Dudani Retail IPO concluded its subscription window with a final overall demand of 1.41x, marked by a significant late-day surge in retail participation.

Subscription Status

The issue witnessed a dramatic acceleration in retail interest during the final hours of Day 3. Total subscription climbed from 0.41x at the start of the day to 1.41x by close. This momentum was driven entirely by retail investors, whose bids jumped from 0.73x to 2.22x within the session. Institutional interest remained absent throughout the offering period, with Qualified Institutional Buyers (QIB) and Small High Net-Worth Individuals (sHNI) recording zero bids.

Category-wise Breakdown

Retail investors were the sole drivers of demand, finishing at 2.22x. Non-Institutional Buyers (bHNI) recorded a modest subscription of 0.25x. Qualified Institutional Buyers (QIB) and Small High Net-Worth Individuals (sHNI) did not participate in the issue, maintaining their zero-bid status from previous days.

Intra-day Timeline on 25-09-2026

The intra-day data indicates that Retail interest picked up pace significantly between 11:15 AM and 4:15 PM IST, rising from 0.04x to 0.16x. This movement pushed the overall issue subscription from 0.02x to 0.08x. No further movement was reported in subsequent snapshots for Day 1, and institutional categories remained static at zero throughout the day.

Offer Details

What's Next

Allotment is scheduled for September 30, 2026. Shares are expected to list on October 5, 2026.

About the Company

Dudani Retail Limited, incorporated in 2015 and promoted by Mr. Akshay Dudani (MD) and Mrs. Charu Dudani (COO), is a Jaipur-based apparel company. It operates across own-brand manufacturing (Divena – women's ethnic wear; Millennial Men – men's shirts), licensed manufacturing for Fashion & Lifestyle Marketplaces (labels including Kalini, Corsica, Roadster, Anouk Rustic), and a sell-or-return supply arrangement with a Quick-Commerce platform. Products are distributed across Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion, Tata Cliq, and Snapdeal, as well as through its own brand websites. The company operates an in-house manufacturing facility for cutting, stitching, finishing, and quality checks, while outsourcing dyeing, printing, and embroidery to third-party processors.

Financial Highlights

For FY2026, the company reported total income of ₹2,458.76 lakhs, an EBITDA margin of 12.07%, and PAT of ₹190.13 lakhs.

Objects of the Issue

• Capital Expenditure (₹0.79 crore): Purchase of computerised embroidery machinery to enable in-house embroidery operations and reduce third-party dependency.
• Repayment of Borrowings (₹3.00 crore): Repayment/pre-payment of cash credit facility from Kotak Mahindra Bank Limited to reduce interest costs and improve the debt-equity ratio.
• Working Capital (₹3.97 crore): Meeting working capital requirements for inventory, procurement, and operational scalability.
• General Corporate Purposes (₹1.50 crore): Strategic initiatives, partnerships, brand building, and marketing activities.

Risk Factors

• Customer Concentration: Top five customers contributed 63.56% of revenue in FY2026; the largest customer alone accounted for 37.37%.
• Supplier Dependence: Top five suppliers accounted for 77.38% of purchases in FY2026, with no long-term supply agreements in place.
• Secured Borrowings: Secured borrowings stood at ₹416.95 lakhs as of March 31, 2026, primarily from Kotak Mahindra Bank Limited, with lenders holding charges over company assets.
• Legal Proceedings: Pending legal proceedings involving the company and promoters with an aggregate quantifiable amount of ₹1.69 lakhs.
• Seasonal Fluctuations: Sales are subject to seasonal patterns tied to festive seasons and end-of-season sales, which could cause significant quarterly variability in revenue and cash flows.