Dudani Retail IPO 2026: SME Issue Dates, Price, and Key Details

27 Sep 2026 · 9 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.

The Dudani Retail IPO is open for public subscription on the BSE SME platform. Discover the company's business model, financial trends, key risks, and issue details.

Written by the BuyUnlistedShares desk · Published 27 Sep 2026 · Updated 27 Sep 2026

Information only, not investment advice.

Direct answer: The Dudani Retail IPO is a BSE SME public offering open from 25 Sep 2026 to 29 Sep 2026, priced at a fixed ₹29.0 per share with a lot size of 4,000 shares. For detailed data, check Dudani Retail on BuyUnlistedShares, brought to you by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

The unofficial and indicative GMP for Dudani Retail has remained steady at ₹3.0 (representing an indicative premium of +10.34%) as of 26 Sep 2026.

About Dudani Retail Limited

Dudani Retail Limited is an apparel and fashion products company engaged in the design, manufacturing, sourcing, and distribution of garments. The company operates through a multi-channel model that combines its own brands, licensed manufacturing arrangements with prominent fashion and lifestyle marketplaces, and product supply agreements with quick-commerce platforms.

The company's primary focus is the manufacturing of women's ethnic and fusion wear, while it also actively trades in men's apparel. Its manufacturing operations support just-in-time (JIT) order fulfillment for several established labels. Under licensed manufacturing agreements with fashion and lifestyle marketplace platforms, Dudani Retail produces garments for well-known brands such as Kalini, Corsica, Roadster, Anouk Rustic, All About You, Taavi, Navyaazri, Chandbaali, Baesd, ETC, Navibhu, and Here & Now.

Dudani Retail operates a manufacturing facility located at F-93, 4th Floor, Kartarpura Industrial Area, Jaipur, Rajasthan. Key processes such as fabric cutting, stitching, finishing, quality inspection, packing, and dispatch are managed in-house at this facility. Specialized fabric treatments—including dyeing, printing, and embroidery—are outsourced to third-party vendors. The company also supplies apparel to a quick-commerce platform under a sell-or-return model, delivering products to designated hubs where ownership transfers upon acceptance. Online distribution is carried out through major platforms including Myntra, Amazon, Flipkart, Ajio, and Nykaa Fashion, alongside the company's direct-to-consumer website.

Dudani Retail IPO Issue Terms and Structure

The Dudani Retail IPO is structured as a Fixed Price Issue on the BSE SME platform. The total issue size stands at ₹10.54 Cr, consisting of 34,52,000 equity shares of face value ₹10.0 each. The fresh issue component comprises ₹10.01 Cr (34,52,000 shares), with no offer-for-sale portion from existing promoters.

The allocation of the net issue is structured as follows:

• Retail Individual Investors: 17,28,000 shares (50.0% of the Net Issue)
• Non-Institutional Investors (NII/HNI): 17,24,000 shares (50.0% of the Net Issue)
• Market Maker Reservation Portion: 1,84,000 shares

The fixed issue price is ₹29.0 per share. The lot size is 4,000 shares, meaning retail investors must apply for a minimum of 8,000 shares, requiring an upfront application amount of ₹2,32,000. The lead manager for the issue is Finshore Management Services Ltd., and Maashitla Securities Pvt. Ltd. is acting as the registrar.

Subscription Status and Unofficial GMP

As of 25 Sep 2026, the Dudani Retail IPO has received an overall subscription of 0.08x. The retail investor category saw a subscription of 0.16x, while the NII category stood at 0.01x.

The subscription trend shows retail bidding reached 0.16x by 11:38 AM on 25 Sep 2026, while the NII portion recorded 0.01x on the opening day.

In the grey market, the unofficial and indicative GMP was recorded at ₹3.0 (an indicative premium of +10.34%) as of 26 Sep 2026. This grey market activity is purely unofficial and indicative, and it does not serve as a reliable predictor of the final listing price. To track these trends alongside other public market opportunities, investors can refer to the IPO calendar or use the Unlisted shares screener provided by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

Financial Performance and Key Metrics

According to the restated financial statements in the Draft Red Herring Prospectus (DRHP), Dudani Retail has shown steady growth in profitability despite a slight consolidation in total income over the last three fiscal years. The financial metrics as of 31 Mar 2026, 31 Mar 2025, and 31 Mar 2024 are outlined below:

The company's profit after tax grew from ₹0.99 Cr in FY24 to ₹1.90 Cr in FY26, even as total income slightly dipped from ₹25.13 Cr to ₹24.59 Cr over the same period.

As of 31 Mar 2026, the company's Key Performance Indicators (KPIs) include a Return on Net Worth (RoNW) of 18.46%, a Return on Capital Employed (ROCE) of 25.88%, a PAT margin of 7.73%, and an EBITDA margin of 12.07%. The pre-issue Price-to-Earnings (P/E) ratio stands at 10.28x, which increases to a post-issue P/E of 15.85x. The debt-to-equity ratio is managed at 0.47, and the Net Asset Value (NAV) per share is ₹15.26.

Peer Comparison

The table below provides a comparative analysis of Dudani Retail Limited against its listed industry peers as of 31 Mar 2026:

Investors tracking the SME space may also read about the German Green Steel IPO: Dates, Price Band, Lot Size, Issue Size and Company Details. For those interested in larger tech-driven platforms, the Moneyview IPO: Dates, Price Band and Key Details provides a useful comparison of business models and scale.

Objects of the Issue and Key Strengths

The company intends to deploy the net proceeds of ₹10.54 Cr from the fresh issue toward several key operational and capital requirements:

• Capital Expenditure: ₹0.79 Cr for purchasing machinery to expand and upgrade the existing manufacturing facility in Jaipur.
• Debt Repayment: ₹3.00 Cr for full or partial repayment or pre-payment of certain outstanding borrowings.
• Working Capital: ₹3.97 Cr to meet ongoing working capital requirements.
• Strategic Initiatives: ₹1.50 Cr for brand building, marketing, promotional activities, and potential partnerships or acquisitions.
• Issue Expenses: ₹1.29 Cr to cover the costs associated with the public offering.

Key Business Strengths

• Multi-Vertical Operations: Presence across own-brand women's wear, men's wear trading, and licensed manufacturing for major marketplace platforms.
• In-House Manufacturing Capability: Core processes are conducted at the Jaipur facility, ensuring quality control, while specialized treatments are outsourced to maintain flexibility.
• Asset-Light Trading Model: Sourcing finished men's wear from external suppliers reduces capital lock-up and manufacturing risk in this category.
• Established Distribution Network: Multi-channel online presence across leading Indian e-commerce platforms and a dedicated direct-to-consumer website.

Key Risks and Future Timeline

Before making an investment decision, investors should carefully review the risk factors outlined by the issuer in the offer document:

• Sell-or-Return Model: The supply arrangement with a quick-commerce platform operates on a sell-or-return basis, meaning the company bears inventory and return risks until final acceptance.
• No Physical Retail Footprint: The company relies entirely on online channels for customer acquisition and sales, making it highly dependent on third-party marketplace algorithms and policies.
• Negative Cash Flows: Dudani Retail has experienced negative cash flows from operating activities in the past, which could impact future liquidity if repeated.
• Rented Premises: The registered office and manufacturing facility in Jaipur are leased properties, exposing the company to tenancy renewal risks.
• Outstanding Litigation: There are pending legal and tax proceedings involving the company and its promoters, including tax proceedings against the company amounting to ₹0.24 lakh and civil litigations by promoters amounting to ₹5.50 lakh.

IPO Timeline

• IPO Open Date: 25 Sep 2026
• IPO Close Date: 29 Sep 2026
• Allotment Date: 30 Sep 2026
• Refund Initiation: 01 Oct 2026
• Credit of Shares to Demat: 01 Oct 2026
• Listing Date: 05 Oct 2026 (on BSE SME)

For those looking to explore pre-IPO and unlisted market opportunities, you can submit an enquiry through our contact page. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 is always available to assist with your queries. To get started, please visit our enquiry page.

Frequently Asked Questions

What is the price band and lot size of the Dudani Retail IPO?

The Dudani Retail IPO is a fixed-price issue priced at ₹29.0 per share. The minimum lot size is 4,000 shares, and the minimum order quantity is 8,000 shares, requiring an application amount of ₹2,32,000.

When does the Dudani Retail IPO open and close?

The public issue opened for subscription on 25 Sep 2026 and is scheduled to close on 29 Sep 2026.

What are the primary objects of this public issue?

The company plans to utilize the ₹10.54 Cr proceeds to fund machinery purchases (₹0.79 Cr), repay borrowings (₹3.00 Cr), meet working capital needs (₹3.97 Cr), fund brand building and strategic initiatives (₹1.50 Cr), and cover issue expenses (₹1.29 Cr).

Who are the promoters of Dudani Retail Limited?

The promoters of the company are Akshay Dudani and Charu Dudani. Their aggregate pre-issue shareholding is 100.0%, which will adjust to 64.99% post-allotment.

Is the Dudani Retail IPO suitable for my investment portfolio?

We do not make that call. BuyUnlistedShares provides objective, data-driven insights compiled directly from the official draft prospectus. We do not provide investment advice, ratings, or recommendations to subscribe, buy, or avoid any public or unlisted offering.

Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.