Kiaasa Retail IPO – Key details

• Company: Kiaasa Retail Limited – D2C women’s ethnic & fusion wear brand (kurtas, suits, lehengas, bottoms, dupattas, accessories).

• IPO type: BSE SME book‑built IPO.
• Issue size: ₹69.72 crore, 100% fresh issue of 54.9 lakh equity shares (FV ₹10).
• Price band: ₹121–₹127 per share.
• IPO dates:
  • Open: 23 February 2026.
  • Close: 25 February 2026.
  • Allotment: 26 February 2026.
  • Refunds/Credit: 27 February 2026.
  • Listing: 2 March 2026 on BSE SME.

• Lot size & minimum investment:

  • Lot size: 1,000 shares; however, retail has to apply for minimum 2 lots (2,000 shares).

  • Minimum retail investment: 2,000 shares × ₹127 = ₹2,54,000 (at upper band).
  • Retail: 2 lots (2,000 shares; ₹2.54 lakh).
  • S‑HNI: 3–7 lots (3,000–7,000 shares; ₹3.81–8.89 lakh).
  • B‑HNI: ≥8 lots (≥8,000 shares; ≥₹10.16 lakh).

• Reservations (approx): Retail 56.03%, NII/QIB balance (as per SME norms).

• Use of proceeds:
  • Around ₹46.45 crore for opening new exclusive brand outlets (EBOs).
  • Balance for general corporate purposes including working capital and brand spends.

Kiaasa Retail – business snapshot

• Founded in 2018, headquartered in Ghaziabad (NCR).
• Focused on women’s ethnic and fusion wear, offering kurtas, suit sets, lehengas, bottoms, dupattas, accessories and selected footwear.
• Retail footprint:
  • Over 113–120+ exclusive brand outlets (EBOs) across ~70 cities in ~20 states.
  • Strong presence in Tier‑2 and Tier‑3 cities via franchise, company‑owned and hybrid models.
• Omni‑channel model:
  • Sales through own EBO network and online platforms like Myntra and Amazon.
• Expansion plan:
  • Open 41 new EBOs in the current financial year and 20 more in FY27, targeting markets such as Bihar, Haryana, MP, Maharashtra, Punjab, Rajasthan, UP and NCR.

IPO Subscription Status

The Kiaasa Retail IPO is subscribed 0.11 times on February 23, 2026 6:54:45 PM (Day 1). The public issue subscribed 0.16 times in the individual investors category, 1.00 times in the QIB category, and 0.01 times in the NII category.

Company Financials

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	181.81	144.30	95.42	54.26
Total Income	58.01	120.70	85.19	50.18
Profit After Tax	6.64	8.38	5.74	2.46
EBITDA	12.26	15.49	10.01	4.95
NET Worth	47.31	40.67	12.71	2.96
Reserves and Surplus	34.57	27.93	8.21	2.46
Total Borrowing	43.03	28.67	15.88	21.17
Amount in ₹ Crore

Strengths of Kiaasa Retail IPO

• Niche focus on women’s ethnic and fusion wear with strong brand identity in Tier‑2/3 India.
• 100% fresh issue with proceeds largely for store expansion, driving growth rather than promoter exit.
• Rapidly growing retail footprint with 120+ exclusive brand outlets in ~70 cities.
• Omni‑channel presence across EBOs and leading marketplaces like Myntra and Amazon.
• Affordable fashion positioning catering to mass premium segment of young working women and homemakers.
• Clear store roll‑out plan (41 stores this year, 20 in FY27) to leverage operating leverage and brand recall.

Risks of Kiaasa Retail IPO

• High minimum ticket size (₹2.54 lakh) limits retail participation and increases concentration risk per investor.
• Fashion retail risk with fast‑changing trends and inventory obsolescence pressure.
• Dependence on discretionary spending, vulnerable to slowdown in consumer demand.
• Execution risk in aggressive store expansion and franchise/hybrid models.
• SME platform listing with potential low liquidity and higher price volatility post listing.
• Regional concentration and competition from larger ethnic wear chains and unorganised local players.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs

1. What are the Kiaasa Retail IPO dates?
The Kiaasa Retail IPO opens on 23 February 2026 and closes on 25 February 2026. The allotment is expected on 26 February, refunds/credit on 27 February, and listing on 2 March 2026 on the BSE SME platform.

2. What is the Kiaasa Retail IPO issue size and structure?
The IPO is a ₹69.72 crore issue, entirely a fresh issue of 54.9 lakh equity shares with no offer for sale (OFS).

3. What is the price band and lot size for the Kiaasa Retail IPO?
The price band is fixed at ₹121–₹127 per share, and the lot size is 1,000 shares. However, the minimum retail application is for 2 lots (2,000 shares).

4. What is the minimum amount required to apply as a retail investor?
Retail investors must apply for 2,000 shares, which at the upper band of ₹127 translates to a minimum investment of ₹2,54,000.

5. Where will Kiaasa Retail shares be listed?
Kiaasa Retail shares will be listed on the BSE SME platform, with a tentative listing date of 2 March 2026.

6. What does Kiaasa Retail do?
Kiaasa Retail is a women’s ethnic and fusion wear retailer, selling kurtas, suit sets, lehengas, bottoms, dupattas, accessories and footwear through exclusive brand outlets and online channels, focused mainly on Tier‑2 and Tier‑3 cities.

7. How will the IPO proceeds be used?
Around ₹46.45 crore will be used to open new exclusive brand outlets (EBOs) across India, while the remaining funds are earmarked for general corporate purposes and working capital.

8. Is Kiaasa Retail IPO suitable for all investors?
The IPO may suit investors comfortable with SME stocks, fashion retail risk, and higher ticket sizes, and who believe in the growth of regional women’s ethnic wear brands. Conservative investors or those seeking high liquidity may find the risk‑reward less suitable. This is not personalised investment advice; investors should read the RHP and assess their own risk profile.