Brandman Retail IPO Opens for Subscription Amid Strong Retail Demand and Positive GMP Signals
Brandman Retail IPO has opened for subscription, drawing strong interest from retail and non-institutional investors on its initial days. The SME public issue, which is entirely a fresh issue, aims to raise ₹86.09 crore and is listed on the NSE SME platform.
With healthy grey market premium (GMP) trends and solid subscription momentum in the retail and NII segments, the IPO is gaining traction among market participants looking for opportunities in the retail and lifestyle segment.
Below is a detailed, investor-friendly breakdown of the Brandman Retail IPO, including dates, price band, lot size, subscription data, GMP trends, financial indicators, and allotment process.
Brandman Retail IPO Issue Size and Structure Reflect Growth-Focused Fundraising
Brandman Retail IPO is structured as a book-built issue comprising entirely a fresh issue of 0.49 crore equity shares, meaning the company itself will receive the full proceeds from the offering. This is generally viewed as a positive signal by investors, as fresh issues are typically aimed at funding expansion, working capital needs, and strengthening the balance sheet rather than providing an exit to existing shareholders.
The total issue size of ₹86.09 crore places it among the notable SME offerings of the season. Given the company’s relatively young age and expansion-focused business model, the capital raised is expected to support store expansion, brand partnerships, and operational scaling. For investors, this indicates that the IPO is closely tied to the company’s forward growth strategy rather than past monetization.
IPO Snapshot
| Particular | Details |
|---|---|
| IPO Size | ₹86.09 crore |
| Fresh Issue | 0.49 crore shares |
| Face Value | ₹10 per share |
| Issue Type | Bookbuilding IPO |
| Listing Platform | NSE SME |
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IPO Timeline Provides Quick Turnaround From Subscription to Listing
The Brandman Retail IPO follows a compact timeline, which is typical for SME issues and allows for a faster transition from subscription to listing. The IPO opened on February 4, 2026, and will close on February 6, 2026, giving investors a narrow window to evaluate and apply.
The allotment is expected to be finalized on February 9, while refunds and share credits are scheduled for February 10, leading up to a tentative listing on February 11, 2026. Such a swift schedule keeps market sentiment fresh and reduces uncertainty for applicants awaiting allotment outcomes. For active IPO investors, this quick cycle also enables faster capital rotation into other opportunities.
IPO Timetable
| Event | Date |
|---|---|
| IPO Open | Feb 4, 2026 |
| IPO Close | Feb 6, 2026 |
| Allotment Finalization | Feb 9, 2026 |
| Refund Initiation | Feb 10, 2026 |
| Shares Credited | Feb 10, 2026 |
| Listing Date | Feb 11, 2026 |
Price Band and Lot Size Make It a High-Ticket SME Investment
The IPO is priced in a band of ₹167 to ₹176 per share, which is in line with SME offerings targeting serious investors rather than small-ticket participants. However, the lot size norms significantly raise the entry barrier. With a lot size of 800 shares and a minimum retail bid of 2 lots (1,600 shares), the minimum retail investment comes to ₹2.81 lakh at the upper price band.
Investment Details
| Particular | Details |
|---|---|
| Price Band | ₹167 – ₹176 |
| Lot Size | 800 shares |
| Retail Minimum | ₹2,81,600 |
| HNI Minimum | ₹4,22,400 |
Allocation Mix Shows Balanced Distribution Across Investor Classes
The IPO allocation structure reveals a balanced approach between institutional, non-institutional, and retail investors. Nearly 47% of the issue is reserved for QIBs, including anchor investors, while over 33% is allocated to retail investors. The rest is split among NIIs and market makers.
Shares Offered
| Category | Shares | Amt (₹ Cr.) | % |
|---|---|---|---|
| Market Maker | 2,44,800 | 4.31 | 5% |
| QIB | 23,20,000 | 40.83 | 47.43% |
| NII | 6,99,200 | 12.31 | 14.30% |
| Retail | 16,27,200 | 28.64 | 33.27% |
| Total | 48,91,200 | 86.09 | 100% |
Subscription Trend Shows Strong Retail and NII Interest
By Day 2, the IPO had been subscribed 2.77 times overall, indicating encouraging traction. Retail investors led the demand with 3.51x subscription, while the NII category showed robust appetite at 4.75x. However, QIB participation (excluding anchor) was yet to pick up at the reported time.
Subscription Status
| Category | Subscription |
|---|---|
| Retail | 3.51x |
| NII | 4.75x |
| QIB | 0.00x |
| Total | 2.77x |
GMP Signals Point to Potential Listing Gains
The Grey Market Premium (GMP) for Brandman Retail IPO has remained positive, indicating optimistic unofficial sentiment. The latest GMP of ₹24 suggests a possible listing price near ₹200, implying a potential gain of around 13.6% over the upper band.
Latest GMP Data
| Metric | Value |
|---|---|
| GMP | ₹24 |
| Est. Listing | ₹200 |
| Est. Gain | 13.64% |
Company Overview: A Young Player in Sports and Lifestyle Retail
Founded in 2021, Brandman Retail Limited operates in the sports and lifestyle segment, focusing on distributing international brands through physical stores and digital platforms. The company’s model spans distribution, licensing, exclusive brand outlets, and e-commerce channels, giving it multiple revenue streams.
It operates 11 Exclusive Brand Outlets and two multi-brand stores, primarily in North India, and has a non-exclusive arrangement to retail global sportswear brands. Its presence on major e-commerce platforms like Flipkart, Ajio, and Tata Cliq strengthens its omni-channel reach, allowing it to tap both offline and online demand.
Competitive Strengths Highlight Scalability and Brand Access
Brandman Retail’s strengths lie in its asset-light model, strategic store locations, and access to global brands. Its experienced promoters and professional management team provide operational stability, while its omni-channel distribution approach aligns with evolving consumer behavior.
The company also benefits from brand synergy, repeat customers, and a growing base of young, urban consumers interested in lifestyle and sportswear. If executed well, this model can scale efficiently without heavy capital expenditure, which is often attractive to growth-focused investors.
Financial Metrics Show Healthy Margins but Moderating Returns
The company has reported healthy EBITDA and PAT margins, pointing to operational efficiency. However, return ratios like ROE and ROCE have moderated compared to the previous fiscal period, which investors may interpret as normalization after a high-growth phase.
Key KPIs
| KPI | Dec 2025 | Mar 2025 |
|---|---|---|
| ROE | 43.69% | 108.47% |
| ROCE | 36.92% | 70.48% |
| Debt/Equity | 0.26 | 0.40 |
| PAT Margin | 20.64% | 15.49% |
| EBITDA Margin | 28.35% | 23.02% |
Final Investor Take: Growth Story With SME Risks
Brandman Retail IPO presents a growth-oriented retail story backed by rising lifestyle consumption in India. Strong early retail demand and positive GMP trends indicate market interest. However, SME IPOs inherently carry higher volatility, lower liquidity, and business concentration risks.
Investors with a higher risk appetite and long-term perspective may track how effectively the company expands its footprint and scales its omni-channel model. As always, aligning IPO investments with personal risk tolerance and diversification strategy remains key.
