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IPO Open

Fri, Sep 25, 2026

IPO Close

Tue, Sep 29, 2026

Issue Price

₹29 per share

Market Cap*

₹30.12 Cr * on Offer Price

IPO Details

  • IPO Date
    25 to 29 Sep, 2026
  • Listing Date
    Mon, Oct 5, 2026
  • Face Value
    ₹10 per share
  • Issue Price
    ₹29 per share
  • Lot Size
    4,000 Shares
  • Sale Type
    Fresh capital only
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE SME
  • Total Issue Size
    36,36,000 shares (agg. up to ₹11 Cr)
  • Reserved for Market Maker
    1,84,000 shares (agg. up to ₹0.5336 Cr) Prabhat Financial Services Ltd.
  • Fresh Issue (Ex Market Maker)
    34,52,000 shares (agg. up to ₹10 Cr)
  • Net Offered to Public
    34,52,000 shares (agg. up to ₹10 Cr)
  • Net Offered to Public
    62,73,600 shares (agg. up to ₹65 Cr)
  • Share Holding Pre Issue
    67,50,000 shares
  • Share Holding Post Issue
    1,03,86,000 shares

    IPO Timetable (Tentative)

  • IPO Open
    Fri, Sep 25, 2026
  • Allotment
    Wed, Sep 30, 2026
  • Credit of Shares
    Thu, Oct 1, 2026
  • IPO Close
    Tue, Sep 29, 2026
  • Refund
    Thu, Oct 1, 2026
  • Listing
    Mon, Oct 5, 2026

Issue Reservation

Dudani Retail IPO comprises a total issue size of 36,36,000 shares. The net offer to the public is 34,52,000 shares, after excluding 1,84,000 shares allotted on a firm basis. Of the Net offer 17,24,000 (49.94%) allocated to NII 17,28,000 (50.06%) allocated to RII.

Investor Category Shares % of Net Issue % of Total Issue
NII (HNI) 17,24,000 49.94% 47.41%
Retail 17,28,000 50.06% 47.52%
Firm Reservations
Market Maker 1,84,000 5.06%
Total 36,36,000 100.00% 100.00%

IPO Lot Size

Investors can bid for a minimum of 8,000 shares and in multiples of 4,000 shares thereof.

Application Lots Shares Amount
Individual investors (IND) (Min) 2 8000 ₹2,32,000
Individual investors (IND) (Max) 2 8000 ₹2,32,000
HNI (Min) 3 12000 ₹3,48,000

About Dudani Retail Ltd.

Incorporated in December 2015, Dudani Retail Limited is an apparel and lifestyle company engaged in the designing, manufacturing, sourcing and supply of apparel and related products through own-brand operations, licensed manufacturing arrangements with Fashion & Lifestyle marketplaces and a supply arrangement with a Quick-Commerce Platform. The Company’s own-brand business primarily focuses on women’s ethnic and fusion wear sold under the brand “Divena”, including suit sets, kurtas, dresses, tops, tunics, kaftans, co-ord sets, sarees and bottom wear. These products are designed and manufactured through a combination of in-house production and outsourced value-added processes. The Company also trades in men’s wear under “Millennial Men”, where finished goods are sourced from external suppliers and sold through online channels. It selectively trades in personal care and lifestyle products under “Cosse” based on sourcing opportunities and demand patterns.

In addition to its own-brand operations, the Company undertakes licensed manufacturing for Fashion & Lifestyle marketplaces, producing apparel against orders and according to specified design briefs, brand requirements and quality standards. The labels covered under these arrangements include Kalini, Corsica, Roadster, Anouk Rustic, All about you, Taavi, Navyaazri, Chandbaali, Baesd, ETC, Navibhu and Here & Now. The Company’s role is limited to manufacturing and supplying products on a just-in-time basis, while the intellectual property rights in these labels remain with the respective licensors.

The Company also supplies products to a Quick-Commerce Platform under a sell-or-return arrangement, where goods are delivered to designated hubs and payments are made periodically based on actual sales to end customers, after applicable margins. Its manufacturing facility in Jaipur, Rajasthan undertakes key processes including cutting, stitching, finishing, quality checks and dispatch, while fabric dyeing, printing, embroidery and other value-added processes are carried out through third-party processors.

The Company follows an integrated workflow covering design development, fabric and material procurement, sampling, manufacturing, outsourced processing, finishing and dispatch. Its products are distributed through multiple e-commerce marketplaces, including Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion, Tata Cliq and Snapdeal, as well as through its own brand websites.

As on August 31, 2026, the Company had 33 permanent employees, including directors, supported by 35 temporary personnel primarily engaged in stitching and pressing activities.

Competitive Strengths

  • Presence across multiple operating verticals.
  • In-house manufacturing capabilities for women’s wear.
  • Defined supply arrangement with a Quick-Commerce Platform.
  • Asset-light model for men’s wear and selective trading categories.
  • Established supplier network for fabrics, trims and finished goods.
  • Multi-channel distribution through leading e-commerce marketplaces.
  • Established relationships with Fashion & Lifestyle companies through licensed manufacturing.

Company Financials (Restated)

Dudani Retail Ltd.’s revenue decreased by 3% and profit after tax (PAT) rose by 7% between the financial year ending with March 31, 2026 and March 31, 2025.    (Amount in ₹ Crore)

Period Ended 31 Mar 2026 31 Mar 2025 31 Mar 2024
Assets 17.01 14.28 10.59
Total Income 24.59 25.29 25.13
Profit After Tax 1.90 1.78 0.99
EBITDA 2.97 2.86 1.81
NET Worth 10.30 8.40 6.62
Reserves and Surplus 3.55 1.65 4.62
Total Borrowing 4.82 4.03 3.53

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IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • # Issue Objects
    Est Amt (₹ Cr.)
  • 1 Funding Capital Expenditure towards purchase of machinery for expansion and upgradation of existing manufacturing facility
    0.79
  • 2 Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company.
    3.00
  • 3 To meet Working Capital Requirements
    3.97
  • 4 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.
    1.50
  • 5 Issue Expenses
    1.29
  • Total
    10.54

Key Performance Indicator (KPI)

KPI Mar 31, 2026
ROE 18.46%
ROCE 25.88%
Debt/Equity 0.47
RoNW 18.46%
PAT Margin 7.73%
EBITDA Margin 12.07%
NAV 15.26
Price to Book Value 1.90

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) 2.82 1.83
P/E (x) 10.28 15.85
Market Cap at Offer Price ₹19.57 Cr. ₹30.12 Cr
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category Pre IPO Post IPO
Promoter and Promoter Group 100% 64.99%
Public 35.01%
Total 100% 100%

Company Promoters: Akshay Dudani and Charu Dudani.

Dudani Retail IPO Recommendations

Review By Subscribe May Apply Neutral Avoid
Brokers 0 0 0 0
Members 0 0 0 0

IPO Expenses

# Issue Expenses Est Amt (₹ Cr.)
1 Lead Manager Fees (including Underwriting commission 0.67
2 Registrar to the issue 0.02
3 Legal Advisor 0.01
4 Peer Review Auditors 0.02
5 Market Maker 0.09
6 Sponsor Bank and Bankers to the Issue 0.01
7 UPI Bidding charges, Printing and distribution of Issue Stationary, other Miscellaneous expenses 0.04
8 Regulators Including Stock Exchanges 0.14
9 Advertising, Marketing & Professional Expenses 0.29
Total 1.29

IPO Registrar

Maashitla Securities Pvt.Ltd.

IPO Lead Manager(s)

  1. Finshore Management Services Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Dudani Retail Ltd. Address
F-93, 3rd Floor
Kartarpura Industrial Area
22 Godamjaipur, Station Road
Jaipur, Rajasthan, 302006

IPO FAQs

Dudani Retail IPO is a SME IPO of 36,36,000 equity shares of the face value of ₹10 aggregating up to ₹11 Crores. The issue is priced at ₹29 per share. The minimum order quantity is 4000.

The IPO opens on Fri, Sep 25, 2026, and closes on Tue, Sep 29, 2026.

Maashitla Securities Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

Angel One customers can apply online in Dudani Retail IPO using UPI as a payment gateway. Angel One customers can apply in Dudani Retail IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Dudani Retail IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Dudani Retail IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Dudani Retail IPO opens on Fri, Sep 25, 2026 and closes on Tue, Sep 29, 2026.

Dudani Retail IPO lot size is 4000, and the minimum amount required for application is ₹2,32,000, with 2 lots being the minimum application size.

You can apply in Dudani Retail IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Dudani Retail IPO will be done on Wednesday, September 30, 2026, and the allotted shares will be credited to your demat account by Thu, Oct 1, 2026. Check the Dudani Retail IPO allotment status.

The Dudani Retail IPO listing date is not yet announced. The tentative date of listing is Mon, Oct 5, 2026.

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