Brandman Retail IPO Overview
Brandman Retail Limited is a sports, lifestyle and athleisure retail company operating an omni-channel business in distribution, licensing, retail and e-commerce of international brands such as New Balance and others across India. The company runs Exclusive Brand Outlets (EBOs), Multi-Brand Outlets (MBOs) and also sells through online marketplaces like Flipkart, AJIO and Tata CLiQ.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME (NSE SME) |
| IPO Open Date | 4 February 2026 |
| IPO Close Date | 6 February 2026 |
| Allotment Date | 9 February 2026 (Expected) |
| Credit to Demat | 10 February 2026 (Expected) |
| Refund Initiation | 10 February 2026 (Expected) |
| Listing Date | 11 February 2026 (Tentative) |
| Price Band | ₹167 – ₹176 per share |
| Face Value | ₹10 per share |
| Lot Size | 800 shares |
| Min Investment (Retail) | ₹2,81,600 (2 lots = 1,600 shares) |
| sNII Investment | ~₹4,22,400 (3 lots = 2,400 shares) |
| bNII Investment | >₹11,26,400 (8 lots = 6,400 shares+) |
| Issue Size | ₹86.09 crore (approx) |
| Fresh Issue | ₹86.09 crore (100%) |
| Offer For Sale (OFS) | Nil |
| Total Shares Offered | 48,91,200 shares |
| Listing | NSE SME |
Note: Entire IPO is a fresh issue; no promoter exit. Promoters held ~93.91% pre-IPO.
Issue Break-up
| Category | Allocation (% approx) | Shares |
| QIB (Qualified Institutional Buyers) | ~50% | ~24,45,600 |
| NII (Non-Institutional Investors) | ~15% | ~7,33,680 |
| Retail Individual Investors | ~35% | ~17,12,640 |
| Market Maker | Included in issue | ~2,44,800 |
| Total | 100% | 48,91,200 |
(Allocations based on typical SME IPO norms & reported structure.)
Selling Shareholders (OFS)
No Offer for Sale (OFS) – this IPO is entirely a fresh issue. No promoters are selling shares; all funds raised will be used by the company for growth and operations.
Objects of the Issue (Fund Utilization)
The net proceeds from the IPO are proposed to be used for:
- Capital Expenditure: Expansion of new Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs) across India.
- Working Capital Requirements: For new and existing retail stores to support inventory and daily operations.
- General Corporate Purposes: Marketing, technology, manpower and other strategic initiatives.
Strategic Context:
- Retail network expansion aligns with rising branded footwear, athleisure and lifestyle demand in India.
- Strengthening omni-channel presence (offline + online) to capture wider market share.
Lead Managers & Registrar
- Book Running Lead Manager (BRLM): Gretex Corporate Services Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
Promoters:
- Mr. Arun Malhotra
- Ms. Kavya Malhotra
- Ms. Kashika Malhotra
Pre-IPO promoter holding is ~93.91%, indicating promoter continuity and control post-issue.
COMPANY DETAILS
Brandman Retail Limited was incorporated on July 7, 2021 and converted to a public company in 2024. It operates a multi-brand retail model that combines Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs) selling international footwear, apparel and accessories. The company also has a growing e-commerce presence through marketplaces and its own platform.
Retail Footprint (as of Dec 2025):
- ~11 Exclusive Brand Outlets (EBOs) across cities including Ahmedabad, Ambala, Dehradun, New Delhi, Jalandhar, Bathinda, Gurugram, Lucknow and Noida.
- ~2 Multi-Brand Outlets (MBOs) under “Sneakrz” concept.
Financial Snapshot (based on latest reported figures)
| Period Ended | Total Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 (31 Mar 2024) | ~123.49 | ~8.27 |
| FY25 (31 Mar 2025) | ~136.30 | ~20.95 |
| 9M FY26 (31 Dec 2025) | ~97.21 | ~19.67 |
Data reflects a strong revenue growth trajectory and significant PAT improvement in FY25.
Company Strengths
- Omni-channel retail model: Physical stores + e-commerce expands customer access.
- Premium international brands: Portfolio includes global footwear, apparel and accessories.
- Retail network expansion: Strategic EBO/MBO rollout in growing urban markets.
- Strong profitability growth: PAT expanded significantly in FY25 vs FY24.
- Experienced leadership: Promoters with retail and brand management experience.
- Multi-channel sales: Marketplace partnerships and own digital presence support revenue diversity.
- Growing lifestyle demand: Retail and athleisure consumption increasing in India.
Key Risks & Challenges
- Competitive retail landscape: Intense competition from large retail chains and online platforms.
- Working capital intensity: Retail inventory requirements can stress cash flows.
- Dependence on brand agreements: Non-exclusive distribution deals may limit product control.
- Economic cyclicality: Consumer spending fluctuates with economic conditions.
- SME listing volatility: Pricing and demand can vary widely on NSE SME listings.
Disclaimer
This document is for informational and educational purposes only and does not constitute investment advice or recommendation. Investors should read the Red Herring Prospectus (RHP) and consult certified financial advisors before making investment decisions. Past performance is not indicative of future results and investments are subject to market risk.
