Kiaasa Retail IPO Overview
Kiaasa Retail Limited is a rapidly expanding women’s ethnic and fusion wear fashion retailer operating a nationwide network of brick-and-mortar outlets supported by online sales channels. It focuses on apparel such as kurtas, salwar kameez, lehengas and allied fashion products tailored for Indian consumers, especially in Tier-2 and Tier-3 cities. Kiaasa uses a mix of FOFO (Franchise Owned Franchise Operated), COCO (Company Owned Company Operated) and FICO (Franchise Invested Company Operated) retail models to expand its presence.
The company has launched its SME IPO on the BSE SME Platform to raise approximately ₹69.72 crore as a 100% fresh issue, with plans to use the proceeds mainly for opening new stores and general corporate purposes.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME – Book Built Issue |
| Issue Size | ~₹69.72 crore (Fresh Issue) |
| Price Band | ₹121 – ₹127 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,000 shares |
| Min Retail Investment | ₹2,54,000 (2 lots at ₹127) |
| Bid/Offer Open Date | 23 February 2026 |
| Bid/Offer Close Date | 25 February 2026 |
| Allotment Date | 26 February 2026 (Expected) |
| Refund Initiation | 27 February 2026 (Expected) |
| Shares Credited to Demat | 27 February 2026 (Expected) |
| Listing Date | 2 March 2026 (Tentative) |
| Total Shares Offered | ~54,90,000 equity shares |
| Fresh Issue | 54,90,000 shares (100%) |
| OFS Portion | Nil |
| Listing | BSE SME |
Issue Break-up
| Category | Approx Allocation |
| Qualified Institutional Buyers (QIB) | 50% |
| Non-Institutional Investors (NII) | 15% |
| Retail Individual Investors (RII) | 35% |
Selling Shareholders (OFS)
✅ No Offer for Sale (OFS) — the entire issue is a fresh issue of equity shares, meaning no promoter is selling shares in this IPO and all proceeds are invested into the company’s growth and expansion initiatives.
Objects of the Issue (Fund Utilization)
Proceeds from the IPO will primarily be used for:
- Opening New Retail Outlets: A major portion (~₹46.44 cr) is earmarked to open additional exclusive brand outlets (EBOs) across India.
- General Corporate Purposes: Balance funds will support working capital, supply chain, marketing and other business objectives.
Strategic Context:
- Expansion aims to increase retail presence in key states and cities beyond existing footprint.
- Funds assist building inventory, retail infrastructure and brand visibility.
- Strengthens omnichannel retail strategy blending physical outlets with online sales.
Lead Managers & Registrar
- Book Running Lead Manager (BRLM): Expert Global Consultants Pvt. Ltd.
- Registrar to the Issue: Purva Sharegistry (India) Pvt. Ltd.
Sources:
Promoters & Management
Promoters and key management details (from filings and industry sources):
- Mr. Om Prakash – Managing Director
- Mr. Amit Chauhan – Director
These leaders have prior experience in fashion retail and business expansion. Under their leadership, Kiaasa Retail grew from its first store in 2018 to over 124 exclusive outlets across 70+ cities before the IPO.
COMPANY DETAILS
Incorporation & Business Model:
Kiaasa Retail was incorporated in 2018 and has rapidly expanded its presence in India’s ethnic wear segment. The company blends traditional design with contemporary trends, focusing on mid-market affordability and quality.
Presence & Operations:
- Operates 124+ exclusive brand outlets (EBOs) across 70+ cities.
- Business models include FOFO, COCO and FICO retail formats.
- Omni-channel distribution integrating physical stores with online platforms.
- Product offerings include kurtas, suits, fusion wear, accessories and seasonal fashion collections.
Recent Financials:
- FY25 Revenue: ~₹120 cr
- FY24 Revenue: ~₹85 cr
- Six Months ended Sep 2025: Revenue ~₹57.9 cr
- Profit after Tax FY25: ~₹8.3 cr
- Profit after Tax Sep 2025 (6M): ~₹6.63 cr
(Data from IPO filings and press releases)
Company Strengths
- Fashion Retail Growth: Strong positioning in a growing women’s ethnic wear market.
- Expanding Retail Footprint: Over 120 EBOs before IPO with plans to scale further.
- Diverse Retail Models: FOFO, COCO and FICO formats enable flexible, capital-efficient growth.
- Omni-Channel Strategy: Combines physical stores with e-commerce reach.
- Steady Financial Growth: Revenue and profit have grown significantly over recent years.
- Experienced Management: Promoter leadership with retail and entrepreneurial experience.
- Focused Expansion Strategy: Clear capital deployment to open new outlets and enter new cities.
Key Risks & Challenges
- Competitive Retail Market: Intense competition from established apparel retailers and omni-channel brands.
- SME IPO Liquidity: SME-listed shares can have limited liquidity and higher volatility.
- Retail Expansion Execution: Risk of slower store launches or higher costs than projected.
- Consumer Spending Sensitivity: Apparel demand can be impacted by discretionary spending trends.
- Working Capital Needs: Retail inventory and store operating costs create ongoing capital requirements.
Disclaimer
This document is for informational and educational purposes and does not constitute investment advice or a recommendation. Prospective investors should read the Red Herring Prospectus (RHP) and consult with certified financial advisors before making investment decisions. Past performance is not indicative of future results and all investments are subject to market risks.
