Kiaasa Retail Ltd.

KIAASASME

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Overview

Kiaasa Retail Limited, initially incorporated in 2018 as Kiaasa Retail LLP, is an ethnic wear brand catering exclusively to women. The company offers a diverse product portfolio including salwar kameez, lehengas, kurtis, and accessories like jewellery and bags. Operating through a network of 122 exclusive brand outlets across 70 cities and an online presence, Kiaasa utilizes a multi-channel approach. The business was taken over by its current promoters in March 2021, leading to rapid expansion, including the acquisition of brands 'U-Women' and 'LAABHA' to strengthen its market presence.

Opening Date

Feb 23, 2026

Closing Date

Feb 25, 2026

Listing Date

Mar 02, 2026

IPO Type

SME

IPO Status

Closed

Issue Size

69.72 Cr

Fresh Issue

69.72 Cr

Offer for Sale

0 Cr

Price Band

₹121 - ₹127

Lot Size

1000

IPO Timeline

Feb 23, 2026

Open Date

Feb 25, 2026

Close Date

Feb 26, 2026

Allotment Date

Feb 27, 2026

Initiation of Refunds

Mar 02, 2026

Listing Date

Financials

Revenue

Profit After Tax (PAT)

IPO Objective

Our Company proposes to utilize the funds which are being raised through this Issue towards the below mentioned objects:

•
Funding capital expenditure for the opening of 61 new Exclusive Brand Outlets (EBOs) across India, with 41 stores planned for Fiscal 2026 and 20 stores for Fiscal 2027 to expand retail reach.
•
Utilizing an estimated ₹4,644.63 lakhs for the establishment of new stores, covering costs such as fit-outs, security deposits, and initial inventory procurement.
•
Allocation of funds for general corporate purposes, which may include meeting operating expenses, working capital requirements, repayment of borrowings, and strengthening business development and marketing capabilities, not exceeding 15% of the Gross Proceeds.

Key Performance Indicator

P/E Ratio

19.31

EPS

6.58

ROE

20.2%

ROCE

12.02%

RONW

14.03%

Debt to Equity Ratio

—

PAT Margin

11.46%

EBITDA Margin

21.17%

P/B

3.42

SWOT Analysis

Strengths

•
Experienced promoters and strong leadership team enabling rapid business growth and expansion.
•
Product designs are tailored to connect with regional styles and local cultural preferences across India.
•
A two-step quality control process ensures high standards for all products, building customer trust.
•
Affordable pricing strategy without compromising on product quality, which attracts a wide customer base and fosters loyalty.

Weaknesses

•
Several lease agreements for operational premises are not registered, which could pose legal and operational risks.
•
High dependency on a limited number of third-party suppliers for finished goods, exposing the company to supply chain vulnerabilities.
•
History of delays in statutory filings such as EPF, ESI, and GST, which could attract regulatory scrutiny and penalties.
•
Experienced negative cash flows from operating activities in recent fiscal years, indicating potential working capital challenges.

Opportunities

•
The Indian women's apparel market is projected to grow significantly, offering substantial room for expansion.
•
Strategic focus on expanding into underserved tier-2 and tier-3 cities where demand for affordable fashion is high.
•
Leveraging and expanding the omni-channel retail model to integrate physical and digital platforms for a seamless customer experience.
•
Potential to capture market share from international competitors like Bangladesh, as global brands seek to diversify their supply chains.

Threats

•
Intense competition from a fragmented market of domestic and international players in the ethnic wear segment.
•
The business is susceptible to rapidly changing fashion trends and consumer preferences, which can lead to inventory obsolescence.
•
Sluggish domestic market conditions and shifts in consumer spending priorities could negatively impact sales.
•
Rising freight and transportation costs due to geopolitical disruptions can increase operational expenses and affect pricing.

Subscription Rate

Category	Shares Bid For	Shares Offered	Times Subscribed
Qualified Institutional Buyers	52.00 K	52.00 K	1.00x
Non-Institutional Investors	12.68 L	20.87 L	0.61x
Retail Individual Investors	18.02 L	30.76 L	0.59x
Total	31.22 L	52.15 L	0.60x

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Frequently Asked Questions about Kiaasa Retail Ltd.

The Kiaasa Retail Ltd. IPO is scheduled to open for subscription on Feb 23, 2026 and close on Feb 25, 2026. Investors can apply for shares during this period through eligible platforms.

The price band for the Kiaasa Retail Ltd. IPO is ₹121 to ₹127. Investors can place bids within this range once the issue opens.

The minimum lot size for the Kiaasa Retail Ltd. IPO is 1000 shares. The minimum investment amount ₹1,27,000.

The total issue size of the Kiaasa Retail Ltd. IPO is approximately ₹69.72. Issue size represents the total value of shares offered to the public.

As per the latest available information, the Kiaasa Retail Ltd. IPO has been subscribed 0.6 times. Subscription levels can change significantly during the offer period.

The Grey Market Premium (GMP) for the Kiaasa Retail Ltd. IPO is not available as of now. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.

The shares of Kiaasa Retail Ltd. are expected to list on stock exchanges on Mar 02, 2026, subject to completion of the allotment process and regulatory approvals.

The net proceeds from the Kiaasa Retail Ltd. IPO are proposed to be used for Our Company proposes to utilize the funds which are being raised through this Issue towards the below mentioned objects:, Funding capital expenditure for the opening of 61 new Exclusive Brand Outlets (EBOs) across India, with 41 stores planned for Fiscal 2026 and 20 stores for Fiscal 2027 to expand retail reach., Utilizing an estimated ₹4,644.63 lakhs for the establishment of new stores, covering costs such as fit-outs, security deposits, and initial inventory procurement., Allocation of funds for general corporate purposes, which may include meeting operating expenses, working capital requirements, repayment of borrowings, and strengthening business development and marketing capabilities, not exceeding 15% of the Gross Proceeds.

Before applying for the Kiaasa Retail Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.