Brandman Retail IPO (SME)
Brandman Retail IPO is a book building SME issue of Rs. 86.09 crore, comprising a fresh issue of 0.49 crore equity shares aggregating to Rs. 86.09 crore and an offer for sale of 0.00 crore equity shares aggregating to Rs. 0.00 crore. The IPO opens for subscription on Wednesday, February 4, 2026 and closes on Friday, February 6, 2026. The allotment is expected to be finalised on Monday, February 9, 2026, and the shares are proposed to be listed on the NSE SME platform with a tentative listing date of Wednesday, February 11, 2026.
The IPO is offered in a price band of Rs. 167 to Rs. 176 per share with a lot size of 800 shares. At the upper price band, the minimum investment for retail investors works out to Rs. 2,81,600 for 2 lots (1,600 shares), while HNI investors are required to apply for a minimum of 3 lots (2,400 shares), amounting to Rs. 4,22,400. Gretex Corporate Services Ltd. is the Book Running Lead Manager to the issue, Bigshare Services Pvt. Ltd. is the Registrar, and Gretex Share Broking Pvt. Ltd. and Shree Bahubali Stock Broking Ltd. are the Market Makers for the IPO.
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IPO Snapshot
| Particulars |
Details |
| IPO Type |
Book Building SME IPO |
| Issue Size |
Rs. 86.09 Cr |
| Fresh Issue |
48,91,200 shares (Ex Market Maker) (agg. up to Rs. 86.09 Cr) |
| Offer for Sale |
— |
| Face Value |
Rs. 10 per share |
| Price Band |
Rs. 167 to Rs. 176 |
| Lot Size |
800 shares |
| Listing Platform |
NSE SME |
| Market Cap (Pre-IPO) |
Rs. 324.85 Cr |
| Total Issue Size |
48,91,200 shares (agg. up to Rs. 86 Cr) |
| Market Maker Reservation |
2,44,800 shares (agg. up to Rs. 4 Cr) |
| Net Offered to Public |
46,46,400 shares (agg. up to Rs. 82 Cr) |
IPO Timetable (Tentative)
| Event |
Date |
| IPO Opens |
Wed, Feb 4, 2026 |
| IPO Closes |
Fri, Feb 6, 2026 |
| Allotment |
Mon, Feb 9, 2026 |
| Refunds |
Tue, Feb 10, 2026 |
| Credit of Shares |
Tue, Feb 10, 2026 |
| Listing |
Wed, Feb 11, 2026 |
IPO Reservation Structure
| Investor Category |
Shares Offered |
| QIB |
Not more than 50% of Net Issue |
| NII (HNI) |
Not less than 15% of Net Issue |
| Retail (RII) |
Not less than 35% of Net Issue |
IPO Lot Size & Investment Amount
| Category |
Lots |
Shares |
Amount (Rs.) |
| Retail (Min & Max) |
2 |
1,600 |
2,81,600 |
| S-HNI (Min) |
3 |
2,400 |
4,22,400 |
| S-HNI (Max) |
7 |
5,600 |
9,85,600 |
| B-HNI (Min) |
8 |
6,400 |
11,26,400 |
Issue Management
| Role / Particulars |
Details |
| Registrar |
Bigshare Services Pvt. Ltd. |
| Market Maker |
Gretex Share Broking Pvt. Ltd., Shree Bahubali Stock Broking Ltd. |
About the business
| Particulars |
Details |
| Establishment Year |
2021 |
| Core Activity |
Distribution of international sports and lifestyle brands |
| Business Model |
Distribution, Licensing, Retail and E-commerce |
| Brand Focus |
New Balance (non-exclusive distribution) |
| Retail Presence |
11 EBOs and 2 MBOs (Sneakrz) |
| Key Markets |
Ahmedabad, Ambala, Dehradun, New Delhi, Jalandhar, Bathinda, Gurugram, Lucknow, Noida |
| Online Channels |
Flipkart, Ajio, Tata Cliq |
| Business Philosophy |
Innovation, customer centricity and sustainability |
Business verticals
| Vertical |
Revenue Contribution |
| Distribution |
— |
| Licensing |
— |
| Retail |
— |
| E-commerce |
— |
Competitive Strengths
| Key Strength |
Commentary |
| Experienced promoters and professional team |
Strong execution and retail expertise |
| Omni-channel distribution network |
Presence across EBOs, MBOs and online platforms |
| Asset-light and scalable model |
Enables faster expansion with controlled capital |
| Strategic store locations |
Strong access across North India |
| Diverse product portfolio |
Access to global lifestyle and sports brands |
| Brand synergy and growth potential |
Leverages established international brands |
| Growing consumer base |
Repeat customers and loyalty-driven sales |
Company Financials (Restated – Rs. Cr.)
| Period Ended |
31 Dec 2025 |
31 Mar 2025 |
31 Mar 2024 |
| Total Assets |
101.31 |
84.73 |
40.49 |
| Total Income |
97.21 |
136.30 |
123.49 |
| EBITDA |
27.02 |
31.15 |
12.01 |
| PAT |
19.67 |
20.95 |
8.27 |
| Net Worth |
60.26 |
29.79 |
8.84 |
| Reserves & Surplus |
46.70 |
17.04 |
8.59 |
| Total Borrowings |
15.68 |
11.87 |
3.53 |
Key Performance Indicators (KPI)
| KPI |
Dec 31, 2025 |
Mar 31, 2025 |
| ROE |
43.69% |
108.47% |
| ROCE |
36.92% |
70.48% |
| Debt / Equity |
0.26 |
0.40 |
| RoNW |
32.64% |
70.33% |
| PAT Margin |
20.64% |
15.49% |
| EBITDA Margin |
28.35% |
23.02% |
| Price to Book Value |
— |
7.53 |
Valuation Snapshot
| Particulars |
Pre-IPO |
Post-IPO |
| EPS (Rs.) |
15.45 |
14.21 |
| P/E (x) |
11.39 |
12.38 |
| Promoter Holding |
93.91% |
— |
| Market Cap (Pre-IPO) |
Rs. 324.85 Cr |
— |
Objects of the Issue
| No. |
Object |
Amount (Rs. Cr.) |
| 1 |
Funding capital expenditure for expansion of new retail network (15 EBOs & MBOs) |
27.90 |
| 2 |
Working capital requirements for new EBOs and MBOs |
11.78 |
| 3 |
Working capital requirements for existing EBOs and MBOs |
Balance |
| 4 |
General corporate purposes |
Balance |
Promoters
| Promoter Name |
| Mr. Arun Malhotra |
| Ms. Kavya Malhotra |
| Ms. Kashika Malhotra |
IPO Registrar
| Particulars |
Details |
| Registrar |
Bigshare Services Pvt. Ltd. |
| Phone |
+91-22-6263 8200 |
| Email |
ipo@bigshareoline.com |
| Website |
Visit Website |
IPO Lead Manager(s)
| Lead Manager |
| Gretex Corporate Services Ltd. |
Contact Details
| Particulars |
Details |
| Brandman Retail Ltd. Address |
DPT 718–719, 7th Floor, DLF Prime Tower, Okhla Industrial Area Phase-I, South Delhi, New Delhi – 110020 |
| Phone |
011-46052323 |
| Email |
info@brandmanretail.com |
Quicklinks
Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
February 2, 2026
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