Brandman Retail IPO booked 114x; here's what GMP hints for D-St debut

The unlisted shares of Brandman Retail were trading at ₹191 each, reflecting a GMP of ₹15, or 8.5 per cent above the upper end of the ₹167-₹176 price band

Brandman Retail IPO listing: Brandman Retail, an international sports and lifestyle brands retailer, will make its debut on Dalal Street on Wednesday, February 11, 2026, and the grey markets indicating a solid start. 

 

The SME initial public offering (IPO), worth ₹86.09 crore, comprised a fresh issue of 4.9 million equty shares. 

 

The IPO witnessed an overwhelming response from investors, getting oversubscribed by 114.5 times overall. Investors placed bids for 372.5 million equity shares against 3.25 million shares on offer. The non-institutional investors (NIIs), whose quota was booked 203 times, emerged as higher bidders. The qualified institutional buyers (QIBs) and retail investors also showed solid interest, subscribing to their portions by 85.24 times and 93.12 times, respectively, according to NSE data.

 

 

The IPO allotment was completed on Monday, February 9, 2026, and investors are now looking forward to the stock’s listing.

 

Ahead of its listing, the unlisted shares of Brandman Retail were trading at ₹191 each, reflecting a grey market premium (GMP) of ₹15, or 8.5 per cent above the upper end of the ₹167–₹176 price band, according to sources monitoring unofficial markets.

 

If grey market trends continue, Brandman Retail shares could debut around ₹191, indicating a strong listing for investors. However, analysts caution that the grey market is unregulated, and the GMP may not accurately reflect the stock’s listing price.

Brandman Retail IPO details

The IPO comprised a fresh issue of 4.9 million shares aggregating to ₹86.09 crore. The issue was available at a price band of ₹167 to ₹176 per share, with a lot size of 800 shares. The public issue was open for subscription from February 4 to February 6, 2026.

 

Bigshare Services is the registrar for the issue. Gretex Corporate Services is the sole book-running lead manager.

 

According to the red herring prospectus (RHP), the company intends to utilise ₹27.90 crore of the net proceeds to expand its New Retail Network by launching 15 Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs). An additional ₹11.78 crore will be allocated to meet working capital requirements for the new EBOs and MBOs, while ₹26.72 crore is earmarked for working capital needs of the existing outlets. The balance of the funds will be deployed for general corporate purposes.