Dudani Retail IPO
LISTEDSMEListing Performance
▼ 13.79%
Issue Price
₹29
Listing Price
₹25
Listed On
05 Oct 2026
- Price Band
- ₹29 – ₹29
- Lot Size
- 4,000
- Lot Value
- ₹1,16,000
- Open Date
- 25 Sep25 Sep 2026
- Close Date
- 29 Sep29 Sep 2026
- Min Investment
- ₹1,16,000
About Dudani Retail
Use of IPO Proceeds
Total allocation: ₹9.26 Cr (excludes issue expenses)
Promoters
Akshay Dudani
Promoter and Director
Pre-issue: 72% · Post-issue: 46.79%
Charu Dudani
Promoter and Director
Pre-issue: 28% · Post-issue: 18.2%
Investment Analysis
Quick Analysis: 3 strengths · 6 risk factors· Exchange: BSE SME
Strengths (3)
- •Established brand recognition in fashion retail market.
- •Diversified revenue generation across online and physical retail.
- •Geographic presence across multiple regions and states.
Risk Factors (6)
- •Company, promoters, and directors face multiple legal proceedings across criminal, tax, and civil domains that could materially harm business operations and financial condition.
- •Dependent on few key suppliers for raw materials like fabric; disruption in supply could adversely impact operations and profitability if replacement suppliers unavailable.
- •First-ever public issue with no formal market history; issue price 2.9x face value offers no assurance of active trading or sustained post-listing valuations.
- •Investments in equity securities carry high risk of total loss; actual results may differ materially from forward-looking statements due to unforeseen factors.
- •Risk factors identified but not quantifiable may have material qualitative impact; some risks immaterial now could become material in future.
- •Company lacks long-term raw material supply agreements; inability to procure required quality and quantity at competitive prices could adversely affect business.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 1.39x (NII 0.56x, Retail 2.31x) at close
Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 4,000 | ₹1,16,000 |
| Retail (max) | 1 | 4,000 | ₹1,16,000 |
| S-HNI (min) | 2 | 8,000 | ₹2,32,000 |
| S-HNI (max) | 8 | 32,000 | ₹9,28,000 |
| B-HNI (min) | 9 | 36,000 | ₹10,44,000 |
Subscription Status
| Category | Day 1 | Day 4 | Day 5 |
|---|---|---|---|
| QIB | — | — | — |
| sNII (S-HNI) | — | — | — |
| bNII (B-HNI) | — | — | — |
| Retail | 0.16x | 0.49x | 2.31x |
| Total | 0.08x | 0.26x | 1.39x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
2.31x
Allotment Ratio
1 lot per 3 applicants
Allotment Probability
~43.3%
Non-Institutional Investors (NII / HNI)
Subscription
0.56x
Allotment Type
Proportionate allotment
Total Subscription
1.39x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
25 Sep 2026 · Fri
Issue Closes
29 Sep 2026 · Tue
Bidding Cut-off (UPI Mandate)
29 Sep 2026 · 5:00 PM IST
Allotment
30 Sep 2026 · Wed
Listing
05 Oct 2026 · Mon
Issue Opens
25 Sep 2026 · Fri
Issue Closes
29 Sep 2026 · Tue
Bidding Cut-off (UPI Mandate)
29 Sep 2026 · 5:00 PM IST
Allotment
30 Sep 2026 · Wed
Listing
05 Oct 2026 · Mon
IPO Details
| Registrar | Maashitla Securities Private Limited |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹10.54 Cr |
| Fresh Issue | ₹10.54 Cr |
| OFS Size | — |
| Lead Managers | FINSHORE MANAGEMENT SERVICES LIMITED |
3-Year Financial Summary
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | — | 1.9 | 2.82 | 10.30 | 18.46% |
| FY25 | — | 1.78 | 2.64 | 11.00 | 21.19% |
| FY24 | — | 0.99 | 1.47 | 19.70 | 15.02% |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| EBITDA | 1.81 | 2.86 | 2.97 |
| Net Worth | 6.62 | 8.4 | 10.3 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
10.3x
Price ÷ EPS
EPS (FY26)
₹3
Earnings per share
RoNW
18.46%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
—
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
14 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | — |
| Equity Shares (Pre-Issue) | 67,49,955 |
| Equity Shares (Post-Issue) | — |
Source: Dudani Retail offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
- Akshay Dudani(Promoter)+72.00%
- Charu Dudani(Promoter)+28.00%
- Promoter+100.00%
- Promoter Group+0.00%
Post-Issue
- Akshay Dudani(Promoter)+46.79%
- Charu Dudani(Promoter)+18.20%
- Promoter+64.99%
- Promoter Group+0.00%
Source: Dudani Retail offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
Reservation split not disclosed in this filing.Not disclosed in Dudani Retail's filing.
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Dudani Retail offer document (DRHP/RHP).
Board & Management
Board of Directors (2)
- Akshay Dudani₹0.20 Cr p.a.
Managing Director
Appointed since incorporation and thereafter re-designated as MD w.e.f. 18/03/2025. Aged about 47 years. One of the Promoters.
- Charu Dudani₹0.20 Cr p.a.
Wholetime Director
Appointed since incorporation and thereafter re-designated as WTD w.e.f. 18/03/2025. Aged about 41 years. One of the Promoters.
Key Managerial Personnel (3)
- Ashok Kumar Pingoliya₹0.04 Cr p.a.
Chief Financial Officer
Master of Commerce (2014) and Bachelor of Commerce (2011) from University of Rajasthan
Aged about 34 years. Appointed in our Company in 2022 as Senior Accounts Officer. Promoted to CFO with effect from September 01, 2025. Over 11 years in finance and accounting field. Prior experience with Nandani Creation Limited as Senior Accountant from 2015 till 2022.
- Ramgopal Sharma₹0.02 Cr p.a.
Company Secretary and Compliance Officer
Associate Member of the Institute of Company Secretaries of India. Bachelor of Laws from Dr. Bhimrao Ambedkar University, Jaipur. Bachelor of Commerce and Master of Commerce from University of Rajasthan.
Aged about 34 years. Joined with effect from September 01, 2025. Over 8 years of professional experience in secretarial and legal matters.
- Ajay Kumar Yadav₹0.09 Cr p.a.
Senior Business Development Manager
Diploma in Fashion Merchandising & Retail Management from Footwear Design & Development Institute, Rohtak (2013)
Aged 34 years. Joined January 14, 2020 as Business Development Manager. Promoted to Senior Management Personnel with effect from September 04, 2025. Over 5 years of professional experience, all with our Company.
Source: Dudani Retail offer document (DRHP/RHP).
Industry & Market
Per IBEF (India Brand Equity Foundation), a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Nandani Creation Limited (Consolidated) | 23.7 | 1.04 | 3.35 | 34.64 |
| Purple United Sales Limited | 26.72 | 15.81 | 22.3 | 78.8 |
| Mish Designs Limited | -11.27 | -3.24 | -6 | 52.62 |
| Dudani Retail Limited | 10.3 | 2.82 | 18.46 | 15.26 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Company | 3 | 0.002 |
| Tax | Promoters | 1 | — |
| Civil | Promoters | 1 | 0.055 |
Direct tax and TDS proceedings with 1 outstanding demand and 2 e-proceedings Income Tax e-proceeding for advance tax payment for Akshay Dudani Civil First Appeal for specific performance of agreement to sell for residential plot filed by legal heirs and Akshay Dudani
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Maashitla Securities Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Dudani Retail IPO opening?
The Dudani Retail IPO opens on 25 Sep 2026 and closes on 29 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Dudani Retail IPO?
The price band for the Dudani Retail IPO is ₹29 to ₹29. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Dudani Retail IPO?
The minimum lot size is 4000 shares with a minimum investment of ₹1,16,000. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Dudani Retail IPO today?
The latest Grey Market Premium for Dudani Retail is ₹1 (+1.72%). GMP is unofficial data and is not a guarantee of listing price.
When will the Dudani Retail IPO list on NSE and BSE?
The Dudani Retail IPO is expected to list on 05 Oct 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Dudani Retail IPO allotment status?
The registrar for this IPO is Maashitla Securities Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Dudani Retail IPO a mainboard or SME issue?
Dudani Retail is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Dudani Retail IPO?
You can apply for the Dudani Retail IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Dudani Retail IPO?
The GMP-implied price (unofficial, not a forecast) is ₹30: the upper price band of ₹29 plus the latest grey market premium of ₹1, as of 05 Oct 2026, 11:32 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Dudani Retail IPO?
Based on the retail subscription of 2.31x, the estimated allotment ratio is 1 lot per 3 applicants (approximately 43.3% chance of allotment). This is an estimate and actual allotment may vary.
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