Dudani Retail IPO
Dudani Retail IPO Details
-
Open Date
25 Sep 2026
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Close Date
29 Sep 2026
- IPO Price Range
₹ 29
- IPO Size
₹ 10.54 Cr
Dudani Retail IPO Timeline
Dudani Retail IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 25-Sep-2026 | - | 0.01 | 0.16 | 0.08 |
| 28-Sep-2026 | - | 0.06 | 0.50 | 0.28 |
| 29-Sep-2026 | - | 0.52 | 2.31 | 1.42 |
Last Updated: 29 September 2026 6:45 PM by 5paisa
Dudani Retail Limited is a Jaipur-based fashion and lifestyle company operating across own-brand apparel, licensed manufacturing, apparel trading and fabric trading. Its principal business is women's apparel sold under the Divena brand, with a portfolio spanning kurtis, kurtas, kurta sets, suit sets, sarees, dresses, tops, tunics, nightwear and lehengas. The company also operates the Millennial Men brand for men's apparel.
Women's garments are manufactured through a combination of in-house cutting, stitching, finishing and quality-control operations and outsourced processes such as dyeing, printing and embroidery. Dudani Retail also undertakes licensed manufacturing for fashion and lifestyle marketplace companies and supplies products under institutional arrangements. Its products are distributed through e-commerce platforms including Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion, Tata Cliq and Snapdeal, along with its own websites. E-commerce platforms contributed 70.40% of FY26 turnover.
The company operates its processing facility in Jaipur. As of August 2026, it had 47 sewing machines, six overlock machines and five cloth-cutting machines. Its operations are supported by 33 permanent employees and 35 temporary personnel.
Established in: 2015
Managing Director: Akshay Dudani
Peers:
Nandani Creation Limited
Purple United Sales Limited
Mish Designs Limited
Dudani Retail Objectives
The net proceeds from the fresh issue are proposed to be used for:
1. Funding working capital requirements
2. Capital expenditure towards the purchase of machinery for expansion and upgradation of the existing manufacturing facility
3. Repayment and/or pre-payment of certain outstanding borrowings
4. General corporate purposes
Dudani Retail IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹10.54 Cr |
| Offer For Sale | - |
| Fresh Issue | ₹10.54 Cr |
Dudani Retail IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual Investors (IND) (Min) | 2 | 8000 | ₹232000 |
| Individual Investors (IND) (Max) | 2 | 8000 | ₹232000 |
| HNI (Min) | 3 | 12,000 | ₹3,48,000 |
Roopa Screen IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| Non-Institutional Buyers | 0.52 | 17,24,000 | 9,04,000 | 2.62 |
| Retail | 2.31 | 17,28,000 | 40,00,000 | 11.60 |
| Total** | 1.42 | 34,52,000 | 49,04,000 | 14.22 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 25.12 | 25.28 | 24.59 |
| EBITDA | 1.81 | 2.86 | 2.97 |
| PAT | 0.99 | 1.78 | 1.90 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 10.59 | 14.28 | 17.01 |
| Share Capital | 2.00 | 6.75 | 6.75 |
| Total Liabilities | 0.99 | 1.78 | 1.90 |
| Particulars (In ₹Crores.) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (used in) Operating Activities | 0.32 | -0.16 | -0.46 |
| Net Cash Generated From / (used in) Investing Activities | -0.04 | -0.07 | -0.03 |
| Net Cash Generated From / (used in) Financing Activities | -0.27 | 0.21 | 0.46 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 0.01 | -0.03 | -0.03 |
Strengths
1. Dudani Retail operates across multiple business verticals, including own-brand women's wear manufacturing, men's wear trading, licensed manufacturing and institutional supply.
2. Its Divena women's apparel range spans multiple ethnic and contemporary categories, supported by its own design, cutting, stitching, finishing and quality-control capabilities.
3. The company has established a multi-channel distribution network across major e-commerce marketplaces and its own websites; e-commerce platforms contributed 70.40% of FY26 turnover.
4. Licensed manufacturing arrangements with fashion and lifestyle marketplace companies provide access to additional order-based manufacturing opportunities.
5. EBITDA margin improved from 7.20% in FY24 to 12.07% in FY26, while PAT increased from ₹0.99 crore to ₹1.90 crore over the same period.
Weaknesses
1. The company's product mix is highly concentrated. Kurtis, kurtas and kurta sets accounted for 94.00% of FY26 turnover.
2. Customer concentration remains significant, with the top 10 customers accounting for 75.17% of FY26 revenue and the largest customer contributing 37.37%.
3. Supplier concentration is high. The top 10 suppliers represented 87.25% of FY26 purchases, while the largest supplier alone accounted for 44.17%.
4. Inventories stood at ₹12.10 crore as of FY26, with an inventory holding period of 386 days, contributing to sizeable working-capital requirements.
5. Operating cash flow was negative in both FY25 and FY26 despite positive reported profits.
Opportunities
1. Additional working capital from the IPO can support larger raw-material purchases, broader inventory availability and expansion of the company's product portfolio.
2. The company intends to increase its presence in the middle-income, higher-volume apparel segment and broaden the range of women's wear designs.
3. Proposed machinery purchases can bring additional processes in-house, reduce dependence on outsourced processing and improve production turnaround times.
4. Dudani Retail plans to expand its assortment across online marketplaces while also exploring additional offline distribution channels.
5. Growth in licensed manufacturing and institutional supply arrangements could diversify revenue beyond the company's own apparel brands.
Threats
1. High dependence on online marketplaces exposes the company to changes in platform policies, commissions, visibility algorithms, returns and commercial terms.
2. Fashion and apparel demand is exposed to rapidly changing consumer tastes, seasonal trends and inventory obsolescence.
3. Supplier concentration and dependence on third-party processors for dyeing, printing and embroidery can affect production schedules, costs and product availability.
4. The top 10 states accounted for 81.60% of FY26 revenue, exposing the company to regional demand and competitive conditions.
5. Competition from established apparel brands, marketplace-focused sellers, regional manufacturers and unorganised participants could pressure pricing and margins.
1. PAT increased from ₹0.99 crore in FY24 to ₹1.90 crore in FY26, while EBITDA (Operating Profit) rose from ₹1.81 crore to ₹2.97 crore.
2. EBITDA margin expanded from 7.20% in FY24 to 12.07% in FY26 despite revenue remaining broadly stable over the period.
3. Dudani Retail combines its own Divena apparel brand with licensed manufacturing, men's apparel trading, fabric trading and institutional supply arrangements.
4. Its products are distributed across several major e-commerce platforms as well as proprietary websites, providing access to customers across multiple geographies.
5. A large part of the net IPO proceeds is earmarked for working capital, debt repayment and manufacturing machinery, addressing areas directly linked to the company's operating requirements.
India's textile and apparel sector is supported by rising domestic consumption, urbanisation, higher household incomes, organised retail expansion and increasing online penetration. The industry information presented in Dudani Retail's prospectus projects India's textile and apparel market to reach approximately US$350 billion by 2030. The sector currently contributes around 2% of India's GDP and employs more than 45 million people.
Government programmes including PM MITRA Parks and other textile-sector infrastructure and technology initiatives are aimed at improving manufacturing efficiency, integrated supply chains and competitiveness. Increasing digital adoption is also creating broader distribution opportunities for apparel companies able to operate across multiple marketplaces.
Dudani Retail is positioned primarily within women's ethnic apparel, with its Divena brand and marketplace-led distribution model. Its opportunity to participate in industry growth is linked to expanding product depth, strengthening working capital, improving manufacturing processes and diversifying sales channels. However, its revenue remains concentrated in a relatively narrow product category and major online channels.
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FAQs
Dudani Retail IPO opens from 25 September 2026 to 29 September 2026.
The size of the Dudani Retail IPO is approximately ₹10.54 crore, comprising an entirely fresh issue of up to 36,36,000 equity shares. There is no Offer for Sale.
Dudani Retail IPO is a fixed-price issue at ₹29 per share.
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Dudani Retail IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
Individual Investors must apply for a minimum of two lots, or 8000 shares, requiring an investment of ₹2,32,000 at the fixed issue price of ₹29 per share.
The basis of allotment for the Dudani Retail IPO is expected to be finalised on 30 September 2026.
The Dudani Retail IPO is tentatively scheduled to list on BSE SME on 5 October 2026.
Finshore Management Services Limited is the lead manager to the Dudani Retail IPO.
The fresh-issue proceeds are proposed to be used for:
1. Funding working capital requirements
2. Capital expenditure for machinery to expand and upgrade the existing manufacturing facility
3. Repayment and/or pre-payment of certain outstanding borrowings
4. General corporate purposes