Dudani Retail IPO opened with sluggish demand on Day 1, recording an overall subscription of 0.04x as of the latest snapshot. The Retail category was the sole contributor, with demand doubling to 0.08x during the session, while QIB and NII categories remained completely unsubscribed.

Subscription Status

The Dudani Retail IPO witnessed minimal participation on the first day of bidding. As of the end-of-day snapshot for Day 1 (September 25, 2026), the total subscription stood at 0.04x. The Retail segment showed slight interest with a 0.08x subscription rate, whereas Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII), including both small and big HNI categories, recorded zero subscription.

Subscription Progression

Intra-day Timeline on 25-09-2026

The intra-day data indicates that Retail interest picked up pace between 11:15 AM and 12:15 PM IST, doubling from 0.04x to 0.08x. This movement pushed the overall issue subscription from 0.02x to 0.04x. No further movement was reported in subsequent snapshots for Day 1, and institutional categories remained static at zero throughout the day.

Offer Details

The Dudani Retail IPO is priced at ₹29.00000 per share, with both the floor and ceiling prices set at this level. The issue size ranges from ₹232,000 crore to ₹500,000 crore based on the minimum and maximum bid quantities. The minimum bid quantity is set at 8000 shares.

Key Dates:

• Open Date: 2026-09-25 10:00:00
• Close Date: 2026-09-29 16:00:00
• Allotment Date: 2026-09-30
• Listing Date: 2026-10-05

About the Company

Dudani Retail Limited, incorporated in 2015 and promoted by Mr. Akshay Dudani and Mrs. Charu Dudani, is a Jaipur-based apparel company. It engages in designing, manufacturing, sourcing, and supplying apparel through own-brand operations (Divena – women's ethnic wear, Millennial Men – men's shirts), licensed manufacturing for Fashion & Lifestyle Marketplaces, and supply arrangements with Quick-Commerce platforms. The company operates an in-house manufacturing facility for cutting, stitching, finishing, and quality checks.

Financial Highlights

For FY2026, Dudani Retail reported total income of ₹2,458.76 lakhs, EBITDA margin of 12.07%, and PAT of ₹190.13 lakhs. The financial trends over the last three years are summarized below:

Objects of the Issue

The net proceeds from the issue are proposed to be utilized for the following purposes:

• Capital Expenditure: ₹0.79 crores towards the purchase of computerised embroidery machinery to expand manufacturing capabilities and reduce third-party dependency.
• Repayment of Borrowings: ₹3.00 crores for repayment or pre-payment of cash credit facilities from Kotak Mahindra Bank Limited to reduce interest costs.
• Working Capital: ₹3.97 crores to meet working capital requirements, supporting increased inventory levels and operational scalability.
• General Corporate Purposes: ₹1.50 crores for strategic initiatives, brand building, marketing, and other general corporate exigencies.

Risk Factors

• Customer Concentration: The top five customers contributed 63.56% of revenue in FY2026, with the largest customer alone contributing 37.37%. Loss of significant customers could adversely affect revenue.
• Supplier Dependence: The top five suppliers accounted for 77.38% of purchases in FY2026. Supply disruptions could impact sales volumes and margins.
• Legal Proceedings: The company and its promoters are involved in pending legal proceedings, including tax matters, with an aggregate quantifiable amount of ₹1.69 lakhs.