February 24, 2026
6 mins read
Kiaasa Retail Limited is a Ghaziabad-based fashion brand specializing in women's ethnic and fusion wear through a network of over 100 stores. The company’s initial public offering is scheduled to open for subscription on February 23, 2026, and will remain active until February 25, 2026. This SME IPO on the BSE features an issue size of 54,90,000 shares, aggregating to approximately ₹70 crore. The price band for the issue is set between ₹121 and ₹127 per share, with a minimum lot size of 1,000 shares. Retail individual investors must apply for a minimum of two lots, requiring an investment of ₹2,54,000. Proceeds from this issue are primarily intended to fund the expansion of new retail stores and meet general corporate requirements.
Kiaasa Retail Limited, established in 2018 and headquartered in Ghaziabad, operates as a specialized fashion brand within the Indian women’s ethnic and fusion wear segment. The company maintains a core business model centered on high-quality, affordable apparel including kurtas, suit sets, and lehengas, supported by a workforce of 340 employees. By utilizing a multi-channel distribution strategy across 113 outlets in 70 cities, the brand employs FOFO, COCO, and FICO operational structures to manage its retail network. This diverse approach ensures a stable market position as it caters to the evolving fashion preferences of Indian women through both physical stores and online platforms.
To apply for the IPO, investors can utilise the Application Supported by Blocked Amount (ASBA) facility through their net banking portal or a UPI-based brokerage application. After selecting the IPO from the investment section, users must specify the number of lots and the bid price before submitting their 16-digit demat account details. For UPI applications, a mandate request will be sent to the linked mobile app, which must be authorized to block the required funds. The application amount remains blocked in the bank account until the allotment process is finalized, ensuring a secure and transparent transaction for all participants.
For more details, visit the Kiaasa Retail Limited IPO page.
Details | Information |
IPO Date | Feb 23, 2026 to Feb 25, 2026 |
Issue Size | 54,90,000 shares (agg. up to ₹70 Cr) |
Price Band | ₹121 to ₹127 per share |
Lot Size | 1000 shares |
Listing At | SME BSE |
Expenditure for opening new stores
General Corporate Purposes
Issue expenses
Event | Date |
IPO Open Date | Mon, Feb 23, 2026 |
IPO Close Date | Wed, Feb 25, 2026 |
Tentative Allotment | Thu, Feb 26, 2026 |
Initiation of Refunds | Fri, Feb 27, 2026 |
Credit of Shares to Demat | Fri, Feb 27, 2026 |
Tentative Listing Date | Mon, Mar 2, 2026 |
Cut-off time for UPI mandate confirmation | 5 PM on Wed, Feb 25, 2026 |
₹121 to ₹127 per share
Application | Lots | Shares | Amount |
Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,54,000 |
Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,54,000 |
S-HNI (Min) | 3 | 3,000 | ₹3,81,000 |
S-HNI (Max) | 7 | 7,000 | ₹8,89,000 |
B-HNI (Min) | 8 | 8,000 | ₹10,16,000 |
The Kiaasa Retail Limited IPO application process can be completed online through your trading platform. Below is a step-by-step guide to applying for the IPO:
Access your trading account using the broker's app or website.
Go to the IPO section to view active IPO listings.
Locate Kiaasa Retail Limited IPO in the list of available IPOs and click the ‘Apply’ button.
Specify the number of shares (lot size: 1000 shares) within the price band of ₹121 to ₹127 per share.
Enter your UPI ID for payment authorisation and ensure sufficient funds in your bank account.
Review your application details and confirm the UPI mandate before 5 PM on the last application day.
Submit the application and monitor the allotment status to check if shares have been allocated to you.
The allocation of shares in the Kiaasa Retail IPO is structured across investor categories in line with applicable regulatory requirements. The issue provides defined reservations for qualified institutional buyers, non-institutional investors, and retail individual investors, with each category allotted a specified proportion of the net issue. This allocation framework outlines how the shares offered are distributed among different classes of investors.
Investor Category | Shares Offered |
Market Maker Shares Offered | 2,75,000 (5.01%) |
QIB Shares Offered | 52,000 (0.95%) |
NII (HNI) Shares Offered | 20,87,000 (38.01%) |
− bNII > ₹10L | 13,91,000 (25.34%) |
− sNII < ₹10L | 6,96,000 (12.68%) |
Retail Shares Offered | 30,76,000 (56.03%) |
Total Shares Offered | 54,90,000 (100.00%) |
This reservation structure reflects the categorisation and allocation approach disclosed for the issue, indicating the proportion of shares available to each investor segment.
Total Assets: Grew from ₹54.26 crore in FY23 to ₹181.81 crore as of Sept 2025.
Total income: Recorded at ₹58.01 crore in Sept 2025, as compared to ₹50.18 crore in FY23.
Profit After Tax (PAT): Reported at ₹6.64 crore in Sept 2025, and ₹2.46 crore in FY23.
Net Worth: Recorded at ₹47.31 crore in Sept 2025 in comparison to ₹2.96 crore in FY23.
Total Borrowing: Stood at ₹43.03 crore in Sept 2025, as compared to ₹21.17 crore in FY23.
Reserves and surplus: Stood at ₹34.57 crore in Sept 2025 in comparison to ₹2.46 crore in FY23.
The company has seen a substantial increase in its total asset base, indicating a consistent investment in operational infrastructure and business scale.
There is a positive trend in total income, reflecting the brand's growing market presence and the successful execution of its retail distribution strategy.
The organisation has strengthened its bottom-line performance, with profit after tax showing a clear upward movement over the reported periods.
The net worth of the company has climbed significantly, pointing toward a more robust financial foundation and increased shareholder value.
A notable rise in reserves and surplus suggests the company is successfully retaining earnings to fund future growth initiatives and internal requirements.
While total borrowings have increased, the funds have been deployed to support the expansion of the retail network and inventory management across various store models.
The company operates in the women’s ethnic and fusion wear segment, which is characterised by high fragmentation and intense competition from both established organised retail brands and unorganized local players.
A primary objective of the issue is to fund the opening of new stores; however, any challenges in identifying viable locations or managing the increased complexity of a larger retail network could impact the company's performance.
The use of FOFO, COCO, and FICO operational structures provides a diversified and scalable framework, allowing the company to expand its presence across various Indian cities with different capital and management requirements.
By maintaining a network of 113 outlets across 70 cities alongside an established online presence, the company is positioned to capture demand from the evolving fashion preferences of the Indian consumer through multiple sales channels.
KPI | Sept 30, 2025 | March 31, 2024 |
ROE | 20.20% | 42.36% |
ROCE | 12.02% | 20.34% |
Debt/Equity | 0.91 | 0.70 |
RoNW | 14.03% | 20.60% |
PAT Margin | 11.46% | 6.94% |
EBITDA Margin | 21.17% | 12.84% |
Price to Book Value | 3.42 | 3.98 |
Registrar | Lead Manager(s) |
Purva Sharegistry (India) Pvt.Ltd. | Expert Global Consultants Pvt.Ltd. |
Kiaasa Retail Ltd. Address
1/37,
SSGT Road Industrial Area
Ghaziabad, Uttar Pradesh, 201001
Phone:+91-9319008599
Email: cs@kiaasaretail.com
Website: https://kiaasa.com/
Interested in more opportunities? Check out our Upcoming IPO section for new listings and don’t forget to check your Kiaasa Retail IPO allotment status.
The leadership of the company is headed by its promoters and management team, who oversee the strategic direction of the Ghaziabad-based fashion brand. Om Prakash Kaushik and Amit Chauhan are the key individuals driving the organisational growth and operational expansion of the company.
The subscription period for the initial public offering is scheduled to begin on Monday, February 23, 2026. The issue will remain open for three consecutive business days, concluding on Wednesday, February 25, 2026, during which investors can submit their bids within the specified price band.
The primary business of the company involves the design and retailing of women’s ethnic and fusion wear through a diverse network of 113 brand outlets. The sustainability of the model is supported by a multi-channel distribution strategy that utilizes three distinct franchise and company-owned models (FOFO, COCO, and FICO). This structure allows for scalable retail expansion while balancing capital expenditure across 70 cities in India.
The offering consists of 54,90,000 shares, which aggregates to a total value of approximately ₹70 crore. This fresh issue of equity shares is intended to support the company’s capital requirements for new store openings and other corporate objectives.
Pre-applying refers to the facility provided by some brokerage platforms that allows investors to place their IPO orders a few days before the official subscription period begins. While the order is recorded by the broker, it is only sent to the exchange for processing when the IPO window officially opens on the scheduled start date.
The minimum lot size for this IPO is set at 1,000 shares, which corresponds to the minimum order quantity for retail investors. Given the price band of ₹121 to ₹127, an application for the minimum of two lots (2,000 shares) would require an investment of ₹2,54,000 at the upper price limit.
The tentative date for the finalization of the basis of allotment is Thursday, February 26, 2026. Following this process, the shares are expected to be credited to the demat accounts of successful applicants by Friday, February 27, 2026.
Purva Sharegistry (India) Pvt. Ltd. has been appointed as the official registrar for this issue. They are responsible for processing the applications, finalizing the allotment in accordance with regulatory guidelines, and managing the refund process for unsuccessful bidders.
There are no publicly stated governance issues or red flags highlighted. Investors may review the offer documents, including sections on management, board composition, and risk factors, for detailed and verified disclosures.
Investors can apply online through their preferred brokerage application or via their bank’s net banking portal using the ASBA facility. The process involves selecting the IPO, entering the desired quantity in lots, and specifying the bid price. Payment is typically authorised through a UPI mandate or by blocking funds in a bank account until the allotment is finalised.
A valid demat account is mandatory for participating in the IPO, as the shares will be issued only in electronic form. Applicants must ensure that their demat account is active and that the PAN associated with the account matches the one provided in the IPO application.
Upon the finalisation of the allotment, the registrar will provide a status check facility on their website where investors can enter their PAN or application number. Additionally, applicants will receive notifications via SMS or email from the exchange and their bank regarding the debit of funds or the release of the blocked amount.
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Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited
This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing.
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