Dudani Retail IPO: Allotment Status, GMP, Listing Date and Review
Jaipur-based apparel company behind the Divena women’s ethnic wear and Millennial Men labels, which also makes clothes for major online fashion brands and sells on Myntra, Amazon and Flipkart.
A tiny online apparel company with flat revenue, modest profit and a small IPO. Retail demand was decent, but there is little to drive a listing gain.
Our own view, not investment advice.
Subscription by category
Final subscription, 29 Sep 2026
Key numbers
FY26, restated
| Revenue | ₹24.59 cr |
| Net profit | ₹1.90 cr |
| Net margin | 7.7% |
| ROE | 18.5% |
| Debt to equity | 0.47 |
| P/E post-issue | 15.9x |
IPO timeline
Allotment was finalised on 30 Sep and refunds and demat credits went out on 1 Oct. Shares list on Monday 5 Oct.
Dudani Retail is a small Jaipur apparel company that sells women’s ethnic wear, menswear and personal care products online, and makes clothes for some of the big fashion labels on Myntra and other marketplaces. Its ₹10.54 crore fixed-price SME issue was subscribed 1.42 times, with retail at 2.31 times.
Allotment is done and shares list on BSE SME on 5 October. The grey market premium is only about ₹1.
Dudani Retail IPO at a glance
| Detail | Dudani Retail IPO |
|---|---|
| Issue size | ₹10.54 crore (36,36,000 shares, entirely fresh issue) |
| Issue price | ₹29 per share (fixed price, face value ₹10) |
| Lot size | 4,000 shares |
| Individual investor minimum | 2 lots, 8,000 shares (₹2,32,000) |
| Quota | Retail 50%, NII 50% (after market maker portion) |
| Anchor round | None |
| Bidding dates | 25 Sep to 29 Sep 2026 |
| Allotment | 30 Sep 2026 |
| Refund and demat credit | 1 Oct 2026 |
| Listing | 5 Oct 2026 on BSE SME |
| Market cap | About ₹30.12 crore post-issue |
| Promoter holding | 87.40% before, 63.71% after |
| Lead manager | Finshore Management Services |
| Registrar | Maashitla Securities |
| Market maker | Prabhat Financial Services |
Retail was subscribed 2.31 times, so a little under half of retail applicants will have received the minimum two lots (8,000 shares).
What Dudani Retail actually does
Dudani Retail Ltd was incorporated in December 2015 and is promoted by the Thakkar family: Ghanshyambhai, Kunal, Bhartiben and Preksha. It designs, makes and sources apparel. Its own brands are Divena (women’s ethnic and fusion wear), Millennial Men (menswear) and Cosse (personal care).
It also manufactures for licensed labels including Kalini, Corsica, Roadster, Anouk, Navyaazri, Baesd and Here & Now, and supplies quick-commerce platforms. Sales run through Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion, Tata Cliq, Snapdeal and its own websites. It had 33 permanent and 35 temporary staff in August 2026.
The small IPO pays down ₹3 crore of debt, adds ₹3.97 crore of working capital and puts ₹1.5 crore into brand building.
The numbers behind the business
Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 25.13 | 25.29 | 24.59 |
| EBITDA | 1.81 | 2.86 | 2.97 |
| Net profit | 0.99 | 1.78 | 1.9 |
| Net worth | 6.62 | 8.4 | 10.3 |
| Borrowings | 3.53 | 4.03 | 4.82 |
| Total assets | 10.59 | 14.28 | 17.01 |
What these numbers tell us, in plain language:
- Revenue is flat. Revenue was ₹25.1 crore in FY24, ₹25.3 crore in FY25 and ₹24.6 crore in FY26.
- Profit is rising on margins. Net profit nearly doubled from ₹0.99 crore to ₹1.90 crore, as EBITDA margin improved to about 12%.
- Debt is modest. Borrowings were ₹4.8 crore, debt to equity 0.47.
- Valuation is moderate. Post-issue P/E is about 15.9x and price to book about 1.9x.
How the subscription ended
| Category | Final (29 Sep) |
|---|---|
| NII | 0.52x |
| Retail | 2.31x |
| Total | 1.42x |
There was no anchor book. By the close on 29 September, NIIs had bid 0.52 times and retail 2.31 times, for 1.42 times overall across 569 applications.
The GMP story so far
The grey market premium was about ₹1 on 4 October, around 3% over the ₹29 issue price.
How to check Dudani Retail IPO allotment status
- Go to the Maashitla Securities IPO allotment page, or the BSE allotment status page.
- Select Dudani Retail from the list of issues.
- Enter your PAN, application number or DP/Client ID.
- Submit to see how many shares you were allotted.
The basis of allotment was finalised on 30 September 2026. Refunds for unsuccessful applicants and share credits to demat accounts were processed on 1 October. If shares were allotted, they should already show in your demat account and will be tradable from the listing on 5 October on BSE SME.
The listing outlook
A near-flat listing around ₹30 looks likely. Liquidity will be thin given the ₹30 crore market cap.
What to weigh before you apply
No growth in three years
Revenue has not grown since FY24. The IPO’s brand-building budget of ₹1.5 crore is small, so it is not clear what will restart growth.
Dependent on marketplaces
Selling mainly through Myntra, Amazon and Flipkart means paying their commissions and absorbing high return rates, which can squeeze margins.
Strengths and risks
Strengths
- Profit nearly doubled in two years
- Presence across all major fashion marketplaces
- Licensed manufacturing for well-known online labels
- Retail subscribed 2.31 times
- Moderate valuation, P/B about 1.9x
Risks
- Revenue flat at about ₹25 crore for three years
- Very small company with a ₹30 crore market cap
- Highly competitive online apparel market
- Dependence on marketplace commissions and returns
- Thin liquidity likely after listing
Scouter verdict: A small, profitable but stagnant online apparel business. Fairly priced, but with little to excite investors beyond a modest listing. This is our own view, not investment advice.
Your chances of getting an allotment
- Retail investors bid 2.31 times their quota of about 432 lots. Each successful retail applicant gets two lots, so a little under half of retail applicants will have received shares.
- NIIs bid only 0.52 times, so all valid NII applications should have been allotted in full.
What to watch from here
- Listing price on 5 October against ₹29
- Whether revenue grows in FY27
- Margin trends as marketplace fees change
Dudani Retail IPO: frequently asked questions
Allotment was finalised on 30 September 2026. You can check it on the Maashitla Securities website or the BSE allotment page using your PAN or application number.
Shares list on BSE SME on Monday, 5 October 2026.
The grey market premium was about ₹1 on 4 October 2026. GMP is unofficial and can change quickly.
It was subscribed 1.42 times overall, with NII at 0.52x and retail at 2.31x.
Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.
On this page
Key valuation
| P/E (pre-issue) | 10.3x |
| P/E (post-issue) | 15.9x |
| P/B | 1.9x |
| ROE | 18.5% |
| EBITDA margin | 12.1% |
| Debt to equity | 0.47 |
| Anchor money | Nil |
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