Brandman Retail Limited is a men’s apparel focused fashion company engaged in designing, branding, marketing and retailing garments under its in-house brand portfolio. The company caters primarily to value-conscious urban and semi-urban customers, offering a range of fashion and lifestyle products.

The company operates across different retail channels including:

• Exclusive Brand Outlets (EBOs)

• Large Format Stores (LFS)

• Multi-Brand Outlets (MBOs)

Brandman Retail is launching a Book Built SME IPO aggregating to ₹86.09 Crore, consisting entirely of a Fresh Issue of 0.49 crore shares.

IPO Structure and Timeline

• Total Issue Size: ₹86.09 Crore

• Fresh Issue: 0.49 crore equity shares

• IPO Opening Date: February 04, 2026

• IPO Closing Date: February 06, 2026

• Allotment Date (Expected): February 09, 2026

• Listing Platform: NSE SME

• Tentative Listing Date: February 11, 2026

Since the issue is entirely a fresh issue, the proceeds will go directly to the company for business growth and expansion.

Price Band, Market Capitalisation and Investment Details

The price band of Brandman Retail IPO is set at ₹167 to ₹176 per equity share.

At the upper price band of ₹176, the company’s market capitalisation will be approximately ₹324.85 Crore.

Lot Size and Minimum Investment

• Lot Size: 800 shares

Retail Investors:

• Minimum 2 lots (1,600 shares)

• ₹176 × 1,600 = ₹2,81,600

High-Net-Worth Individuals (HNIs):

• Minimum 3 lots (2,400 shares)

• ₹176 × 2,400 = ₹4,22,400

As this is an SME IPO, the minimum investment size is relatively higher compared to mainboard IPOs.

Business Model of Brandman Retail Limited

Brandman Retail operates in the men’s fashion apparel segment, focusing on mid-range and value-driven consumers.

1. Product Portfolio

The company’s product range includes:

• Formal wear

• Casual wear

• Fashion accessories

This diversified offering allows the company to serve different customer occasions — office wear, daily wear and festive wear.

2. Retail Channel Strategy

The company generates revenue through:

• Exclusive Brand Outlets (EBOs) – Strengthens brand identity

• Large Format Stores (LFS) – Provides wider customer reach

• Multi-Brand Outlets (MBOs) – Expands distribution without heavy capital investment

This multi-channel strategy helps in scaling operations efficiently.

3. Brand Positioning

Brandman Retail focuses on:

• Affordable pricing

• Trend-based fashion

• Expanding presence in tier-2 and tier-3 cities

The company aims to capture demand from aspirational middle-class consumers.

Industry Outlook: Indian Apparel Market

The Indian apparel industry is supported by:

• Rising disposable income

• Growing urbanisation

• Increasing fashion awareness

• Expansion of organised retail

The men’s wear segment forms a significant portion of the total apparel market. With rising e-commerce and organised retail penetration, fashion brands are expanding rapidly.

However, the sector is highly competitive, with presence of:

• Large national brands

• Regional brands

• Unorganised players

Use of IPO Proceeds

The fresh issue proceeds are expected to be utilised for:

• Store expansion

• Working capital requirements

• Brand promotion and marketing

• General corporate purposes

Expanding retail footprint will be a key growth driver for the company.

Strengths of Brandman Retail

1. Focused Brand Portfolio

The company operates under its own brand portfolio, giving it control over pricing and positioning.

2. Multi-Channel Distribution

Presence across EBOs, LFS and MBOs ensures diversified revenue streams.

3. Growing Urban and Semi-Urban Presence

Strong focus on tier-2 and tier-3 cities provides growth opportunity.

4. Asset-Light Distribution Through MBOs

Expansion via multi-brand outlets reduces capital intensity.

Risks to Consider

1. Fashion Trend Risk

Apparel industry is highly dependent on changing fashion trends.

2. Inventory Management Risk

Poor inventory planning can impact margins.

3. Competitive Pressure

Competition from established brands and online players can affect growth.

4. SME Platform Liquidity Risk

NSE SME stocks may have lower liquidity compared to mainboard stocks.

Lead Manager, Registrar and Market Maker

• Book Running Lead Manager: Gretex Corporate Services Limited

• Registrar: Bigshare Services Private Limited

• Market Makers:

  • Gretex Share Broking Pvt. Ltd.

  • Shree Bahubali Stock Broking Ltd.

Brandman Retail IPO GMP Today

The Grey Market Premium (GMP) of Brandman Retail IPO is currently expected to be ₹0.

Investors should understand:

• Grey market trading is unofficial.

• GMP does not guarantee listing performance.

• Price discovery happens only after official exchange listing.

The GMP data is shared strictly for informational and educational purposes.

Valuation Perspective

At a market capitalisation of ₹324.85 Crore, Brandman Retail falls into the small-cap SME category.

Investors should analyse:

• Revenue growth

• Profit margins

• Store expansion strategy

• Same-store sales growth

• Working capital cycle

Comparing with listed apparel retail companies can provide additional clarity.

Final Conclusion

Brandman Retail Limited operates in the competitive but growing men’s apparel retail segment, with a diversified distribution model and focus on value-driven customers.

The IPO size of ₹86.09 Crore, listing on NSE SME, and pricing at ₹167–₹176 per share positions it as a mid-sized SME offering in the fashion retail space.

Investors should carefully evaluate financial performance, expansion plans and sector risks before applying. As always, investment decisions must align with individual risk appetite and long-term financial goals.

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