Dudani Retail IPO
Dudani Retail IPO is a Fixed Price SME issue of ₹10.54 crore, consisting entirely of a Fresh Issue of 36.36 lakh equity shares with no Offer for Sale. The issue price is fixed at ₹29 per share, with a lot size of 4,000 shares. The IPO opens on 25 Septembe
Dudani Retail IPO Details
Dudani Retail IPO will open for subscription on 25 September 2026 and close on 29 September 2026. The issue comprises a fresh issue of up to 36,36,000 equity shares at a fixed price of ₹29 per share, aggregating to ₹10.54 crore. There is no Offer for Sale component. The shares are proposed to be listed on the BSE SME platform.
Dudani Retail IPO Timeline (Tentative)
The IPO schedule currently shows bidding from 25 September to 29 September 2026, basis of allotment on 30 September, refunds and Demat credit on 1 October, and listing on 5 October 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Sep 25, 2026 |
| IPO Close Date | Tue, Sep 29, 2026 |
| Basis of Allotment | Wed, Sep 30, 2026 |
| Initiation of Refunds | Sun, Nov 1, 2026 |
| Credit of Shares to Demat | Sun, Nov 1, 2026 |
| Listing Date | Thu, Nov 5, 2026 |
Dudani Retail IPO Lot Size
The Dudani Retail IPO lot size is 4,000 shares. Individual Investors must apply for a minimum of two lots, or 8,000 shares, requiring an investment of ₹2,32,000 at the issue price. The minimum application for other investors is three lots, or 12,000 shares, amounting to ₹3,48,000.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 8,000 | 2,32,000 |
| Retail (Max) | 2 | 8,000 | 2,32,000 |
| S-HNI (Min) | 3 | 12,000 | 3,48,000 |
Dudani Retail IPO Subscription
Dudani Retail IPO is yet to open for subscription. Therefore, category-wise subscription figures are currently not available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | 0.52x |
| RII | 2.31x |
| Total | 1.42x |
About Dudani Retail
Dudani Retail Limited was incorporated in 2015 and is engaged in designing, manufacturing, sourcing and supplying apparel and related products. The company operates through its own-brand business, licensed manufacturing arrangements with Fashion & Lifestyle marketplace companies and a structured supply arrangement with a Quick-Commerce Company.
The company's own-brand business focuses primarily on women's ethnic and fusion wear, including ladies' kurtis and other apparel products. It also trades in men's wear and undertakes licensed manufacturing for marketplace-owned labels according to specified brand requirements and order schedules.
Dudani Retail operates from its facility in Jaipur, Rajasthan, where activities include cutting, stitching, finishing, quality checks and dispatch. Its own-brand products are distributed through major online marketplaces and its own websites, while its manufacturing and supply operations serve institutional and marketplace customers.
Strengths
- Multiple Operating Verticals: The company operates through own-brand women's wear manufacturing, men's wear trading, licensed manufacturing and a Quick-Commerce supply arrangement.
- Established Marketplace Relationships: Dudani Retail has entered into licensed manufacturing arrangements with Fashion & Lifestyle marketplace companies.
- In-House Women's Wear Manufacturing: The company undertakes key manufacturing activities including sampling, stitching, finishing and quality checks.
- Multi-Channel Distribution: Own-brand products are sold through major e-commerce marketplaces and the company's own websites.
- Supplier Network: The company maintains supplier relationships for fabrics, trims and finished goods across textile sourcing locations.
Risks to Consider
- Customer Concentration: A significant portion of revenue is generated from a limited number of customers, creating dependence on key customer relationships.
- Fashion Industry Competition: The company operates in a competitive fashion and retail industry and may face pressure from changing consumer preferences and competitors.
- Brand Dependence: Failure to maintain or grow sales of its key brands could adversely affect business performance.
- Third-Party Processing: Certain production processes such as dyeing, printing and embroidery are outsourced to third-party processors.
- Legal Proceedings: The company, promoters and directors are involved in certain legal proceedings disclosed in the Draft Prospectus.
- Inventory Management: The company needs to maintain appropriate inventory levels while responding to changing fashion and consumer demand.
Dudani Retail Financials (₹ Cr)
Dudani Retail reported revenue from operations of ₹24.18 crore in FY2023, ₹25.12 crore in FY2024 and ₹25.28 crore in FY2025. PAT increased from ₹0.64 crore in FY2023 to ₹0.99 crore in FY2024 and ₹1.78 crore in FY2025. For the six-month period ended September 2025, revenue from operations was ₹13.90 crore and PAT was ₹1.05 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2023 | ₹24.18 Cr | ₹0.64 Cr | ₹11.96 Cr | ₹5.62 Cr |
| FY2024 | ₹25.12 Cr | ₹0.99 Cr | ₹10.59 Cr | ₹6.62 Cr |
| FY2025 | ₹25.28 Cr | ₹1.78 Cr | ₹14.28 Cr | ₹8.40 Cr |
| H1 FY2026 | ₹13.90 Cr | ₹1.05 Cr | ₹16.21 Cr | ₹9.45 Cr |
KPIs & Valuation
At the issue price of ₹29 per share, Dudani Retail was valued at approximately 10.98x FY2025 earnings on a pre-issue basis. The FY2025 EPS was ₹2.64, while NAV was ₹12.44 per share. The company reported 21.19% RONW and 31.60% ROCE for FY2025.
Objects of the Issue
The ₹10.54 crore issue proceeds are proposed to be used for capital expenditure, repayment of outstanding borrowings, working capital requirements and general corporate purposes. The company proposes to utilise the IPO proceeds for:
- Capital expenditure towards purchase of machinery for expansion and upgradation of the existing manufacturing facility – ₹79.20 lakh.
- Repayment and/or pre-payment of certain outstanding borrowings – ₹300.00 lakh.
- Meeting working capital requirements – ₹396.70 lakh.
- General corporate purposes – ₹150.00 lakh.
- Issue-related expenses – ₹128.54 lakh.
Promoters, Lead Managers & Registrar
Dudani Retail Limited is promoted by Mr. Akshay Dudani and Mrs. Charu Dudani. Finshore Management Services Limited is the Book Running Lead Manager to the Issue and Maashitla Securities Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Maashitla Securities Private Limite |
|---|---|
| Phone | 011-47581432 |
| investor.ipo@maashitla.com | |
| Website | https://maashitla.com/allotment-status/public-issues |
Dudani Retail IPO Review
Dudani Retail operates across own-brand apparel manufacturing, licensed manufacturing, men's wear trading and institutional supply arrangements. Its business model combines in-house manufacturing with marketplace and e-commerce distribution channels. The company reported revenue from operations of ₹25.28 crore and profit after tax of ₹1.78 crore in FY2025, compared with revenue of ₹25.12 crore and PAT of ₹0.99 crore in FY2024.
The company is raising funds primarily for working capital, repayment of borrowings and manufacturing-related capital expenditure. Its FY2025 EPS was ₹2.64 and the issue price of ₹29 represents a P/E of 10.98x based on FY2025 EPS. Investors should also consider the company's customer concentration, competitive fashion market, inventory requirements, outsourcing arrangements and the risks disclosed in the Draft Prospectus.
How to Apply
Dudani Retail IPO applications can be made through the ASBA process, while eligible individual investors may also use the UPI payment mechanism. The minimum Individual Investor application is two lots of 4,000 shares each.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Dudani Retail IPO.
- Enter the number of lots you want to apply for.
- Enter your UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the UPI mandate using your UPI PIN.
- The application amount will be blocked in your bank account.
- If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's Draft Prospectus and other IPO documents for detailed information about its business, financial performance, risk factors, IPO structure and utilisation of issue proceeds. The company's investor-relations page provides IPO-related documents and disclosures.
Last updated Oct 3, 2026.