Dudani Retail came to market through an SME IPO that opened on 25 September 2026 and closed on 29 September 2026, and the shares listed on 5 October 2026 on the BSE. The price band was ₹29 per share and one lot was 4000 shares, so the minimum application was ₹1,16,000. The issue size was ₹10.54 crore. The whole issue was fresh shares, so the money raised went to the company.
It listed at ₹25, a loss of 13.8% against the issue price of ₹29. Maashitla Securities Pvt.Ltd was the registrar to the issue, and Finshore Management Services Ltd was the lead manager.
The issue was subscribed 1.47 times overall.
Incorporated in December 2015, Dudani Retail Limited is an apparel and lifestyle firm that specializes in designing, manufacturing, sourcing and supplying apparel and related items by using its own brand, through licensed manufacturing from Fashion & Lifestyle marketplaces and through a supply agreement with a Quick Commerce Platform.
The own-brand business activities of the Company mainly center around women's ethnic and fusion wear under the brand name “Divena” including suit sets, kurtas, dresses, tops, tunics, kaftans, co-ord sets, sarees and bottom wear. This range of products is designed and manufactured using a blend of in-house production and outsourcing value-added services. The Company also engages in men’s wear under “Millennial Men” wherein finished products are sourced from outside vendors and marketed through online platforms.
Selectively, the Company deals in personal care and lifestyle products under the brand “Cosse” depending upon sourcing options and trends. There is a flow process adopted by the Company in designing, sourcing fabrics/materials, sampling, manufacturing, outsourced processing, finishing and shipping the products. The product lines of the Company are available through various e-commerce platforms such as Myntra, Amazon, Flipkart, Ajio, Nykaa Fashion, Tata Cliq and Snapdeal, apart from its own brand portals.
As on August 31, 2026, the Company had 33 permanent employees, including directors, supported by 35 temporary personnel primarily engaged in stitching and pressing activities.
As described in the offer document.
Akshay Dudani, Charu Dudani. Promoter holding 100% before the issue and 64.99% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
₹29 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 4000 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,16,000. After listing, SME shares also trade in lots rather than one share at a time.
₹1,16,000, for one lot of 4000 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 25 September 2026 and closed on 29 September 2026.
The basis of allotment was published on 30 September 2026 by Maashitla Securities Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 5 October 2026 on the BSE, opening at ₹25.
The issue size was ₹10.54 crore. The fresh issue was 36,36,000 shares (aggregating up to ₹10.54 crore).
It listed at ₹25 against an issue price of ₹29, a loss of 13.8 percent on listing day.