Kiaasa Retail IPO Analysis – Growth, Strengths, Risks & GMP Updates
Latest Grey Market Premium & IPO Details
Kiaasa Retail IPO 2026 – Key Info & Highlights
Kiaasa Retail is launching a ₹66.23 crore SME IPO from February 23 to February 25, 2026. The issue is entirely a fresh issue of shares, offered at a price band of ₹121–₹127 per share with a face value of ₹10.
Retail investors must apply for a minimum of 2 lots (1,000 shares per lot), which translates to an investment of ₹2.54 lakh at the upper price level. The company is expected to list on the BSE SME platform on March 2, 2026.
📌 IPO Details
| Company Name | Kiaasa Retail IPO |
|---|---|
| Sector / Industry | Diversified Retail |
| IPO Open Date | 23-02-2026 |
| IPO Close Date | 25-02-2026 |
| Allotment Date | 26-02-2026 |
| Refund Date | 27-02-2026 |
| Share Credit Date | 27-02-2026 |
| Listing Date | 02-03-2026 |
| Price Band | ₹121 - ₹127 |
| Lot Size | 1000 Shares |
| Min Investment | ₹2,54,000 ( 2 lots Price ) |
| Total Issue Size | ₹69.72 Cr |
| Reserved for Market Maker | ₹3.49 Cr |
| Net Issue Size | ₹66.23 Cr |
| Fresh Issue | ₹66.23 Cr |
| IPO Listing At | BSE SME |
| DRHP | View DRHP |
| Issue Type | Book Build Issue |
| Face Value | ₹10 Per Equity Share |
| Promoter Holding Pre IPO | 71.84 % |
| Promoter Holding Post IPO | 50.22% |
| Min Small HNI Lots | ₹3,81,000 ( 3 lots Price ) |
| Min Big HNI Lots | ₹10,16,000 ( 8 lots Price ) |
* All Dates are provisional
Quota Allocation
| Category | Allocation (%) |
|---|---|
| Retail Investors | 35% |
| QIB (Qualified Institutional Buyers) | 50% |
| HNI (High Net Worth Individuals) | 15% |
📈 Grey Market Premium (GMP) Day-wise Trend
| GMP Date | GMP Price | Trend | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|
| 02-03-2026 | ₹0.00 | - | ₹0.00 | ₹0.00 | 02-03-2026 09:48 |
| 01-03-2026 | ₹0.00 | - | ₹0.00 | ₹0.00 | 01-03-2026 23:20 |
| 28-02-2026 | ₹0.00 | - | ₹0.00 | ₹0.00 | 28-02-2026 23:20 |
📝 About Kiaasa Retail
Established in 2018 and headquartered in Ghaziabad, India, Kiaasa Retail Limited is a growing women’s ethnic and fusion wear fashion brand catering to modern Indian consumers. The company focuses on offering stylish, affordable, and high-quality apparel that blends traditional aesthetics with contemporary design.
Kiaasa provides a wide and diversified product portfolio that includes kurtas, kurta sets, suit sets, lehenga sets, bottoms, dupattas, salwar kameez, footwear, jewellery, handbags, scarves, and other fashion accessories. The brand is positioned to meet the evolving fashion preferences of Indian women by delivering products that reflect individuality, comfort, and cultural relevance.
The company operates through an extensive retail network across India. As of February 28, 2025, Kiaasa had 113 Exclusive Brand Outlets spread across more than 70 cities, along with an online presence to enhance customer accessibility and reach. Its retail expansion strategy is supported by a flexible operating structure comprising FOFO (Franchise Owned Franchise Operated), COCO (Company Owned Company Operated), and FICO (Franchise Invested Company Operated) models, enabling efficient capital deployment and scalable growth.
With a workforce of 340 full-time employees as of February 28, 2025, the company continues to focus on expanding its retail footprint, strengthening brand recognition, and improving operational efficiency within India’s competitive women’s apparel segment.
Kiaasa Retail Revised Financials
Financial Performance (Last 4 Years)
| Particulars (₹ Cr) | 28 Feb 2025 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Total 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 |
Note: All figures are in ₹ Crore as per DRHP. Positive values indicate profit.
Kiaasa Retail Limited – Objects of the Issue
- 1. Expenditure for Opening New Stores – ₹ 50.37 Crore
A significant portion of the IPO proceeds will be utilized for establishing new Exclusive Brand Outlets (EBOs) across various cities. The funds will cover store setup costs including interiors, fixtures, lease deposits, initial inventory, and other related pre-operative expenses to strengthen the company’s retail footprint. - 2. General Corporate Purposes
The remaining amount will be allocated towards general corporate requirements such as brand development, marketing initiatives, technology enhancement, administrative expenses, and overall business support to drive sustainable growth.
Note: Utilization of funds is based on disclosures made in the DRHP.
Kiaasa Retail Limited – Competitive Strengths
- Strong Leadership and Scalable Growth Strategy – The company is led by an experienced management team with a clear expansion roadmap focused on increasing its retail footprint across India.
- Designs Aligned with Indian Consumer Preferences – Kiaasa offers contemporary ethnic and fusion wear that blends modern styling with traditional aesthetics, catering to diverse regional tastes.
- Quality Control and Standardized Store Operations – The company maintains product consistency through structured sourcing and standardized retail processes across outlets.
- Value-for-Money Pricing Strategy – A balanced pricing approach enables the brand to offer fashionable apparel at competitive prices without compromising on product quality.
Kiaasa Retail Limited – Risk Factors
- Limited Operating History – The company was incorporated in 2018 and has a relatively short track record of operations, which may make it difficult to evaluate long-term sustainability.
- Geographical Concentration Risk – A significant number of stores are located in specific regions. Any adverse developments in these areas could impact revenue.
- Dependence on Franchise and Store Expansion Model – The company’s growth strategy relies on expanding its retail footprint. Delays in store rollout or underperformance of franchise outlets may affect financial performance.
- Working Capital Requirements – The business requires substantial working capital for inventory and store operations. Any shortfall in funding may impact operations.
- Competition in the Apparel Industry – The company operates in a highly competitive fashion retail market with established national and regional players.
Kiaasa Retail Limited
Women’s Ethnic & Fusion Wear Retail Company (IPO 2026 – BSE SME)
| Founded in: | 2018 |
|---|---|
| Registered Office: | 1/37, SSGT Road Industrial Area Ghaziabad, Uttar Pradesh – 201001 |
| Website: | www.kiaasa.com |
| Industry: | Retail – Women’s Ethnic & Fusion Wear |
| Services: | Design, retail and distribution of women’s apparel including kurtis, suits, lehengas, dresses, bottoms and fashion accessories through exclusive brand outlets and omnichannel platforms. |
| IPO Listing: | BSE SME Platform |
IPO Quick Info
23 Feb 2026
25 Feb 2026
Upcoming
Lead Manager(s)
- Expert Global Consultants Pvt. Ltd.
Frequently Asked Questions
Kiaasa Retail Limited is an Indian fashion brand specializing in women’s ethnic and fusion wear. The company offers products such as kurtas, suit sets, lehengas, bottoms, footwear, jewellery, handbags, scarves, and other fashion accessories.