The Rs 86 crore IPO, which was open for bidding from February 4 to February 6, was entirely a fresh issue of 48.91 lakh equity shares. The issue was priced at Rs 176 per share, the top end of the price band, valuing the company at a pre-IPO market cap of about Rs 324.85 crore.
Investor appetite for the issue was robust across categories. The IPO was subscribed 114.48 times overall, led by very strong demand from non-institutional investors, where the category was subscribed nearly 203 times. Retail investors subscribed the issue over 93 times, while qualified institutional buyers, excluding anchor investors, subscribed about 85 times.
Ahead of the issue opening, the company had raised Rs 24.50 crore from anchor investors, lending further support to the book.
Brandman Retail is engaged in the distribution and retailing of international sports and lifestyle brands in India. The company operates through a mix of distribution, licensing, retail and e-commerce channels. Its physical footprint includes 11 exclusive brand outlets and two multi-brand outlets across northern India, with a strong focus on the New Balance brand under a non-exclusive distribution arrangement. Brandman also sells through online platforms such as Flipkart, Ajio and Tata Cliq, following an omni-channel strategy.
On the financial front, Brandman Retail has reported a sharp improvement in scale and profitability over the past few years. For the period ended December 31, 2025, the company posted profit after tax of Rs 19.67 crore on total income of Rs 97.21 crore, compared with a PAT of Rs 8.27 crore in FY24.
Proceeds from the IPO will be used largely to fund expansion of the retail network through new exclusive and multi-brand outlets, meet incremental working capital needs and for general corporate purposes.With the GMP indicating a 10% premium, Brandman Retail is expected to see a positive debut. Investors who received allotment may track early listing-day price action closely, while others may wait to assess post-listing liquidity and execution before taking positions.
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