Dudani Retail IPO Day 3: Subscribed 0.60x; retail crosses 1x with 42.5% intraday jump
- Dudani Retail IPO closed its three-day window on September 29, 2026, at a total subscription of 0.60x.
- Retail investors were the standout category, surging 42.5% intraday to finish at 1.04x — the only segment to cross full subscription.
- QIB and NII (sHNI) recorded zero subscription across all three days; NII (bHNI) ended at 0.04x.
- Allotment is scheduled for September 30, 2026, with listing expected on October 5, 2026.
- The Jaipur-based apparel company reported FY2026 revenue from operations of ₹24.59 crore and net profit of ₹1.90 crore.
*this image is generated using AI for illustrative purposes only.
Dudani Retail IPO wrapped up its final subscription day on September 29, 2026, with total subscription reaching 0.60x. Retail investors drove the day's momentum, jumping 42.5% intraday from 0.73x to 1.04x — the sole category to cross full subscription — while QIB and sHNI ended at zero.
Subscription Status
The issue opened on September 25, 2026, and built up gradually over three days. Total subscription moved from 0.08x on Day 1 to 0.28x on Day 2, before closing at 0.60x on Day 3. The progression was entirely retail-led, with institutional and large-ticket categories absent throughout.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-09-2026 | 0.00x | 0.00x | 0.00x | 0.16x | 0.08x |
| Day 2 | 28-09-2026 | 0.00x | 0.00x | 0.02x | 0.50x | 0.28x |
| Day 3 | 29-09-2026 | 0.00x | 0.00x | 0.04x | 1.04x | 0.60x |
Category-wise Breakdown
Retail investors were the clear leaders, finishing at 1.04x — the only category to achieve full subscription. Non-Institutional Buyers (bHNI) ticked up to 0.04x by close, while Non-Institutional Buyers (sHNI) ended at 0.00x. Qualified Institutional Buyers recorded zero subscription across all three days, indicating a complete absence of institutional participation in the offering.
Intra-day Timeline — 29-09-2026
Retail picked up pace sharply between 11:15 and 12:15 IST, jumping from 0.73x to 1.04x — a gain of +0.31x (+42.5%). Total subscription correspondingly rose from 0.41x to 0.60x, a move of +0.19x (+46.3%) within the hour.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.73x | 0.41x |
| 12:15 | 0.00x | 0.00x | 1.04x | 0.60x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹29.00000 per share |
| Minimum Bid Quantity | 8,000 shares |
| Issue Open Date | September 25, 2026 |
| Issue Close Date | September 29, 2026 |
| Allotment Date | September 30, 2026 |
| Listing Date | October 5, 2026 |
What's Next
With the subscription window now closed, allotment is scheduled for September 30, 2026, and 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, among others), 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
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 24.59 | 25.28 | 25.12 |
| Profit Before Tax (₹ crore) | 2.55 | 2.47 | 1.36 |
| Net Profit (₹ crore) | 1.90 | 1.78 | 0.99 |
| Total Equity (₹ crore) | 10.30 | 8.40 | 6.62 |
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.
How will the complete absence of QIB participation impact Dudani Retail's stock liquidity and price stability on its October 5 listing?
Will the company's heavy reliance on a single customer (37% of revenue) pose a significant risk to post-IPO growth if that relationship changes?
Can the planned ₹3.00 crore debt repayment sufficiently improve the debt-equity ratio to attract institutional investors in future fundraising rounds?
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