Brandman Retail IPO: GMP, Date, Price & Review

Brandman Retail IPO- Company Analysis

Brandman Retail IPO under the SME IPO category is a bookbuild issue of Rs. 86.09 Cr by Brandman Retail Limited and distributes global lifestyle and sports brands. Distribution, licensing, retail, and e-commerce are the company's four main pillars. It is dedicated to sustainability, customer-centricity, and innovation.

In northern India, including Ahmedabad, Ambala, Dehradun, New Delhi, Jalandhar, Bathinda, Gurugram, Lucknow, and Noida, the corporation runs Exclusive Brand Outlets (EBOs). Under a non-exclusive distribution agreement, each retailer primarily represents the New Balance brand and satisfies the requirements set forth by the License Grantee.

The company runs eleven EBOs and two MBOs named "Sneakrz" in Bhatinda and New Delhi. The business maintains non-exclusive distribution contracts to guarantee a wide variety of superior products for clients.

Brandman Retail IPO Details

The Brandman Retail IPO date of opening is 04 Feb 2026, its initial public offering will end on 06 Feb, IPO allotment on Feb 09 and refund initiation on Feb 10, 2026.

The Rs. 86.09 crore new SME IPO comprises a wholly fresh issue of 0.49 crore Shares.

The Brandman Retail IPO listing date (expected) might be on Wednesday, Feb 11, 2026, and listing at the NSE and SME. 

The Brandman Retail IPO price band is Rs. 167 to Rs. 176.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Feb 04, 2026
IPO Closing Date	Feb 06, 2026
IPO Allotment Date	Feb 09, 2026
Refund Initiation	Feb 10, 2026
IPO Listing Date	Feb 11, 2026

 

Click to open demat account and apply for the IPO.

 

Company Financials

(Amount in Cr)

Particulars	31 Dec 2025	31 Mar 2025	31 Mar 2024
Assets	101.31	84.73	40.49
Total Income	97.21	136.30	123.49
PAT	19.67	20.95	8.27
EBITDA	27.02	31.15	12.01
Net Worth	60.26	29.79	8.84
Reserves & Surplus	46.70	17.04	8.59
Total Borrowing	15.68	11.87	3.53

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	-69.50	168.08	-129.84
Net Cash Flow Investing Activities	-288.49	318.95	-40.67
Net Cash Flow Financing Activities	730.57	167.08	164.03

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Funding Capital Expenditure for the expansion of its new retail network by launching 15 Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs). ~ Rs. 27.90 Cr.

• Working capital requirements for new EBOsand MBOs.~ Rs. 11.78 Cr.

• Working capital requirements for existing ebos and MBOs. ~ Rs. 267.22 Cr.

• General Corporate Purposes. 

Listed Peers of Brandman Retail Ltd.

Name of Company	Face Value (₹)	Basic EPS (₹)	PE Ratio (x)
Redtape Limited	2	3.08	47.39
Bata India Limited	5	25.73	47.41
Lehar Footwears Limited	10	6.15	34.59
Liberty Shoes Limited	10	7.92	40.57

 

Valuation

KPI	Value
ROE	108.47%
ROCE	70.48%
Debt / Equity	0.40
RoNW	70.33%
PAT Margin	15.49%
EBITDA Margin	23.02%
Price to Book Value	7.53

 

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 16.43 from the last year, the resulting P/E ratio is 10.71x.

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IPO's Strengths 

• Professional team and seasoned promoters.

• Network for omni-channel distribution.

• A scalable business model with few assets.

• Strength derives from excellent positions across North India, ensuring good market access.

• A wide range of products and access to international markets.

 

IPO's Weaknesses

• Reliance on non-exclusive brand agreements.

• Uncertainty regarding store expansion locations.

• Dependency on marketplace contracts for e-commerce.
  
  

Brandman Retail IPO GMP (Grey Market Premium)

Brandman Retail IPO GMP today is Rs. 0 as of 02 Feb 2026 while writing this information. A price band set at Rs. 176 suggests that the estimated listing price of the IPO could be around Rs. 176, indicating a gain/loss of 0%.

Brandman Retail IPO Summary

IPO Opening & Closing Date	04 Feb, 2026 to 06 Feb, 2026
Face Value	Rs. 10 per Share
Issue Price	Rs. 167 to Rs. 176 per Share.
Lot Size	800 Shares
Issue Size	48,91,200 Shares (Rs. 86 Cr)
Offer for Sale	-
Fresh Issue	48,91,200 Shares (Rs. 86 Cr)
Listing at	NSE, SME
Issue Type	Bookbuild issue IPO
Registrar	Bigshare Services Pvt. Ltd.

 

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (1600 Shares) for Rs. 2,81,600, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (2400 Shares) for Rs. 4,22,400.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

 

Brandman Retail IPO Allotment Status

To check the Brandman Retail IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Brandman Retail Ltd.

• Mr. Arun Malhotra

• Ms. Kavya Malhotra

• Ms. Kashika Malhotra.

Pre-Issue Promoter Shareholding	93.91%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• Gretex Corporate Services Ltd. 
  
  

Dividend Policy

The company has not paid a dividend during the last three years.

 

Conclusion

With outstanding profitability indicators, asset-light operations, and aspirations for quick development throughout North India, the Brandman Retail IPO offers a high-growth SME opportunity. Its low P/E valuation and strong ROE make it appealing to risk-averse investors despite risks including non-exclusive brand agreements and rapid expansion. 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.

You must consult your financial advisor before making any financial decisions.

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.