after IPO allocation |
| Total Equity Shares | 1,44,44,186 shares | 1,84,57,186 shares |
| Promoters | Mr. Arun Malhotra | Mr. Arun Malhotra |
| Ms. Kavya Malhotra | Ms. Kavya Malhotra | |
| Ms. Kashika Malhotra | Ms. Kashika Malhotra |
Anchor Investor Details : Brandman Retail IPO
Brandman Retail Limited successfully raised ₹24.49 crore from anchor investors by allocating 13,92,000 equity shares at the upper end of the price band (₹176 per share).
Anchor Investors Allocated Shares
The anchor portion was subscribed by six institutional investors, including:
- Sanshi Fund-I
- Founders Collective Fund
- Bharat Venture Opportunities Fund
- India Max Investment Fund Ltd
Allocation Highlights
- Anchor Allocation Size: 13,92,000 shares
- Price per Share (Anchor): ₹176 (upper price band)
- Total Amount Raised from Anchors: ₹24.49 crore
- Anchor Bidding Date: February 3, 2026
This early institutional interest from anchor investors often provides a snapshot of market confidence ahead of the retail and institutional subscription periods.
Risks and Investment Considerations for Retail Investors
Before applying for the Brandman Retail SME IPO, retail investors should carefully evaluate the following risks and considerations:
Key Risks
- SME Listing Risk: As an SME IPO, Brandman Retail ipo may witness lower liquidity and higher price volatility after listing compared to mainboard stocks.
- Retail Industry Dependence: The company’s performance is closely linked to consumer spending patterns. Any slowdown in demand for discretionary and lifestyle products may impact revenues and margins.
- Execution Risk: Expansion plans involve opening new stores and scaling operations. Delays, higher costs or lower than expected store performance could affect profitability.
- Working Capital Intensive Business: Retail operations require significant inventory funding. Inefficient inventory management may strain cash flows.
- Competition Risk: The organized retail segment is highly competitive, with pressure from established brands, e-commerce players and regional retailers.
Investment Considerations
- Growth Oriented Use of Funds: IPO proceeds are largely intended for expansion and working capital indicating a focus on business growth.
- Improving Financial Performance: Recent years show strong revenue growth and margin improvement, which is a positive indicator if sustained.
- Promoter Involvement: Active promoter participation in operations supports business continuity and strategic execution.
- Risk Appetite: Suitable for investors with a medium to high risk tolerance who are comfortable with SME segment volatility.
Investment Consideration: The IPO is best suited for investors with a moderate to high risk appetite, looking for exposure to India’s infrastructure growth story. Listing gains look likely, but long term returns will depend on execution, sector growth and the company’s ability to scale.
Lot Size and Minimum Investment
| Investor Category | Lots | Shares | Investment (@ ₹176) |
|---|---|---|---|
| Retail (RIIs) | 2 | 1,600 | ₹2,81,600 |
| Retail (Max) | 2 | 1,600 | ₹2,81,600 |
| S-HNI (Small HNI) | 3 | 2,400 | ₹4,22,400 |
| S-HNI (Max) | 7 | 5,600 | ₹9,85,600 |
| B-HNI (Big HNI) Min | 8 | 6,400 | ₹11,26,400 |
How to Apply for Brandman Retail IPO (Step-by-Step)
You need:
- A demat + trading account
- UPI ID linked with your bank account
- Sufficient funds in your bank account to cover the IPO amount
- Retail minimum is 1,600 shares (2 lots) – approx ₹2,81,600 at ₹176.
Step 1 – Log into Your Broker App or Netbanking
🔹 Open your trading app (Zerodha/Upstox/Groww/Angel One) or
🔹 Log into your bank’s netbanking portal (for ASBA via UPI/Netbanking)
Steps-1 to 7
| Step | What You Do |
|---|---|
| 1 | Login to trading/bank app |
| 2 | Go to IPO / Apply IPO |
| 3 | Select Brandman Retail IPO |
| 4 | Enter price/quantity/ category |
| 5 | Submit application |
| 6 | Approve UPI mandate |
| 7 | Check allotment status |
Registrar, Lead Manager and Market Maker Details
Here are the key intermediaries involved in managing the Brandman Retail IPO:
| Role | Name | Details |
|---|---|---|
| Registrar to the Issue | Bigshare Services Private Limited | Handles IPO processing, share allotment status, refunds and investor communication. |
| Book Running Lead Manager (BRLM) | Gretex Corporate Services Limited | Manages the IPO process, regulatory compliance, coordination with exchanges and investors. |
| Market Makers | Gretex Share Broking Pvt. Ltd & Shree Bahubali Stock Broking Ltd | Support secondary market liquidity for the SME listing. |
Conclusion: Should You Apply for the Brandman Retail IPO?
The Brandman Retail IPO presents an interesting opportunity for investors looking to participate in the growing organized retail and brand distribution space in India. However, like any investment, it comes with its own set of pros and cons that every investor should weigh carefully.
Why You May Consider Applying
- Growing Retail Play: Brandman’s omni-channel model combining exclusive brand outlets, multi brand outlets and online distribution positions it well in a growing lifestyle and consumer products market.
- Improving Financial Performance: The company has shown a steady rise in revenues, margins and profitability in recent years.
- Clear Use of IPO Funds: Proceeds are aimed at retail expansion, working capital support and strengthening supply chain, all aligned with business growth objectives.
- Anchor Investor Interest: A healthy anchor book often suggests institutional confidence ahead of the main subscription.
What to Keep in Mind
- SME Listing Risks: SME stocks often trade with low liquidity and higher volatility after listing, especially in the early days. Price swings can be sharp and unpredictable.
- Retail Sector Competition: The lifestyle and branded goods space is competitive, facing pressure from established players and large ecommerce marketplaces.
- Execution Matters: Expansion plans depend on efficient store rollout, inventory management and customer acquisition, any execution delays could impact performance.
Final Take
If you are a medium to long term investor comfortable with SME IPO risk and volatility, Brandman Retail ipo could be a compelling pick due to its growth trajectory and expanding retail footprint.
Conservative investors or those seeking short term listing gains may prefer to wait and observe post listing price action before committing.
Disclaimer :
This article is intended for informational and educational purposes only and should not be considered as investment advice or a recommendation to subscribe to any IPO. Readers are strongly encouraged to conduct their own research, consult with a qualified financial advisor, and review the TechDefence Labs company’s official Red Herring Prospectus (RHP) before making any investment decisions.
Investing in IPOs involves risks and past performance is not indicative of future results. Please invest wisely.
Brandman Retail SME IPO-FAQs
What is the Brandman Retail SME IPO issue size?
Brandman Retail SME IPO is a fresh issue of 48,91,200 equity shares, aggregating to approximately ₹86.09 crore at the upper price band.
When will the Brandman Retail IPO open and close?
The IPO opens on February 4, 2026 and closes on February 6, 2026.
What is the price band of Brandman Retail IPO?
The price band is fixed at ₹167 to ₹176 per share.
What is the lot size and minimum investment?
Lot Size: 800 shares
Minimum Retail Application: 2 lots (1,600 shares)
Minimum Investment: ~₹2.81 lakh (at ₹176 per share)
When will allotment and listing happen?
February 11, 2026.
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