Brandman Retail IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Feb 04 to Feb 06 2026
Price Band
₹167 - 176
Current GMP
₹183(3.98%)
Subscription
114.47 times
IPO Details
| IPO Date | 4 to 6 Feb, 2026 |
| Listed on | Wed, Feb 11, 2026 |
| Face Value | ₹ 10 per share |
| Price Band | ₹167 to ₹176 |
| Issue Price | ₹176 per share |
| Lot Size | 800 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 48,91,200 shares (agg. up to ₹ 86 Cr) |
| Reserved for Market Maker | 2,44,800 shares (agg. up to ₹ 4 Cr) Gretex Share Broking Pvt.Ltd. Shree Bahubali Stock Broking Ltd. |
| Net Offered to Public | 46,46,400 shares (agg. up to ₹ 82 Cr) |
| Share Holding Pre Issue | 1,35,65,986 shares |
| Share Holding Post Issue | 1,84,57,186 shares |
| NSE Symbol | BRANDMAN |
| ISIN | INE0XUD01014 |
IPO Date
4 to 6 Feb, 2026
Listed on
Wed, Feb 11, 2026
Face Value
₹ 10 per share
Price Band
₹167 to ₹176
Issue Price
₹176 per share
Lot Size
800 Shares
Sale Type
Fresh Capital
Issue Type
Bookbuilding IPO
Listing At
NSE SME
Total Issue Size
48,91,200 shares (agg. up to ₹ 86 Cr)
Reserved for Market Maker
2,44,800 shares (agg. up to ₹ 4 Cr) Gretex Share Broking Pvt.Ltd. Shree Bahubali Stock Broking Ltd.
Net Offered to Public
46,46,400 shares (agg. up to ₹ 82 Cr)
Share Holding Pre Issue
1,35,65,986 shares
Share Holding Post Issue
1,84,57,186 shares
NSE Symbol
BRANDMAN
ISIN
INE0XUD01014
IPO Subscription Details
| Anchor | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 85.24 |
| NII*** | 202.98 |
| bNII (> ₹10L) | 248.47 |
| sNII (< ₹10L) | 111.86 |
| Individual Investors | 93.11 |
| Total ** | 114.47 |
Anchor
1
Market Maker
1
QIB (Ex Anchor)
85.24
NII***
202.98
bNII (> ₹10L)
248.47
sNII (< ₹10L)
111.86
Individual Investors
93.11
Total **
114.47
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Feb 4 (Day 1) | 0.00 | 1.41 | 1.51 | 1.21 | 0.87 | 0.74 |
| Feb 5 (Day 2) | 0.01 | 9.35 | 10.93 | 6.19 | 5.80 | 4.91 |
| Feb 6 (Day 3) | 85.24 | 202.98 | 248.47 | 111.86 | 93.11 | 114.47 |
DayFeb 4
(Day 1)
QIB (Ex Anchor)0.00
NII*1.41
NII (> ₹10L)1.51
NII (< ₹10L)1.21
Individual Investors0.87
Total0.74
DayFeb 5
(Day 2)
QIB (Ex Anchor)0.01
NII*9.35
NII (> ₹10L)10.93
NII (< ₹10L)6.19
Individual Investors5.80
Total4.91
DayFeb 6
(Day 3)
QIB (Ex Anchor)85.24
NII*202.98
NII (> ₹10L)248.47
NII (< ₹10L)111.86
Individual Investors93.11
Total114.47
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 11-02-2026 | 176.00 | 17(9.66%) | 193 |
| 10-02-2026 | 176.00 | 17(9.66%) | 193 |
| 09-02-2026 | 176.00 | 15(8.52%) | 191 |
| 08-02-2026 | 176.00 | 20(11.36%) | 196 |
| 07-02-2026 | 176.00 | 20(11.36%) | 196 |
| 06-02-2026 | 176.00 | 25(14.20%) | 201 |
| 05-02-2026 | 176.00 | 26(14.77%) | 202 |
| 04-02-2026 | 176.00 | 24(13.64%) | 200 |
| 03-02-2026 | 176.00 | 12(6.82%) | 188 |
| 02-02-2026 | 176.00 | 0(0.00%) | 176 |
| 01-02-2026 | 0(0.00%) | (0.00%) | |
| 31-01-2026 | 0(%) | (%) |
Date11-02-2026
Price176.00
GMP17(9.66%)
Estimate List Price193
Date10-02-2026
Price176.00
GMP17(9.66%)
Estimate List Price193
Date09-02-2026
Price176.00
GMP15(8.52%)
Estimate List Price191
Date08-02-2026
Price176.00
GMP20(11.36%)
Estimate List Price196
Date07-02-2026
Price176.00
GMP20(11.36%)
Estimate List Price196
Date06-02-2026
Price176.00
GMP25(14.20%)
Estimate List Price201
Date05-02-2026
Price176.00
GMP26(14.77%)
Estimate List Price202
Date04-02-2026
Price176.00
GMP24(13.64%)
Estimate List Price200
Date03-02-2026
Price176.00
GMP12(6.82%)
Estimate List Price188
Date02-02-2026
Price176.00
GMP0(0.00%)
Estimate List Price176
Date01-02-2026
Price
GMP0(0.00%)
Estimate List Price(0.00%)
Date31-01-2026
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| IPO Open | Wed, Feb 4, 2026 |
| IPO Close | Fri, Feb 6, 2026 |
| Allotment | Mon, Feb 9, 2026 |
| Refund | Tue, Feb 10, 2026 |
| Credit of Shares | Tue, Feb 10, 2026 |
| Listing | Wed, Feb 11, 2026 |
IPO Open
Wed, Feb 4, 2026
IPO Close
Fri, Feb 6, 2026
Allotment
Mon, Feb 9, 2026
Refund
Tue, Feb 10, 2026
Credit of Shares
Tue, Feb 10, 2026
Listing
Wed, Feb 11, 2026
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1,600 | ₹2,81,600 |
| Individual investors (Retail) (Max) | 2 | 1,600 | ₹2,81,600 |
| S-HNI (Min) | 3 | 2,400 | ₹4,22,400 |
| S-HNI (Max) | 7 | 5,600 | ₹9,85,600 |
| B-HNI (Min) | 8 | 6,400 | ₹11,26,400 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares1,600
Amount₹2,81,600
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares1,600
Amount₹2,81,600
ApplicationS-HNI (Min)
Lots3
Shares2,400
Amount₹4,22,400
ApplicationS-HNI (Max)
Lots7
Shares5,600
Amount₹9,85,600
ApplicationB-HNI (Min)
Lots8
Shares6,400
Amount₹11,26,400
Key Performance Indicator
| ROE | 43.69% |
| ROCE | 36.92% |
| Debt/Equity | 0.26 |
| RoNW | 32.64% |
| PAT Margin | 20.64% |
| EBITDA Margin | 28.35% |
| Price to Book Value |
ROE
43.69%
ROCE
36.92%
Debt/Equity
0.26
RoNW
32.64%
PAT Margin
20.64%
EBITDA Margin
28.35%
Price to Book Value
Peers Comparison
| Company Name | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|
| Brandman Retail | 16.43 | 23.37 | 70.33 | ||
| Redtape | 3.08 | 14.27 | 47.39 | 21.55 | 10.36 |
| Bata India | 25.73 | 122.54 | 47.41 | 20.99 | 9.99 |
| Lehar Footwears | 6.15 | 63.60 | 34.59 | 9.67 | 3.37 |
| Liberty Shoes | 7.92 | 130.60 | 40.57 | 6.09 | 2.47 |
Company NameBrandman Retail
EPS (Basic)16.43
NAV (₹ per share)23.37
P/E (x)
RoNW (%)70.33
P/BV Ratio
Company NameRedtape
EPS (Basic)3.08
NAV (₹ per share)14.27
P/E (x)47.39
RoNW (%)21.55
P/BV Ratio10.36
Company NameBata India
EPS (Basic)25.73
NAV (₹ per share)122.54
P/E (x)47.41
RoNW (%)20.99
P/BV Ratio9.99
Company NameLehar Footwears
EPS (Basic)6.15
NAV (₹ per share)63.60
P/E (x)34.59
RoNW (%)9.67
P/BV Ratio3.37
Company NameLiberty Shoes
EPS (Basic)7.92
NAV (₹ per share)130.60
P/E (x)40.57
RoNW (%)6.09
P/BV Ratio2.47
IPO Reservation
| Market Maker Shares Offered | 2,44,800 (5.00%) |
| QIB Shares Offered | 23,20,000 (47.43%) |
| − Anchor Investor Shares Offered | 13,92,000 (28.46%) |
| − QIB (Ex. Anchor) Shares Offered | 9,28,000 (18.97%) |
| NII (HNI) Shares Offered | 6,99,200 (14.30%) |
| − bNII > ₹10L | 4,66,400 (9.54%) |
| − sNII < ₹10L | 2,32,800 (4.76%) |
| Retail Shares Offered | 16,27,200 (33.27%) |
| Total Shares Offered | 48,91,200 (100.00%) |
Market Maker Shares Offered
2,44,800 (5.00%)
QIB Shares Offered
23,20,000 (47.43%)
− Anchor Investor Shares Offered
13,92,000 (28.46%)
− QIB (Ex. Anchor) Shares Offered
9,28,000 (18.97%)
NII (HNI) Shares Offered
6,99,200 (14.30%)
− bNII > ₹10L
4,66,400 (9.54%)
− sNII < ₹10L
2,32,800 (4.76%)
Retail Shares Offered
16,27,200 (33.27%)
Total Shares Offered
48,91,200 (100.00%)
Information about company
Established in 2021, Brandman Retail Limited distributes international sports and lifestyle brands.
The company operates through four key pillars: distribution, licensing, retail, and e-commerce. It is committed to innovation, customer centricity, and sustainability.
The company operates Exclusive Brand Outlets (EBOs) in northern India, including cities like Ahmedabad, Ambala, Dehradun, New Delhi, Jalandhar, Bathinda, Gurugram, Lucknow, and Noida. Each store meets the License Grantee's standards and primarily represents the New Balance brand under a non-exclusive distribution agreement.
The company operates two MBOs called " Sneakrz " in Bhatinda and New Delhi and 11 EBOs.
The company holds non-exclusive distribution agreements to ensure a diverse, high-quality product range for customers.
They sell online through Flipkart, Ajio, and Tata Cliq, fulfilling monthly orders.
Competitive Strength:
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding Capital Expenditure for expansion of our New Retail Network by launching 15 Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs) 27.90 2 Working Capital Requirements for New EBOs and MBOs 11.78 3 Working Capital Requirements for Existing EBOs and MBOs 26.72 4 General Corporate Expenses 8.16 Total 74.57
Disclaimer
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