IPO Overview
Incorporated in December 2015 in Jaipur, Rajasthan, Dudani Retail Limited is an apparel and lifestyle company specialising in designing, manufacturing, sourcing, and supplying women’s ethnic and fusion wear under its own brand Divena — offering suit sets, kurtas, dresses, tops, co-ord sets, sarees, and bottom wear. Beyond its own brand, the company also manufactures apparels under licensed label arrangements covering brands such as Kalini, Corsica, Roadster, Anouk, All About You, Taavi, and Here & Now. Its operations include cutting, stitching, finishing, and quality checks, while dyeing, printing, and embroidery are outsourced to third-party processors. Products are distributed through major e-commerce marketplaces including Myntra, Amazon, Flipkart, Ajio, and Nykaa Fashion, as well as through the company’s own website. The company received ISO 9001:2015 certification in 2025 and was converted from a private limited to a public limited company the same year.
The company is now launching a Fixed Price SME IPO on the BSE SME platform to raise ₹10.54 crore. The entire issue is a fresh issue of 36,36,000 equity shares at a fixed price of ₹29 per share, with no OFS component. The IPO opens on 25 September 2026 and closes on 29 September 2026, with listing expected on 5 October 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 25 September 2026 |
| IPO Close Date | 29 September 2026 |
| Allotment Date | 30 September 2026 (Expected) |
| Refund Initiation | 01 October 2026 |
| Credit to Demat | 01 October 2026 |
| Listing Date | 05 October 2026 (Tentative) |
| Issue Type | Fixed Price (no price band) |
| Issue Price | ₹29 per share (fixed) |
| Face Value | ₹10 per share |
| Lot Size | 4,000 shares |
| Minimum Investment (Retail) | ₹2,32,000 (2 lots = 8,000 shares) |
| Minimum Investment (HNI) | ₹3,48,000 (3 lots = 12,000 shares) |
| Issue Size | ₹10.54 crore |
| Fresh Issue | 36,36,000 shares (₹10.54 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no OFS component. All proceeds will go directly to the company.
Issue Break-up
| Category | Allocation |
| Non-Institutional Investors (NII/HNI) | ~50% |
| Retail Individual Investors (RII) | ~50% |
| Market Maker | Reserved Portion |
Note: Fixed Price SME IPOs follow a different allocation structure — no QIB or book-building process.
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue and all proceeds will be received directly by the company.
Post-IPO Promoter Holding: Pre-IPO promoter holding was 100% (67,50,000 shares). Post-IPO, promoter shareholding will dilute to approximately 64.99% following the fresh issue of 36,36,000 new shares.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds as follows:
- Capital expenditure for purchase of machinery and upgradation of existing manufacturing facility — ₹0.79 crore
- Repayment / prepayment of existing outstanding borrowings — ₹3.00 crore
- Working capital requirements — ₹3.97 crore
- Strategic initiatives, partnerships, brand building, and general corporate purposes — ₹1.50 crore
Lead Managers & Registrar
- Book Running Lead Manager: Finshore Management Services Limited
- Registrar to the Issue: Maashitla Securities Private Limited
- Registered Office: F-93, 3rd Floor, Kartarpura Industrial Area, Station Road, Jaipur, Rajasthan – 302006
Promoters & Management
The company is promoted by Mr. Akshay Dudani and Mrs. Charu Dudani, who bring retail fashion, sourcing, and e-commerce distribution experience. The company had 33 permanent employees as of August 31, 2026.
Company Details
Dudani Retail Limited is a Jaipur-based apparel company operating across design, manufacturing, sourcing, and multi-channel distribution of women’s ethnic wear. The company follows an asset-light approach in selected categories, combining in-house manufacturing with outsourced processing and platform-driven distribution.
Sectors Served:
- Women’s Ethnic & Fusion Wear (own brand)
- Licensed Label Manufacturing (third-party brands)
- Quick-commerce & E-commerce Supply
Key Brands & Products:
- Own Brand: Divena — suit sets, kurtas, dresses, tops, tunics, kaftans, co-ord sets, sarees, bottom wear
- Licensed Labels: Kalini, Corsica, Roadster, Anouk Rustic, All About You, Taavi, Navyaazri, Chandbaali, Baesd, Here & Now
Sales Channels:
- E-commerce: Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion
- Own website
Key Capabilities:
- In-house cutting, stitching, finishing, and quality checks
- Outsourced dyeing, printing, and embroidery (asset-light)
- Multi-channel distribution capability
Certifications:
- ISO 9001:2015 (Quality Management System) — received in 2025
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY23 | ₹24.18 | ₹0.64 | ₹1.27 |
| FY24 | ₹25.13 | ₹0.99 | ₹1.81 |
| FY25 | ₹25.28 | ₹1.77 | ₹2.86 |
| FY26 | ₹24.59 | ₹1.90 | ₹2.97 |
| H1 FY26 (Sep 2025) | ₹13.90 | ₹1.05 | ₹1.60 |
Key Financial Metrics
- Revenue declined ~3% in FY26 vs FY25, attributed mainly to lower e-commerce sales volumes. However, PAT grew ~7% YoY driven by cost rationalisation.
- PAT margin improved significantly — from 3.95% in FY24 to 7.73% in FY26 — nearly doubling despite flat/declining revenue.
- Total borrowings stood at ₹3.95 crore as of September 2025 — relatively manageable for the scale of operations.
- Net worth rose to ₹9.45 crore by September 2025.
- Post-IPO P/E: ~16x based on FY26 PAT of ₹1.90 crore at issue price of ₹29
Company Strengths
- Established own brand Divena in women’s ethnic and fusion wear, with a growing presence across major e-commerce platforms
- Licensed label manufacturing arrangements with well-known fashion brands provide additional stable revenue streams
- Improving profitability — PAT margin nearly doubled over 3 years through cost rationalisation, even as revenue remained flat
- Asset-light model in selected categories reduces fixed cost burden and improves operational flexibility
- Multi-channel distribution across Myntra, Amazon, Flipkart, Ajio, and Nykaa Fashion provides broad market reach
- Small, focused team of 33 employees with lean operations and manageable debt levels
Key Risks & Challenges
- Stagnant / declining revenue — Revenue has been flat to declining since FY24, with FY26 revenue falling ~3% YoY due to lower e-commerce sales volumes
- Heavy marketplace dependence — A large portion of sales flows through third-party platforms (Myntra, Amazon, Ajio etc.), making the business vulnerable to changes in commission structures, algorithms, or marketplace policies
- Very small scale — At ~₹24–25 crore revenue, the company is a micro-cap business with limited bargaining power with suppliers or platforms
- No long-term supply agreements — The company does not have long-term raw material supply contracts, exposing it to input cost volatility
- Legal proceedings — The company, promoters, and directors are parties to certain legal proceedings whose adverse outcome could materially impact the business
- SME IPO liquidity risk — Fixed Price SME IPOs on BSE SME typically have very limited secondary market liquidity
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
