Brandman Retail is offering shares in a price band of Rs 167 to Rs 176 per share. At the upper end of the band, the company is valued at a pre-IPO market cap of about Rs 324.85 crore. Investors can apply in lots of 800 shares, with the minimum retail investment fixed at Rs 2,81,600 for 1,600 shares.
The issue consists of 48.91 lakh equity shares, of which around Rs 82 crore is being offered to the public after setting aside shares for market makers. The allocation structure follows the book-building format, with up to 50% reserved for qualified institutional buyers, at least 35% for retail investors and a minimum of 15% for non-institutional investors.
Brandman Retail operates in the distribution of international sports and lifestyle brands. The company works across distribution, licensing, retail and e-commerce, with a strong focus on an omni-channel presence. It currently operates 11 exclusive brand outlets and two multi-brand outlets, largely concentrated in northern India. Most of its physical stores represent the New Balance brand under a non-exclusive distribution arrangement, while online sales are routed through platforms such as Flipkart, Ajio and Tata Cliq.
The proceeds from the IPO will be primarily used to expand the company’s retail footprint. Brandman Retail plans to open 15 new exclusive brand outlets and multi-brand outlets, fund working capital needs for both new and existing stores, and meet general corporate expenses.
On the financial front, the company has reported a sharp improvement in profitability. For the nine months ended December 2025, Brandman Retail posted a profit after tax of Rs 19.67 crore on total income of Rs 97.21 crore. For FY25, it reported a net profit of Rs 20.95 crore, compared with Rs 8.27 crore in FY24. Margins have remained strong, with a PAT margin of over 20% as of December 2025.
Gretex Corporate Services is the book-running lead manager to the issue, while Bigshare Services is the registrar.The presence of a modest grey market premium suggests cautious optimism around the listing, with investors likely to track subscription trends closely over the three-day bidding window.
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