Kiaasa Retail IPO

About Kiaasa Retail IPO

The Kiaasa Retail IPO opens on Monday, Feb 23, 2026, and closes on Wednesday, Feb 25, 2026. The allotment of shares will take place on Thursday, Feb 26, 2026. The credit of shares to the demat account will take place on Friday, Feb 27, 2026. The initiation of refunds will take place on Friday, Feb 27, 2026. The listing of shares will take place on Monday, Mar 2, 2026.

The offer consists of a fresh issue component. The fresh issue will include 0.55 crore shares of ₹69.72 crores. The total number of shares and aggregate amount are 54,90,000 shares (aggregating up to ₹70 crores).

Kiaasa Retail IPO’s price band is set at ₹121 to ₹127 per share. The lot size for an application is 1,000. The minimum amount of investment required by a retail investor is ₹2,54,000 (2,000 shares) (based on upper price). The minimum lot size required for investment by HNIs is 3 lots (3,000 shares), amounting to ₹3,81,000.

About Kiaasa Retail

Kiaasa Retail began their journey in April 2018, with a vision to establish a brand that offers stylish and comfortable ethnic wear for women. The first store was launched in Kamla Nagar, Delhi, in June 2018, marking the beginning of its retail presence. Over the following few years, they expanded their footprint across India, focusing on building a strong customer base and enhancing their product offerings.

Objectives of Kiaasa Retail IPO

• Expenditure for opening new stores.
• General corporate purposes.

Industry Outlook

The textile and apparel market in India is one of the oldest industries in the country, with a rich heritage that spans centuries. Overall, the industry contributes around 2% to the country's GDP and accounts for 7% of industrial output in value terms. With a 4% share of the global textile and apparel trade, the sector is vital for India's export economy, making up 10.33% of the country's overall export basket during 2021-22. This sector is broadly divided into several segments including fibre and yarn, processed fabrics, garments, and technical textiles. The garment sector is divided into ready-made garments and customized tailoring.

The Indian textile and apparel market size was estimated to be approximately USD 16500 crores in 2023, with the domestic market accounting for USD 12500 crores and exports contributing USD 4000 crores. This growth is driven by increasing domestic demand, favourable government policies, and the rising preference for sustainable and ethically produced textiles, positioning India as a key player in the global textile industry.

About Kiaasa Retail

Kiaasa is an ethnic wear brand that offers a wide range of apparel, footwear, and accessories designed exclusively for women. The product portfolio includes salwar kameez, lehengas, jewellery, bags, and scarves. The brand caters to the evolving fashion needs of Indian women by providing high-quality and affordable products that reflect their individuality. They operate through a network of exclusive brand outlets and online presence, ensuring accessibility across multiple platforms.

In March 2021, the current promoters, namely Mr. Om Prakash and Mr. Amit Chauhan, took over the business from existing partners/ shareholders, contributing to rapid growth and operational improvements. By September 2021, Kiaasa achieved a significant milestone by opening its 50th store in Vadodara.

Strengths of Kiaasa Retail

• Strong Leadership and Fast Growth.
  
• Designs That Connect with Local Culture.
  
• Strict Quality Checks for Every Product
  
• Affordable Prices Without Compromising Quality.
  
• Stock That Matches the Season
  

Risks of Kiaasa Retail

• The company has not applied for some trade licenses and shop establishments required for its operating retail outlets.
  
• Their business from retail outlets is concentrated in the state of Uttar Pradesh only.
  
• Their reliance on third-party suppliers and vendors for procurement of finished products exposes them to supply chain risks.
  
• Highly dependent on the franchisee model for the expansion and operation of their retail network.
  
• They face intense competition from both domestic and international players.
  
• Inability to identify and respond to evolving fashion trends and consumer preferences in a timely and effective manner.
  

Notes: • P/E ratio has been calculated after considering the closing NSE price of the peer as on October 06, 2025, obtained from the website of Stock Exchange.

• All the financial information for listed industry peers mentioned above is on an audited consolidated basis and sourced from the audited consolidated financial statements of the relevant companies for the financial year ended on March 31, 2025, as available on the websites of the Stock Exchanges.

• All the financial information for Kiaasa Retail mentioned above is from the Restated Financial Statements for the year ended March 31, 2025.

• The Basic and Diluted EPS for Kiaasa Retail have been calculated after adjusting for changes in capital structure of the Company.

Anchor Investor Bidding Date: TBA

Registrar: Purva Sharegistry (India) Pvt. Ltd.
Book Running Lead Managers: Expert Global Consultants Pvt. Ltd.

Business Model

The company earns its revenue as an ethnic wear brand that offers a wide range of apparel, footwear, and accessories designed exclusively for women.

They operate their EBOs through three models:

• FOFO (Franchise Owned Franchise Operated)
  
• COCO (Company Owned Company Operated)
  
• FICO (Franchise Invested Company Operated)
  

Kiaasa Retail Growth Trajectory

Kiaasa Retail’s Total Income for FY25 was ₹120.704 crores, whereas in FY24 and FY23 it was ₹85.193 crores and ₹50.176 crores, respectively.

The Profit After Tax for FY25 was ₹8.380 crores, whereas in FY24 and FY23 it was ₹5.742 crores and ₹2.462 crores, respectively.

Their EBITDA for FY25 was ₹15.494 crores, whereas in FY24 and FY23 it was ₹10.005 crores and ₹4.946 crores, respectively .

Kiaasa Retail Market Position

To strengthen their presence in South India, they acquired 'U-Women' brand in December 2021. Further expansion followed with the acquisition of the brand 'LAABHA' in February 2022, enhancing the brand's presence within Delhi/NCR. By March 2022, they opened their 100th store at Crown Interior, Faridabad, marking another phase of growth.

In October 2022, Kiaasa transitioned to an omni-channel model, integrating their physical stores with digital platforms to provide a seamless shopping experience. They now operate 124 exclusive brand outlets across 70 cities, supported by an online presence.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹120.704 crores, ₹8.380 crores, and ₹15.494 crores, respectively.

How to apply for Kiaasa Retail IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.