Dudani Retail IPO recorded a cumulative subscription of 0.17x by the end of Day 2, driven entirely by retail investors who pushed their category subscription to 0.31x.

Subscription Status

The issue has seen minimal traction since opening on September 25, 2026. The overall subscription rate ticked up slightly from 0.08x on Day 1 to 0.17x on Day 2. The progression indicates a slow start for the Jaipur-based apparel company, with institutional money staying on the sidelines.

Category-wise Breakdown

Retail Individual Investors (RII) are the sole contributors to the current subscription tally, reaching 0.31x by the end of Day 2. This represents a modest increase from 0.16x on the opening day and a jump from 0.26x earlier in the day.

Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs) including both Big and Small HNIs, and Employee categories all stand at 0.00x. The absence of anchor or institutional bids suggests cautious sentiment among larger capital pools regarding the valuation or business outlook.

Intra-day Timeline

The latest snapshot available for Day 2 shows the following status as of 12:15 IST:

Offer Details

• Company: Dudani Retail
• Price Band: ₹29.00 - ₹29.00
• Issue Size: ₹232000 crore - ₹500000 crore
• Min Bid Qty: 8000 shares
• Open Date: 2026-09-25 10:00:00
• Close Date: 2026-09-29 16:00:00

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 such as Divena (women's ethnic wear) and Millennial Men (men's shirts). The company also undertakes licensed manufacturing for Fashion & Lifestyle Marketplaces and maintains a sell-or-return supply arrangement with a Quick-Commerce platform.

Products are distributed across major e-commerce platforms including Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion, Tata Cliq, and Snapdeal. For FY2026, the company reported total income of ₹2,458.76 lakhs, an EBITDA margin of 12.07%, and PAT of ₹190.13 lakhs.

Financial Highlights

Objects of the Issue

• Capital Expenditure – Purchase of Machinery: ₹0.79 crore to fund the purchase of computerised embroidery machinery for expansion and upgradation of its existing manufacturing facility.
• Repayment of Outstanding Borrowings: ₹3.00 crore to repay or pre-pay cash credit facilities availed from Kotak Mahindra Bank Limited.
• Working Capital Requirements: ₹3.97 crore to meet working capital needs in the ordinary course of business.
• General Corporate Purposes: ₹1.50 crore towards strategic initiatives, partnerships, brand building, and marketing activities.

Risk Factors

• Dependence on Limited Suppliers: The top five suppliers accounted for 77.38% of purchases in FY2026. Supply disruptions could impact sales volumes and margins.
• Customer Concentration: The top five customers contributed 63.56% of revenue in FY2026, with the largest customer alone contributing 37.37%. Loss of key customers could adversely affect profitability.
• Secured Borrowings: As of March 31, 2026, secured borrowings amounted to ₹416.95 lakhs. A repayment default could allow lenders to enforce security against charged assets.