Dudani Retail IPO

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹29
Issue size: ₹10.54 Cr
Lot size: 4000 sh
Bidding: 25 – 29 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Dudani Retail is a Jaipur-based women's ethnic-wear manufacturer with 33 employees that raised Rs 10.54 Cr of fresh equity at a fixed price of Rs 29 on BSE SME, with the offer-for-sale component recorded at nil. Revenue was Rs 25.12 Cr in FY24, Rs 25.28 Cr in FY25 and Rs 24.59 Cr in FY26, a fall of 2.11% across the two years, while EBITDA went from Rs 1.81 Cr to Rs 2.86 Cr to Rs 2.97 Cr and profit after tax from Rs 0.99 Cr to Rs 1.78 Cr to Rs 1.90 Cr. The issue was subscribed 1.42 times in total on its final day, with retail at 2.31 times and the non-institutional category at 0.52 times. It listed at Rs 25 against the Rs 29 issue price and last traded at Rs 10.95 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

57Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Dudani Retail, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2015 · Jaipur, Rajasthan · 33 employees

Dudani Retail designs, manufactures and sells apparel from a rented facility in Kartarpura Industrial Area, Jaipur, where it runs cutting, stitching, finishing, quality checks and dispatch; fabric dyeing, printing and embroidery go to third-party processors. Its own women's ethnic and fusion wear — suit sets, kurtas, dresses, tops, tunics, kaftans, co-ord sets, sarees and bottom wear — sells under the Divena brand. Men's wear under Millennial Men is pure trading: finished garments bought from outside suppliers and resold online. A personal-care line, Cosse, is traded opportunistically. Alongside its own labels it manufactures garments under licence for a fashion marketplace, and supplies a quick-commerce platform on a sell-or-return basis. In FY26, 99.48% of revenue came from India. The company was incorporated in December 2015.

Revenue is garment sales, split between own brands and just-in-time manufacturing for marketplace-owned labels such as Roadster, Kalini and All About You, made against platform purchase orders. Cost sits in fabric, bought-in finished menswear and outsourced dyeing, printing and embroidery; in-house capacity covers only cutting, stitching and finishing. The structural constraint is customer concentration: in FY26 the largest single customer was 37.37% of revenue and the top five 63.56%, and the licensed labels remain the licensors' property, so that order flow can be withdrawn. Revenue was flat-to-down across FY24–FY26 (Rs 25.12 Cr, Rs 25.28 Cr, Rs 24.59 Cr) while EBITDA margin rose from 7.20% to 12.07%.

The company on paper

Legal name: Dudani Retail Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 1 Dec 2015
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U52190RJ2015PLC048711
Sector: Consumer Discretionary · Women's ethnic wear manufacturing and private-label apparel supply to e-commerce marketplaces
Employees: 33
Registered office: Jaipur, Rajasthan
Promoters: Akshay Dudani, Charu Dudani
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 65.0%
Website: divenaworld.com

The numbers

Financial performance

Revenue has compounded at −1.1% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹10.54 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹10.54 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,84,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 35.0% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.42×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹29.00
Listed at: ₹25.00
Listing gain: down 13.8%
Since listing: down 66.0%
Against the issue price: down 70.7%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 8,000
At cut-off price: ₹29.00
Amount blocked: ₹2,32,000

One lot is 4000 shares at ₹1,16,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,32,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~43%

chance of one lot, per application

Retail subscription: 2.31×
Applicants per share available: 2.3× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹25.00

listed at, −13.8% against the issue price

Issue price: ₹29.00
Premium said: —
If allotted 4000 shares: −₹16,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

EBITDA margin was 7.2% in FY24 (Rs 1.81 Cr on revenue of Rs 25.12 Cr) and was higher in each of the two years that followed: 11.3% in FY25 (Rs 2.86 Cr on Rs 25.28 Cr) and 12.1% in FY26 (Rs 2.97 Cr on Rs 24.59 Cr).
Profit after tax was Rs 0.99 Cr in FY24, Rs 1.78 Cr in FY25 and Rs 1.90 Cr in FY26 — rises of 79.80% and then 6.74% — against revenue that fell 2.11%, from Rs 25.12 Cr to Rs 24.59 Cr, over the same span.
Net worth was Rs 6.62 Cr in FY24, Rs 8.40 Cr in FY25 and Rs 10.30 Cr in FY26, against borrowings of Rs 3.53 Cr, Rs 4.03 Cr and Rs 4.82 Cr; borrowings as a multiple of net worth were therefore 0.53x, 0.48x and 0.47x, lower in each successive year.
The issue was entirely fresh equity at Rs 10.54 Cr, an amount equal to 1.02 times FY26 net worth of Rs 10.30 Cr, with the offer-for-sale component at nil. Promoter holding was 100% before the issue and 64.99% after, a dilution of 35.01 percentage points.

What to weigh against it

Customer concentration is high on the record's own FY26 figures: the largest single customer was 37.37% of revenue and the top five 63.56%. The record further states that the licensed labels it manufactures for remain the licensors' property and that order flow can be withdrawn.
Revenue did not grow over the three years on record: Rs 25.12 Cr in FY24, Rs 25.28 Cr in FY25 (up 0.64%) and Rs 24.59 Cr in FY26 (down 2.73%), a net fall of 2.11% from the first year to the last.
Borrowings were higher in each successive year, at Rs 3.53 Cr in FY24, Rs 4.03 Cr in FY25 and Rs 4.82 Cr in FY26 — up 36.54% from the first year to the last — over the same span in which revenue fell 2.11%, from Rs 25.12 Cr to Rs 24.59 Cr.
The shares listed at Rs 25 against the Rs 29 issue price, a discount of 13.79%, and closed the first day at Rs 25. The last price on the record is Rs 10.95 as of 23 October 2026, 62.24% below the issue price and 56.20% below the Rs 25 listing price.

Easy to miss in the prospectus

The record carries a single day of subscription data — day three, 29 September 2026: retail 2.31 times, non-institutional 0.52 times, total 1.42 times. The QIB and employee figures are null and there is no allocation block, so the earlier days and the category-wise split cannot be read from this record.
The valuation block is null and the post-issue share count is not recorded, so no earnings multiple against FY26 profit after tax of Rs 1.90 Cr can be computed from this record.
Customer concentration is disclosed for FY26 only (37.37% largest, 63.56% top five); the record carries no comparable figures for FY24 or FY25, so the FY26 reading cannot be placed against the earlier years.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Finshore Management Services Limited
RegistrarAllotment status is checked on the registrar's own site: Maashitla Securities Private Limited

How these figures were checked

Built from 7 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 25 Sep 2026
Closes: 29 Sep 2026
Allotment: 30 Sep 2026
Lists: 5 Oct 2026
Revenue (FY26): ₹24.59 Cr
Profit (FY26): ₹1.90 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.