Brandman Retail IPO

About Brandman Retail IPO

The Brandman Retail IPO opens on Wednesday, Feb 4, 2026 and closes on Friday, Feb 6, 2026. The allotment of shares will take place on Monday, Feb 9, 2026. The credit of shares to the demat account will take place on Tuesday, Feb 10, 2026. The initiation of refunds will take place on Tuesday, Feb 10, 2026. The listing of shares will take place on Wednesday, Feb 11, 2026.

The offer consists of a fresh issue. The fresh issue will include 0.49 crore shares of ₹86.09 crore. The total number of shares and aggregate amount are 48,91,200 shares (aggregating up to ₹86 crores).

Brandman Retail IPO’s price band is set at ₹167 to ₹176 per share. The lot size for an application is 800. The minimum amount of investment required by an individual investor (retail) is ₹2,81,600 (1,600 shares) (based on upper price). The minimum lot size for investment required by HNIs is 3 lots (2,400 shares), amounting to ₹4,22,400.

Brandman Retail is engaged in the distribution and retail of premium international brands through non-exclusive distribution agreements. Their sales are carried out through multiple channels, including Exclusive Brand Outlets (“EBOs”) operated under specific brand arrangements, Multi-Brand Outlets (“MBOs”) under their trademark “Sneakrz,” e-commerce marketplaces and their own website.

Objectives of Brandman Retail IPO

• Funding capital expenditure for expansion of their Retail Network by launching 15 (fifteen) new Exclusive Brand Outlets (EBOs) / Multi-Brand Outlets (MBOs).
  
• Working Capital Requirements for New EBOs and MBOs.
  
• Working Capital Requirements for Existing EBOs and MBOs.
  
• General Corporate Purposes.
  
• To meet the issue expenses.
  

Industry Outlook

India is one of the fastest-growing retail markets globally, supported by favourable demographics, rising disposable incomes, urbanisation, and the expansion of organised formats. The sector accounts for more than 10% of India’s gross domestic product and approximately 8% of total employment, making it both a major contributor to the economy and a large employer in the services sector.

Organised retail penetration in India has steadily increased over the last decade, rising from single-digit levels in the early 2010s to over 18–20% of total retail sales in 2023. The share of organised retail is expected to continue growing to over 30% in the medium term, supported by mall developments, consolidation of modern trade players, and aggressive expansion by large corporate-backed retailers. This trend is particularly visible in discretionary categories such as apparel and footwear, where consumers increasingly seek branded products, quality assurance, and a consistent shopping experience.

The Indian apparel market is one of the largest discretionary categories, valued at approximately USD 7700 crores in 2023 and projected to reach approximately USD 12000 crores by 2027, representing a compound annual growth rate (CAGR) of 9–10%. This makes India one of the fastest-growing apparel markets globally, driven by favourable demographics, rising urbanisation, premiumisation, and greater adoption of branded products.

About Brandman Retail

Brandman Retail is engaged in the distribution and retail of premium international brands through non-exclusive distribution agreements. Their sales are carried out through multiple channels, including Exclusive Brand Outlets (“EBOs”) operated under specific brand arrangements, Multi-Brand Outlets (“MBOs”) under their trademark “Sneakrz,” e-commerce marketplaces and their own website. In addition to the offline stores, the Company has entered into agreements with retailers of shoes under which, the Company supplies its products to stores and the same are thereafter sold to end-customers through online and offline modes. This multi-channel presence allows them to cater to customers across physical retail formats as well as online platforms.

Strengths of Brandman Retail

• Experienced promoters and professional team.
• Omni-channel distribution network.
• Asset-light and scalable business model.
• Store locations in key markets.
• Product portfolio and access to global brands.

Risks of Brandman Retail

• Their revenue is significantly dependent on a key brand relationship.
• A significant portion of their revenue is generated from their top ten customers.
• Their revenue is highly dependent on the sale of footwear products.
• They rely on non-exclusive supply, license and distribution arrangements with multiple international brands.
• They rely on third-party suppliers for purchase of finished products for their retail sales and distribution business.

• CMP for the company is considered as Issue Price

Source: www.bseindia.com and www.nseindia.com

Notes: 1. The figures of Brandman Retail are based on restated financial statements as restated as on March 31, 2025.

2. Considering the nature and size of business of the Company, the peers are not strictly comparable. However, the same have been included for broad comparison.
   

3. Current Market Price (CMP) of peer group companies is the closing price as on March 31, 2025.
   

4. The figures for the peer group are based on the standalone/consolidated audited financials as applicable for the year ended on March 31, 2025.
   

Anchor Investor Bidding Date: Tuesday, February 3, 2026

• Subject to finalization of the Basis of Allotment (1)The Company may in consultation with the Book Running Lead Manager, consider participation by Anchor Investors in accordance with the SEBI ICDR regulations. The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date. (2)The company may, in consultation with the Book Running Lead Manager, consider closing the Bid/Offer Period for QIBs one Working Day prior to the Bid/Offer Closing Date in accordance with the SEBI ICDR Regulations.

Registrar: Bigshare Services Private Limited
Book Running Lead Managers: Gretex Corporate Services Limited

Brandman Retail Business Model

The company earns its revenue through the distribution and retail of premium international brands through non-exclusive distribution agreements.

Brandman Retail Growth Trajectory

Brandman Retail’s total income for FY25 was ₹136.304 crores, whereas in FY24 it was ₹123.492 crores.

The profit after tax for FY25 was ₹20.954 crores, whereas in FY24 it was ₹8.274 crores.

Their EBITDA for FY25 was ₹31.147 crores, whereas in FY24 it was ₹12.007 crores.

Brandman Retail Market Position

Their offline sales contribute a major share of the company’s domestic sales, with the state of Delhi as the largest contributor, followed by Haryana, Uttar Pradesh and Gujarat in FY 2024-25. In FY 2024-25, sales from their EBO and MBO stores accounted for 21.26% of their total revenue from operations.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹136.304 crores, ₹20.954 crores, and ₹31.147 crores, respectively.

How to apply for Brandman Retail IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.