Brandman Retail IPO Review 2026: GMP, Price Band, Lot Size & Should You Apply?

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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.

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Brandman Retail IPO GMP Today : ₹24 per share on 05.02.2026, indicating POSITIVE market sentiment.

Brandman retail IPO subscription : 4.91X

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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)

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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.

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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.

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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

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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

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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

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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

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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.

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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.

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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

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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

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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.

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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.

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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.

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Brandman Retail SME IPO-FAQs