Kiaasa Retail IPO is an SME public issue by Kiaasa Retail Ltd. The IPO opens on February 23, 2026 and closes on February 25, 2026. The basis of allotment is expected on February 26, 2026. The issue will be listed on BSE SME on March 2, 2026.
The company plans to raise around ₹69.72 crores through a book build issue, comprising a fresh issue of ₹69.72 crores and an offer for sale of up to [.] equity shares with a face value of ₹10 each. The price band for the IPO is fixed at ₹121 to ₹127 per share.
Contents
Kiaasa Retail IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | February 23, 2026 |
| IPO Close Date | February 25, 2026 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹121 to ₹127 per share |
| Issue Size | Approx ₹69.72 crores |
| Fresh Issue | Approx ₹69.72 crores |
| Issue Type | Book build issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Kiaasa Retail IPO
Open: 23-25 Feb
Issue Size: ₹69.72 Cr.
Objective: To open about 61 new brand outlets and support growth costs.
Exchange: BSE
Kiaasa Retail IPO Review
Kiaasa Retail IPO is a small-sized SME issue offering exposure to a growing women’s fashion retail brand with improving revenues and profitability. The company has expanded its store network rapidly and follows a scalable franchise-led model, which supports faster penetration in new markets.
However, the business operates in a highly competitive and trend-sensitive apparel segment. While financial performance shows steady improvement, investors should be cautious about execution risks and working capital requirements. The IPO review remains neutral, and long-term investors with higher risk appetite may consider the issue selectively.
Kiaasa Retail IPO Price Band and Quota
| Category | Details |
|---|---|
| Price Band | ₹121 to ₹127 per share |
| Retail Quota | 35% |
| QIB Quota | 50% |
| HNI / NII Quota | 15% |
Kiaasa Retail IPO Market Lot
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,000 | ₹2,54,000 |
| Retail Maximum | 2 | 2,000 | ₹2,54,000 |
| S-HNI Minimum | 3 | 3,000 | ₹3,81,000 |
| S-HNI Maximum | 7 | 7,000 | ₹8,89,000 |
| B-HNI Minimum | 8 | 8,000 | ₹10,16,000 |
Kiaasa Retail IPO Reservation
| Investor Category | Shares Offered | Shares (%) |
|---|---|---|
| Anchor Investor | – | – |
| QIB (Excluding Anchor) | 52,000 shares | 0.95% |
| NII Shares Offered | 20,87,000 shares | 38.01% |
| Retail Shares Offered | 30,76,000 shares | 56.03% |
Kiaasa Retail IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | February 23, 2026 |
| IPO Close Date | February 25, 2026 |
| Basis of Allotment | February 26, 2026 |
| Refunds | February 27, 2026 |
| Credit to Demat Account | February 27, 2026 |
| IPO Listing Date | March 2, 2026 |
| IPO Bidding Cut-off Time | February 25, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Mr. Om Prakash and Mr. Amit Chauhan.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,27,39,005 | 71.84% |
| Promoter Holding Post Issue | 1,82,29,005 | 50.22% |
Objects of the Issue
The company proposes to utilise ₹50.37 crores towards expenditure for opening new stores across selected locations to strengthen its physical retail presence and improve brand reach. The remaining proceeds will be used for general corporate purposes to support operational requirements and business growth initiatives.
About Kiaasa Retail IPO
Kiaasa Retail, founded and incorporated in 2018, is a women’s fashion brand primarily focused on ethnic and fusion wear. The company operates more than 100 stores across over 80 cities in India. Its product portfolio includes kurtas, kurta sets, suit sets, lehenga sets, bottoms, dupattas and accessories. In addition, the company also offers footwear, jewellery, bags and scarves for women.
Kiaasa Retail is positioned as an affordable fashion brand offering quality products suited to Indian consumer preferences. The company operates through FOFO, COCO and FICO business models. As per the latest available information, it has a presence across around 70 cities with 113 brand outlets along with a strong online presence.
Kiaasa Retail IPO Company Financial Report
(₹ in crores)
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 50.18 | 46.72 | 2.46 | 54.26 |
| 2024 | 85.19 | 77.33 | 5.74 | 95.42 |
| 2025 | 120.70 | 109.40 | 8.38 | 144.30 |
| September 2025 | 58.01 | 49.12 | 6.64 | 181.81 |
Kiaasa Retail IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | 22.21% |
| ROCE | 21.72% |
| EBITDA Margin | 13.51% |
| PAT Margin | 7.41% |
| Debt to Equity Ratio | 0.71 |
| Earnings Per Share (Basic) | ₹6.58 |
| Price / Earnings Ratio | N/A |
| Return on Net Worth | 20.60% |
| Net Asset Value | ₹31.93 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Monte Carlo Fashions Limited | 39.15 | 17.11 | 9.73% | 40.23 | ₹1,100.41 Cr |
| Kewal Kiran Clothing Limited | 23.44 | 23.59 | 18.20% | 13.31 | ₹1,002.77 Cr |
| Purple United Sales Limited | 13.59 | 33.61 | 17.30% | 6.30 | ₹103.13 Cr |
IPO Lead Manager
| Name |
|---|
| Expert Global Consultants Pvt. Ltd. |
IPO Registrar
| Name |
|---|
| Purva Sharegistry (India) Pvt. Ltd. |
Company Address
| Particular | Details |
|---|---|
| Company Name | Kiaasa Retail Ltd. |
| Registered Office | 1/37, SSGT Road Industrial Area, Ghaziabad, Uttar Pradesh – 201001 |
| Phone | +91-9319008599 |
| cs@kiaasaretail.com | |
| Website | https://kiaasa.com/ |
Kiaasa Retail IPO FAQs
What is Kiaasa Retail IPO?
Kiaasa Retail IPO is an SME IPO in which the company plans to raise approximately ₹69.72 crores at a price band of ₹121 to ₹127 per share.
When will Kiasa Retail IPO open for subscription?
The IPO will open on February 23, 2026 and close on February 25, 2026.
What is the investors’ portion in Kiaasa Retail IPO?
The allocation is QIB 50%, NII 15% and Retail 35%.
How can investors apply for the Kiaasa Retail IPO?
Investors can apply through ASBA using their bank account, through UPI via their broker, or by submitting offline application forms.
What is the issue size of Kiaasa Retail IPO?
The total issue size is approximately ₹69.72 crores.
What is the Kiaasa Retail IPO price band?
The price band is ₹121 to ₹127 per equity share.
What is the lot size of Kiaasa Retail IPO?
The minimum bid is 2,000 shares with an application amount of ₹2,54,000.
What is the allotment date of Kiaasa Retail IPO?
The basis of allotment is expected on February 26, 2026.
What is the listing date of Kiaasa Retail IPO?
The IPO is scheduled to be listed on March 2, 2026 on BSE SME.
Expert Comment
Kiaasa Retail IPO offers investors participation in a fast-expanding women’s fashion retail brand with improving profitability and a scalable franchise-driven model.
While revenue growth and operating performance are encouraging, the competitive nature of the apparel industry and exposure to changing fashion trends warrant a cautious approach. Investors should evaluate valuation comfort, store expansion execution and inventory management capabilities before taking a long-term position.
