Brandman Retail IPO subscribed over 9x on Day 3 led by NIIs, retail investors. Check GMP, subscription status, more

The Brandman Retail IPO started on Wednesday, February 4, and is set to end on Friday, February 6. Brandman Retail IPO price band has been established at ₹167 to ₹176 per equity share, each having a face value of ₹10. Investors are allowed to place bids for a minimum of 800 equity shares, with additional shares to be bid in multiples of 800.

Established in 2021, Brandman Retail Limited focuses on the distribution of internationally recognized sports and lifestyle brands.

The company operates through four key areas: distribution, licensing, retail, and e-commerce, with a strong emphasis on innovation, customer satisfaction, and sustainability.

It operates Exclusive Brand Outlets (EBOs) throughout northern India, with locations that include Ahmedabad, Ambala, Dehradun, New Delhi, Jalandhar, Bathinda, Gurugram, Lucknow, and Noida. Each outlet complies with the standards set by the License Grantee and primarily showcases the New Balance brand under a non-exclusive distribution agreement.

The company manages two Multi-Brand Outlets (MBOs) called "Sneakrz," located in Bhatinda and New Delhi, in addition to operating 11 Exclusive Brand Outlets (EBOs).

Brandman Retail has non-exclusive distribution contracts, enabling them to offer a diverse and high-quality range of products to their customers.

They also maintain an online presence through platforms like Flipkart, Ajio, and Tata Cliq, where they handle monthly order processing.

In terms of finances, the company has demonstrated a notable improvement in its profitability. For the nine-month period ending in December 2025, Brandman Retail achieved a profit after tax of ₹19.67 crore from an overall income of ₹97.21 crore.

For the fiscal year 2025, it reported a net profit of ₹20.95 crore, an increase from ₹8.27 crore in FY24. Margins have stayed strong, with a PAT margin surpassing 20% as of December 2025.

Brandman Retail IPO subscription status

Brandman Retail IPO subscription status is 9.78x on day 3 so far, as per chittorgarh.com. The retail portion was subscribed 10.71x, and NII portion was booked 20.62x. The qualified institutional buyers portion has been booked 1%.

The company has received bids for 3,18,44,000 shares against 32,54,400 shares on offer on the first bidding day, at 10:39 IST, according to data on chittorgarh.com.

Brandman Retail IPO subscription status was 74% on day 1, and the issue was booked 4.91 times on the second bidding day.

Brandman Retail IPO details

The company holds a pre-IPO market capitalization of around ₹324.85 crore at the highest end of the range. The offering consists of 48.91 lakh equity shares, with roughly ₹82 crore set aside for public investors following the allocation of shares to market makers. The allocation strategy follows a book-building approach, with up to 50% reserved for qualified institutional buyers, at least 35% for retail investors, and a minimum of 15% for non-institutional investors.

The capital generated from the IPO will primarily be utilized to bolster the company’s retail footprint. Brandman Retail plans to open 15 new exclusive brand outlets and multi-brand stores, support working capital needs for both new and existing locations, and address general corporate expenses.

Brandman Retail IPO GMP today

Brandman Retail IPO GMP today or grey market premium is ₹28. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Brandman Retail share price was indicated at ₹204 apiece, which is 15.91% higher than the IPO price of ₹176.

Based on the grey market activities from the past seven sessions, the IPO's GMP has risen today, indicating a solid listing is anticipated. The minimum GMP recorded is ₹0.00, whereas the maximum reaches ₹28, as per analysts.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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