Brandman Retail IPO Day 2: Subscription Surges, GMP Still Strong

On Thursday, 5 February 2026, the Brandman Retail Ltd SME IPO saw significant improvement in subscription activity on its second day of bidding, alongside continued strong activity in the grey market.

📈 Day 2 Subscription Highlights

• Overall IPO subscription rose to about 1.26 times on Day 2.
• Retail investors accounted for ~1.66 times of demand.
• Non-institutional investors (NIIs) were strong at ~2.01 times subscription.
• Qualified Institutional Buyers (QIBs) had not yet bid as of Day 2.

💹 Grey Market Premium (GMP) Movement

• On 5 February 2026, the IPO’s GMP was ~₹22, implying an estimated listing price of ~₹198 per share — about ~12.5% higher than the issue’s upper price band.
• This follows earlier grey market levels where GMP reached as high as ₹24 before softening slightly.

📅 IPO Key Dates & Issue Summary

• IPO Opened: 4 February 2026
• IPO Closes: 6 February 2026
• Basis of Allotment: 9 February 2026
• Refunds Initiated: 10 February 2026
• Shares Credited to Demat: 10 February 2026
• Expected Listing: 11 February 2026 on the NSE SME platform.
• Price Band: ₹167 to ₹176 per share.
• Face Value: ₹10 per share.
• Issue Size: ~₹86.09 crore (fresh equity).
• Minimum Retail Lot: 1,600 shares (≈ ₹2.8 lakh at upper band).

📊 What This Means for Investors
The Day 2 subscription figures reflect growing appetite among retail and NII bidders, while the ongoing grey market premium above the issue band suggests market anticipation of a positive listing outcome. However, grey market premiums are unofficial estimates and may not guarantee actual listing prices.

Brandman Retail’s IPO continues to attract attention as the subscription window approaches its final day on 6 February 2026.