Dudani Retail IPO: dates, price band, lot size and GMP
Dudani Retail IPO listed on 5 Oct at ₹25 (BSE SME). Issue dates 25 – 29 Sep 2026, price band ₹29, lot 4,000 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Updated 6 Oct 2026, 14:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the Dudani Retail IPO has a price band of ₹29, a lot of 4,000 shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 25 – 29 Sep 2026 |
| Price band | ₹29 |
| Lot size | 4,000 shares |
| Issue size | ₹10.54 Cr |
| Fresh issue | ₹10.01 Cr |
| Subscription | 1.42x |
| Registrar | Maashitla Securities Pvt.Ltd. |
| Lead managers | Finshore Management Services Ltd. |
| Status | Listed |
Timeline
- Issue opens: 25 Sep
- Issue closes: 29 Sep
- Allotment: 30 Sep
- Refunds: 1 Oct
- Demat credit: 1 Oct
- Listing: 5 Oct
Live subscription
| Category | Subscribed |
|---|---|
| NII | 0.52x |
| Retail | 2.31x |
| Total | 1.42x |
Last updated 29 Sep 2026, 6:55 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Fixed Price Issue |
| Listing at | BSE SME |
| Market cap at the upper band | ₹30.12 Cr |
| P/E (pre-issue) | 10.28x |
| P/E (post-issue) | 15.85x |
| Fresh issue (shares) | 34,52,000 |
| Total shares offered | 34,52,000 |
| Promoter holding pre-issue | 100% |
| Promoter holding post-issue | 64.99% |
| Promoters | Akshay Dudani, Charu Dudani |
| Lead managers | Finshore Management Services Ltd. |
| Registrar phone | 011-45121795 |
| Registrar email | investor.ipo@maashitla.com |
| Company website | divenaworld.com |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 8,000 | ₹2,32,000 |
| Retail (maximum) | 2 | 8,000 | ₹2,32,000 |
| sNII (minimum) | 3 | 12,000 | ₹2,32,000 |
| bNII (minimum) | 3 | 12,000 | ₹10,44,000 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| NII (HNI) | 49.9% | 17,24,000 | 50% of the Net Issue |
| Retail | 50.1% | 17,28,000 | 50% of the Net Issue |
| Market Maker | 5.3% | 1,84,000 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 25 Sep | — | 0.01x | — | — | 0.16x | 0.08x |
| Day 2 · 28 Sep | — | 0.06x | — | — | 0.50x | 0.28x |
| Day 3 · 29 Sep | — | 0.52x | — | — | 2.31x | 1.42x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹2.82 |
|---|---|
| EPS (post-issue) | ₹1.83 |
| P/E (pre-issue) | 10.28x |
| P/E (post-issue) | 15.85x |
| RoNW | 18.46% |
| RoCE | 25.88% |
| RoE | 18.46% |
| PAT margin | 7.73% |
| EBITDA margin | 12.07% |
| Price / book | 1.9x |
| NAV per share | ₹15.26 |
| Debt / equity | 0.47 |
| Market cap (upper band) | ₹30.12 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 17.01 | 14.28 | 10.59 | +19.1% |
| Total Income | 24.59 | 25.29 | 25.13 | −2.8% |
| Profit After Tax | 1.9 | 1.78 | 0.99 | +6.7% |
| EBITDA | 2.97 | 2.86 | 1.81 | +3.8% |
| NET Worth | 10.3 | 8.4 | 6.62 | +22.6% |
| Reserves and Surplus | 3.55 | 1.65 | 4.62 | +115.2% |
| Total Borrowing | 4.82 | 4.03 | 3.53 | +19.6% |
About Dudani Retail
Dudani Retail Limited is engaged in the design, manufacturing, sourcing, and distribution of apparel and related fashion products. The company operates through a combination of its own brands, licensed manufacturing arrangements with fashion and lifestyle marketplaces, and product supply agreements with quick-commerce platforms.
The company primarily manufactures women's ethnic and fusion wear, while also trading in men's apparel. Its operations support just-in-time (JIT) order fulfillment for various licensed brands under agreements with leading fashion and lifestyle marketplaces. The manufacturing facility is located at F-93, 4th Floor, Kartarpura Industrial Area, Jaipur, Rajasthan, where activities such as fabric cutting, stitching, finishing, quality inspection, packing, and dispatch are carried out. Processes including dyeing, printing, embroidery, and other fabric treatments are outsourced to specialized third-party vendors.
Under its licensed manufacturing arrangements with fashion and lifestyle marketplace platforms, the company produces garments for several established labels, including Kalini, Corsica, Roadster, Anouk Rustic, All About You, Taavi, Navyaazri, Chandbaali, Baesd, ETC, Navibhu, and Here & Now.
The company also supplies apparel products to a quick-commerce platform through a sell-or-return model. Under this arrangement, products are delivered to designated hubs, with ownership transferring upon acceptance by the platform. Payments are settled periodically based on actual sales, after deducting applicable margins.
Dudani Retail Limited markets its products through multiple online channels, including Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion, as well as its own direct-to-consumer website.
Objects of the issue
- Funding Capital Expenditure towards purchase of machinery for expansion and upgradation of existing manufacturing facility — ₹0.79 Cr
- Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company. — ₹3 Cr
- To meet Working Capital Requirements — ₹3.97 Cr
- To be utilized towards Strategic initiatives, partnerships, joint ventures and acquisitions; Brand building and strengthening of promotional, marketing activities and advisory; On-going general corporate exigencies or any other purposes as approved by the Board subject to compliance with the necessary regulatory provisions etc. — ₹1.5 Cr
- Issue Expenses — ₹1.29 Cr
Net proceeds: ₹10.54 Cr
Peer comparison
| Company | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|
| Dudani Retail Ltd. (issuer) | 2.82 | 15.26 | 10.3x | 18.46% | 1.93 | Restated |
| Nandani Creation Ltd. | 1.04 | 34.64 | 23.7x | 3.35% | 0.71 | Consolidated |
| Purple United Sales Ltd. | 15.81 | 78.8 | 26.72x | 22.3% | 5.41 | — |
| Mish Designs Ltd. | −3.24 | 52.62 | −11.27x | −6% | 0.69 | — |
Notes: Considering the nature and size of business of the Company, the peers may not be exactly comparable. Hence a strict comparison is not possible. However, the above companies have been included for broader comparison Based on full completed financial year ended on March 31, 2026 on Restated basis. Source for Peer Companies: Annual Reports as available at Stock Exchange/Company Website (figures as on March 31, 2026) CMP as on 09/09/2026 for Peer Group and IPO price for Issuer Company.
Strengths (per the offer document)
- Presence across multiple operating verticals — Our company operates across own-brand manufacturing for women’s wear, trading of men’s wear and licensed manufacturing for Fashion & Lifestyle Marketplace companies, along with a sales-linked supply…
- In-house manufacturing capability for women's wear supported by outsourced processors — We carry out cutting, stitching, finishing and quality checks for women’s apparel at our facility in Jaipur, supported by a network of third-party processors for dyeing, printing, embroidery and…
- Asset-light approach in men's wear and selective trading categories — Our men’s wear line operates entirely as a trading activity;
- Multi-channel distribution for own-brand products — Our own-brand products are sold across major e-commerce marketplaces, including Myntra, Amazon, Flipkart, Ajio and Nykaa Fashion, as well as through our own websites.
- Experience in handling marketplace-driven operations — A significant portion of our business involves fulfilling marketplace orders, adhering to platform guidelines and complying with operational requirements relating to dispatch timelines, product…
- Integrated workflow from design development to dispatch — Our processes cover design development, fabric sourcing, sampling, manufacturing, finishing, inspection and shipment for manufactured categories.
- Established supplier network for fabrics, trims and finished goods — We work with suppliers across Jaipur and other textile hubs for fabrics, trims, materials and finished goods required for trading categories.
Risk factors (as disclosed by the company)
- Our supply arrangement with a Quick-Commerce Company operates on a sell-or-return and sales-linked settlement model — Under our agreement with a Quick-Commerce Platform, goods are delivered to designated hubs on a sell-or-return basis.
- We have no physical retail store, resulting in dependence on online channels for customer acquisition and sales — We currently operate without any physical retail stores.
- If we are unable to manage our growth or execute our strategies effectively, our business plan and expansion may not be successful — Since our incorporation in 2015, we have evolved from a women’s ethnic wear brand to a complete apparel brand having diverse range of products for both men and women.
- We generate majority portion of sales from our operations in certain geographical regions and any adverse developments affecting our operations in this… — We generate majority portion of our revenues are made in certain regions.
- Our lenders have charge over our movable and immovable properties in respect of finance availed by us — We have secured our lenders by creating a charge over our movable and immovable properties in respect of loans / facilities availed by us from banks and financial institutions.
- Changes in Technology may render our current technologies obsolete or require us to make substantial capital investments — Modernisation and technology Upgradation is essential in our industry to reduce costs and increase productivity.
- We have experienced negative cash flows in the past and may continue to do so in the future and the same may adversely affect our cash flow requirements — The detailed break up of cash flows is summarized in below mentioned table and our Company has reported negative cash flow in certain financial years: Net cash generated/(used) from operating 24.14…
- Dependence on Rented Premises for Business Operations — Our registered office, located at F-93, 3rd and 4th Floor, Kartarpura Industrial Area, 22 Godamjaipur, Station Road, Jaipur 302006, Rajasthan, India, is a rented property.
From the RHP (strengths pages 113–114, risk factors pages 23–31). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF)
Track this issue
- Dudani Retail IPO GMP today and trend
- Dudani Retail IPO subscription status, day by day
- Dudani Retail IPO allotment status and how to check
Frequently asked questions
When does the Dudani Retail IPO open and close?
The issue is scheduled for 25 – 29 Sep 2026.
What is the Dudani Retail IPO price band?
The price band is ₹29 per share with a lot size of 4,000 shares.
How big is the Dudani Retail IPO?
The total issue size is ₹10.54 Cr.
When will Dudani Retail list?
The tentative listing date is 5 Oct on the SME platform.
How do I apply for the Dudani Retail IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Dudani Retail · as filed with SEBI · bsesme.com
- Registrar allotment page, Maashitla Securities Pvt.Ltd. · allotment 30 Sep · maashitla.com
- BSE SME issues page · listing 5 Oct · bsesme.com
- Dudani Retail company website · divenaworld.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 5 Oct, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Dudani Retail IPO”, https://buyunlistedshares.com/ipo/dudani-retail-ipo, as of 06 Oct 2026.
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- Jio Platforms IPO · 21 – 23 Oct 2026
Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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