Kiaasa Retail IPO (SME)
Kiaasa Retail IPO is a book build SME issue of Rs. 69.72 crore, comprising a fresh issue of 0.55 crore equity shares aggregating to Rs. 69.72 crore.
The IPO opens on February 23, 2026, and closes on February 25, 2026. The allotment is expected on February 26, 2026, and the listing is tentatively scheduled for March 2, 2026 on BSE SME.
The IPO is offered at a price band of Rs. 121 – Rs. 127 per share, and the lot size is 1,000 shares. The minimum investment for retail investors is Rs. 2,54,000 (2,000 shares), and for HNI investors, Rs. 3,81,000 (3,000 shares).
Lead Manager: Expert Global Consultants Pvt.Ltd.
Registrar: Purva Sharegistry (India) Pvt.Ltd.
🕗 Last Update: 18 February 2026, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | February 23, 2026 |
| IPO Close Date | February 25, 2026 |
| Allotment Date | February 26, 2026 |
| Refunds Initiation | February 27, 2026 |
| Credit to Demat | February 27, 2026 |
| Listing Date | March 2, 2026 |
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Price Band | Rs. 121 – Rs. 127 |
| Lot Size | 1,000 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 54,90,000 shares (Rs. 70.00 Cr) |
| Market Maker Portion | — |
| Net Offer to Public | 52,15,000 shares (Rs. 66.00 Cr) |
| Issue Type | Book Building Issue |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 1,27,39,005 shares |
| Shareholding Post-Issue | 1,82,29,005 shares |
| Market Cap (Pre-IPO) | To be declared |
Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of Net Issue |
| Retail Shares Offered | Not more than 35% of Net Issue |
| NII Shares Offered | Not more than 15% of Net Issue |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 2,000 | 2,54,000 |
| S-HNI (Min) | 3 | 3,000 | 3,81,000 |
| S-HNI (Max) | 7 | 7,000 | 8,89,000 |
| B-HNI (Min) | 8 | 8,000 | 10,16,000 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 71.84% |
| Promoter Holding Post-Issue | 50.22% |
Promoters: Mr. Om Prakash and Mr. Amit Chauhan.
About Kiaasa Retail Ltd.
Kiaasa Retail Limited, established in 2018, is an Indian fashion brand focused on women’s ethnic and fusion wear. Headquartered in Ghaziabad, the company operates more than 100 stores across over 80 cities in India and maintains an active online presence.
The brand offers a wide range of apparel including kurtas, suit sets, lehengas, bottoms, dupattas and accessories. Kiaasa operates through multiple retail formats including FOFO (Franchise Owned Franchise Operated), COCO (Company Owned Company Operated) and FICO (Franchise Invested Company Operated) models, enabling efficient network expansion and asset-light growth.
As of February 28, 2025, the company had 340 full-time employees and 113 brand outlets in 70 cities.
Competitive Strengths
• Strong leadership and fast expansion strategy
• Designs aligned with local culture and fashion trends
• Strict quality control processes
• Affordable pricing with wide product range
Company Financials (Rs. crore – Restated)
| Period Ended | 28 Feb 2025 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 141.47 | 95.42 | 54.26 | 30.18 |
| Total Income | 107.67 | 85.19 | 50.18 | 26.75 |
| Profit After Tax | 7.38 | 5.74 | 2.46 | 1.36 |
| Net Worth | 39.67 | 12.71 | 2.96 | 0.50 |
| Reserves & Surplus | 34.00 | 8.21 | 2.46 | 0.00 |
| Total Borrowings | 25.14 | 15.88 | 21.17 | 15.65 |
Objects of the Issue (Rs. in crore)
| S.No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Expenditure for opening new stores | 50.37 |
| 2 | General corporate purposes | Balance |
Key Performance Indicators
| KPI | Mar 31, 2024 |
|---|---|
| ROE | 73.29% |
| ROCE | 33.23% |
| Debt / Equity | 1.25 |
| RoNW | 45.19% |
| PAT Margin | 6.75% |
Company Contact
| Particulars | Details |
|---|---|
| Company Name | Kiaasa Retail Ltd. |
| Address | 1/37, SSGT Road Industrial Area, Ghaziabad, Uttar Pradesh, 201001 |
| Phone | +91-9319008599 |
| cs@kiaasaretail.com |
IPO Lead Manager
| Particulars | Details |
|---|---|
| Lead Manager | Expert Global Consultants Pvt.Ltd. |
IPO Registrar
| Particulars | Details |
|---|---|
| Registrar | Purva Sharegistry (India) Pvt.Ltd. |
| Phone | +91-022-23018261 / 23016761 |
| newissue@purvashare.com | |
| Website | Visit Website |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | Kiaasa Retail operates in the growing women’s ethnic wear segment with an expanding retail footprint and asset-light franchise-led model. IPO proceeds towards store expansion may support growth, while fashion cyclicality, inventory risks and SME liquidity remain key monitorables. |
| Chanakya View | NEUTRAL / HIGH RISK APPLY – suitable for investors comfortable with SME retail volatility and execution risks. |
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
