The Indian retail market for sports and lifestyle goods is growing rapidly with a compound annual growth rate (CAGR) of 15–20%. It is expected to reach $10–12 billion by 2030, thanks to rising disposable incomes, fitness trends, the rise of high-end clothing and shoes, the growth of Tier-2 and Tier-3 cities, and the growth of e-commerce (30%+ share). Asset-light distributors with a strong presence in North India benefit from government PLI programmes, the fact that 65% of people are under 35, the urban sneaker culture, omni-channel models, and global brand partnerships.
Brandman Retail Limited is a company based in Delhi that started in 2021. It sells international sports and lifestyle brands through distribution, licensing, retail, and e-commerce. It has 11 Exclusive Brand Outlets (EBOs), mostly for New Balance (not an exclusive agreement), and two MBOs ("Sneakrz") in northern cities like Ahmedabad, Ambala, Dehradun, New Delhi, Jalandhar, Bathinda, Gurugram, Lucknow, and Noida. Flipkart, Ajio, and Tata Cliq are some of the online stores that sell the products. They have experienced promoters, an omnichannel network, an asset-light scalable model, brand synergy, and strong customer loyalty.
Before the NSE SME IPO, Brandman Retail Limited showed strong growth. Its FY25 revenue rose significantly from FY23 bases, with PAT at ₹20.95 Cr. ₹86.09 Cr (48.91 lakh shares at ₹10 FV) in the ₹167-176 price band (lot size 800 shares ≈ ₹1.34-1.41 lakh). Opens February 4-6, 2026; allotment February 9; NSE SME listing February 11.
Brandman Retail IPO Details:
Brandman Retail Issue Management:
Gretex Corporate Services Ltd acts as the book-running lead manager for the Brandman Retail SME IPO, managing underwriting and compliance.
Brandman Retail IPO RTA (Registrar) Details:
Bigshare Services Pvt Ltd handles allotment, refunds, and demat credits—contact at +91-22-6263 8200 or ipo@bigshareoline.com.
Brandman Retail IPO Allotment Status:
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Brandman Retail IPO GMP Update: Check latest grey market premium here
Brandman Retail Limited is a company that started in 2021 in Delhi. It sells international sports and lifestyle brands through licensing, distribution, retail, and e-commerce. It has 11 Exclusive Brand Outlets (EBOs) for New Balance (not an exclusive agreement) and two MBOs ("Sneakrz") in northern cities like Ahmedabad, Ambala, Dehradun, New Delhi, Jalandhar, Bathinda, Gurugram, Lucknow, and Noida. Flipkart, Ajio, and Tata Cliq sell products online. These companies have an omni-channel network, an asset-light scalable model, strategic locations, brand synergy, and strong customer loyalty.
Brandman Retail Limited sells high-end sports and lifestyle goods through an asset-light, scalable model that includes physical stores in North India and online shopping sites.
Before the NSE SME IPO, Brandman Retail Limited showed strong growth. Its FY25 revenue rose significantly from FY23 bases, with PAT at ₹20.95 Cr. ₹86.09 Cr (48.91 lakh shares at ₹10 FV) in the ₹167-176 price band (lot size 800 shares ≈ ₹1.34-1.41 lakh). Opens February 4-6, 2026; allotment February 9; NSE SME listing February 11.
Brandman Retail Limited IPO is a fresh issue of ₹86.09 Cr (48.91 lakh shares @ ₹10 FV)—100% fresh (no OFS)—to fund capex for outlets, working capital, and general purposes.
Brandman Retail IPO proceeds will be deployed towards the following objectives:
Brandman Retail Ltd NSE SME IPO reserves 48.91 lakh shares per SEBI SME norms
The Anchor bidding opens February 3, 2026 (~28.42% of the QIB portion).
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms. as per SEBI SME guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Maashtila Services Pvt Ltd.
RHP reports say that Brandman Retail Limited's financial numbers for FY25 have been favourable. Revenue went up 10% from the previous year to ₹136.30 Cr, PAT went up 153% to ₹20.95 Cr (15.4% margin), ROE was 70.4%, ROCE was 65.2%, and the EBITDA margin was 22.8%. This performance is due to the growth of e-commerce through Flipkart, Ajio, and Tata Cliq, the rise in demand for premium trainers; and the synergy of the New Balance brand in Tier-2 and Tier-3 markets in North India.
The important risks and strengths of Brandman Retail IPO are mentioned below:
Strengths:
Experienced Promoters and Management: Arun Malhotra (Chairman and MD) leads a team of professionals with experience in retail, brand management, distribution, merchandising, sales, supply chain, and e-commerce.
Omni-Channel Presence: Includes 11 EBOs (focused on New Balance), 2 Sneakrz MBOs across North India (from Ahmedabad to Noida), and e-commerce through Flipkart/Ajio/Tata Cliq (41% of sales), which gives it a wide reach and flexibility.
Asset-Light Scalable Model: Rapid growth—revenue ₹136.30 Cr in FY25 (+10% YoY), PAT ₹20.95 Cr (+153%), EBITDA margin 22.8%, ROE 70.4%, and the goal is to reach ₹400 Cr in sales in two years with 15 new stores.
Risks
Brand Concentration: A significant amount of money comes from New Balance, which means the company is at risk of losing all of its business if the deal ends or competition gets tougher.
Regulatory Headwinds: Delays in BIS/ISI footwear certification affected orders, but the ₹22 Cr order book shows that the business is still strong; compliance costs are still high in the premium segment.
Execution Risk: Aggressive 15-store expansion (₹23.40 Cr capex) in competitive Tier-2/3 markets while borrowing more money (₹15.68 Cr Dec'25) tests scalability
The RHP filings show that Brandman Retail Limited had a strong year in FY25, with revenue of ₹136.30 Cr (+10% YoY), PAT of ₹20.95 Cr (+153%), RoNW of 70.4%, and P/E of 10.2x after the issue. This means that it grew faster than competitors like Liberty Shoes and Lehar Footwears. The omnichannel model (11 EBOs, 2 MBOs, and e-commerce through Flipkart, Ajio, and Tata Cliq) is still strong, with 41% of sales coming from online sales and New Balance synergy driving growth in North India.
Located in India's sports and lifestyle retail market, which is growing at a rate of 15–20% per year and is expected to reach $10–12 billion by 2030. Fitness trends, a young population (65% under 35), the growth of Tier-2 and Tier-3 boutiques, the rise of e-commerce (30%+ share), and PLI programs for clothes and shoes are all driving this growth. But focusing on New Balance and the risks of opening 15 new stores makes things harder, even though the business can grow without a lot of assets.
The ₹86.09 Cr NSE SME IPO at ₹176 upper band trades at 0.63x sales/4.1x EPS (post-issue). This offers value given strong PAT visibility, despite moderate D/E of ~0.8. Superior RoNW and revenue acceleration justify listing gains over margin pressures.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is only for informative purposes and not investment advice.
Action Links:
To apply for Brandman Retail IPO, open a demat account here
Brandman Retail IPO Subscription Status: Check live subscription here
Brandman Retail IPO GMP Update: Check latest grey market premium here
1. What are Brandman Retail IPO issue dates in 2026?
The Brandman Retail Limited NSE SME IPO opens February 4, closes February 6 (anchor bids February 3), allotment February 9, and lists February 11.
Track Brandman Retail IPO subscription status live here from Finnpick.
2. What is the Brandman Retail IPO price band and lot size?
The IPO price band is ₹167-176 per share (FV ₹10), lot size 800 shares (retail min ₹1.41 lakh @ upper end); HNI min ₹4.23 lakh (3 lots).
3. What is Brandman Retail IPO total size?
The Brandman Retail IPO size is 48.91 lakh shares aggregating ₹86.09 Cr (entirely a fresh issue, no OFS).
4. How to apply for the Brandman Retail IPO?
Open a demat here (Zerodha/Upstox/Angel One) or ASBA by Feb 06, 4 PM. Monitor the Brandman Retail IPO subscription tracker here.
5. How to check Brandman Retail IPO allotment status?
The allotment date is February 9th and can be checked on the Bigshare Services Pvt Ltd RTA portal using your PAN or DP ID.
6. What is Brandman Retail IPO GMP today and subscription status?
The current Grey Market Premium (GMP) stands at ₹0 (flat) as of Jan 30, indicating listing at the price range of ₹176—check daily updates of Brandman Retail IPO GMP trends here and live subscription status here from the Feb 04th opening only on Finnpick.
7. What does Brandman Retail specialise in?
The Brandman Retail, headquartered in Delhi (est. In 2021, the company distributed New Balance and lifestyle brands through 11 EBOs, 2 Sneakrz MBOs in North India, and e-commerce platforms such as Flipkart, Ajio, and Tata Cliq, which accounted for 41% of revenue.
8. When is the Brandman Retail IPO listing date?
The Brandman Retail Ltd IPO lists on 11th February, 2026, on NSE SME (~T+2 post-allotment Feb 09).
9. What are the IPO proceeds utilisation details?
The Brandman Retail IPO proceeds fund ₹86.09 Cr: ~₹28 Cr capex for 15 new EBOs/MBOs, ~₹11.78 Cr+ working capital for omni-channel growth, balance for general purposes.
