KR
Kiaasa Retail
Book Building issueSMEBSE₹69.74 Cr issue
-3.15%
Listing gain over issue price
Issue size
₹69.74 Cr
1 lot at cut-off
₹1,27,000
Lot size
1,000shares
Open
23 Feb 2026
Close
25 Feb 2026
Allotment
26 Feb 2026
Listing
02 Mar 2026
Listing performance
Issue price
₹127
Listed at
₹123
Listing-day close
₹116.85
Latest price
₹37.04
Listing gain
-3.15%
Return since listing
-70.83%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 02 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹127 | ₹0 |
| 01 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹127 | ₹0 |
| 28 Feb 2026 | ₹0 | 0.00% | ₹0 | ₹127 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 23 Feb 2026 – 25 Feb 2026
- Listing date
- 02 Mar 2026
- Face value
- ₹10 per share
- Issue price
- ₹127 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹69.74 Cr
- Market cap at offer price
- ₹232 Cr
- Promoter holding
- 71.84% → 50.22% pre-issue → post-issue
- ISIN
- INE1C3F01018
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Expert Global Consultants Pvt.Ltd.
- Registered office
- 1/37, SSGT Road Industrial Area, Uttar Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 2,75,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹127
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,27,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,54,000 |
| S-HNI (max) | 7 | 7,000 | ₹8,89,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,16,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹127 per share
Valuation and performance
Valuation at offer price
₹127 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.58 | 7.28 |
| P/E (×) | 19.30 | 17.45 |
| Price to book (×) | 3.98 | — |
| Market cap | — | ₹232 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.60%
- ROCE
- 20.34%
- Debt / equity
- 0.70
- PAT margin
- 6.94%
- EBITDA margin
- 12.84%
- NAV per share
- ₹31.93
- Price to book
- 3.98
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Kiaasa Retail
Kiaasa Retail Limited is an ethnic wear brand that was originally incorporated as Kiaasa Retail LLP in 2018 and later converted into a Private Limited Company in 2022. The company offers a wide range of apparel, footwear, and accessories designed exclusively for women, including salwar kameez, lehengas, jewellery, bags, and scarves. Kiaasa provides high-quality and affordable products that reflect the individuality of Indian women. The company operates through a network of exclusive brand outlets and an online presence, ensuring accessibility across multiple platforms. For the half year ended September 30, 2025, the company generated revenue from operations of ₹5,791.76 lakhs.
Company Analysis
from RHPKiaasa is an ethnic wear brand offering women's apparel, footwear, and accessories through exclusive brand outlets and online channels.
Kiaasa Retail Limited is an ethnic wear brand that was originally incorporated as Kiaasa Retail LLP in 2018 and later converted into a Private Limited Company in 2022. The company offers a wide range of apparel, footwear, and accessories designed exclusively for women, including salwar kameez, lehengas, jewellery, bags, and scarves. Kiaasa provides high-quality and affordable products that reflect the individuality of Indian women. The company operates through a network of exclusive brand outlets and an online presence, ensuring accessibility across multiple platforms. For the half year ended September 30, 2025, the company generated revenue from operations of ₹5,791.76 lakhs.
Fashion retailEthnic wearWomen's apparelTextile and apparel
Objects of the Issue
- Expenditure for opening new stores ₹4,644.63 lakhs p.29
- General Corporate Purposes p.29
- Expenditure for opening new stores ₹4,644.63 Lakhs p.97
- General corporate purposes [●] p.103
- Opening of 41 new stores during FY 2025-26 across 8 states/union territories p.107
- Opening of 20 additional stores during FY 2026-27 p.107
- General corporate purposes p.29
Issue Structure
- Total Issue
- Up to 54,90,000 Equity Shares of ₹10 each having an issue Price [●] aggregating to upto ₹[●] Lakhs
- Fresh Issue
- Upto 54,90,000 Equity Shares of ₹10 each having an issue Price [●] aggregating to upto ₹[●] Lakhs
- Offer for Sale
- NA
- Price Band
- [●] (Floor Price) to [●] (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
Kiaasa operates as a trading entity (not manufacturing) selling women's ethnic wear through a combination of company-owned stores (COCO), franchise-operated outlets (FICO), and online channels. The company procures finished goods from third-party vendors and distributes them through its retail network across multiple Indian states.
Business Segments
Sale of women's ethnic wear, apparel, footwear, and accessories through exclusive brand outlets and online channels
Distribution of women's ethnic wear to franchisees and distributors
Operates Exclusive Brand Outlets (EBOs) retailing women's ethnic wear products including Salwar-Kurta-Dupatta (SKD), dresses, tops, bottoms, nightwear and accessories under COCO, FICO, and FOFO business models
Direct-to-consumer retail through exclusive brand outlets offering ethnic and fusion wear
Wholesale distribution of products to other retailers
Online sales through company website and partnerships with e-commerce platforms
D2C ethnic wear brand offering women's traditional and contemporary ethnic clothing including kurtis, suits, sarees, and lehengas through physical retail stores and omni-channel platforms
Factory outlet-style format offering fixed-price ethnic wear products below ₹999, primarily monetizing surplus inventory from mainstream Kiaasa channels and catering to price-sensitive customers in tier 2 and tier 3 cities
Wholesale distribution of ethnic wear to franchise stores and bulk wholesalers
The company deals in single segment of trading of garments and its ancillary items through exclusive brand outlets and online channels
SWOT Analysis
Strengths
- • Multi-channel distribution (EBOs and online presence)(p.28)
- • Growing retail network with franchisee expansion(p.45)
- • Profitable operations with positive PAT trajectory(p.30)
- • Established retail network across multiple regions(p.96)
- • Growth in women's apparel market provides expansion opportunity(p.96)
- • Profitability of stores demonstrates business model viability(p.96)
- • Strong leadership with 15+ years retail sector experience(p.152)
- • Rapid store expansion demonstrating operational scaling capability(p.152)
- • High revenue growth trajectory with 41.68% growth in FY2025(p.155)
- • Strong EBITDA margins improving to 12.84% in FY2025(p.155)
- • Designs that connect with local culture and customer preferences(p.108)
- • Affordable prices without compromising quality(p.108)
- • Established omni-channel model integrating physical and digital platforms(p.154)
- • Experienced promoter with strong industry expertise and leadership(p.160)
- • Deep local market understanding through regional design expertise(p.160)
- • Dual quality control process ensuring product durability and brand trust(p.161)
- • Competitive pricing without quality compromise through cost management(p.161)
- • Efficient seasonal inventory management and product relevance(p.161)
- • Rapid store expansion demonstrating strong execution capability(p.162)
- • Multi-state GST registration across 15+ states, enabling pan-India operations(p.277)
- • Established labour and compliance infrastructure across multiple jurisdictions(p.279)
- • Strong IP portfolio with registered trademarks across key product classes(p.292)
- • Operational profitability with EBIT growth and positive cash generation(p.298)
- • Healthy leverage ratio below 3:1, indicating manageable debt(p.298)
Weaknesses
- • Unregistered lease agreements for 7 operating properties(p.37)
- • Missing statutory licenses for 3 operating stores; 13 stores with pending applications(p.37)
- • High regional concentration—31.07% of B2C revenue from Uttar Pradesh alone(p.38)
- • Reliance on leased premises for all operations(p.39)
- • Heavy vendor concentration—top 5 suppliers account for 54.80% of purchases(p.42)
- • Negative operating cash flows in FY2025 and H1FY2026(p.43)
- • Past delays in loan repayments (1-30 days)(p.40)
- • Delayed statutory filings (GST, EPF, ESI)(p.40)
- • GST liability recovery of ₹514.46 lakhs from defaulting vendors with uncertain recoverability(p.45)
- • Very high inventory-to-revenue ratio (73% as of Sept 30, 2025)(p.46)
- • No keyman insurance policies in place(p.48)
- • No cash management services with banks; exposed to cash handling risks(p.48)
- • Dependence on manual cash handling with unimplemented mitigation(p.49)
- • Unsecured loans from related parties subject to demand repayment(p.49)
- • Restrictive covenants limiting operational flexibility(p.49)
- • Limited experience in non-women's clothing segments(p.50)
- • Pending legal and contingent tax liabilities(p.50)
- • No dividend payment history despite profitability(p.52)
- • High leverage with debt-equity ratio of 0.91 as of September 2025(p.155)
- • Negative operating cash flow of ₹1,228.94 lakhs in FY2025(p.153)
- • Store closure rate with 13 closures in FY2025 and 15 in FY2024(p.158)
- • Relatively small scale compared to established competitors like Monte Carlo(p.150)
- • Limited geographic presence with operations in only 70 cities as of September 2025(p.158)
- • Concentration of B2B customer base creating revenue dependency risk(p.164)
- • High supplier concentration increasing procurement vulnerability(p.165)
- • Limited manufacturing capability with external dependence on vendors(p.189)
- • Lease-dependent retail operations with no owned store properties(p.190)
- • Small design team limiting internal design innovation capacity(p.163)
- • High dependence on short-term borrowings and working capital financing from multiple sources(p.264)
- • Significant increase in finance costs relative to debt levels(p.262)
- • High inventory concentration and working capital intensity(p.264)
- • Negative operating cash flows in recent periods(p.264)
- • Pending litigation and GST contingent liability(p.251)
- • Material warehouse theft incident(p.252)
- • Significant warehouse theft loss of ₹4.92 crore affecting asset base(p.275)
- • Material trade payables concentrated with few creditors (₹2,011.59 lakhs with just 2 creditors)(p.275)
- • Conversion of entity status from LLP to Private Limited (2022) to Public Limited (2025) creates transition execution risk(p.276)
- • Significant short-term borrowings of ₹3,888.72 lakhs, creating liquidity exposure(p.298)
- • Multiple pending trade license and shop establishment registrations across states(p.293)
Opportunities
- • Expansion of retail footprint across underserved regions(p.29)
- • D2C and online channel growth in women's ethnic wear(p.28)
- • Growing segments: athleisure and kid's wear showing robust growth(p.28)
- • Expansion of retail store footprint across India(p.97)
- • Growth in women's apparel market segment(p.96)
- • Diversification into new business segments beyond women's clothing(p.49)
- • Women's apparel market projected to grow from USD 13.9B (2023) to USD 19.6B (2030) at 5.8% CAGR(p.151)
- • Domestic apparel market expansion from USD 92B (FY2023) to USD 180B (FY2031) at 9% CAGR(p.142)
- • Rapid e-commerce growth from INR 12.2 trillion (2024) to INR 24.1 trillion (2028) at 18.7% CAGR(p.145)
- • Significant growth opportunity in tier 2 and tier 3 cities(p.152)
- • Rising women's labour force participation from 23.3% (2017-18) to 37% (2022-23) driving purchasing power(p.145)
- • Government initiatives like PLI scheme and PM MITRA supporting textile industry growth(p.141)
- • Growing ethnic wear segment at 51% of women's wear market with organized segment growing at 20% annually(p.146)
- • Omni-channel strategy capturing growing online shopping adoption in India(p.159)
- • Nine99 store format monetizing inventory and reaching price-sensitive tier 2/3 markets(p.159)
- • Multi-platform e-commerce expansion through Flipkart, Amazon, Myntra, and Limeroad(p.188)
- • Store-goes-online model enabling localized fulfillment and convenience(p.159)
- • Geographic expansion through tier-2 and tier-3 city penetration strategy(p.162)
- • Significant store expansion across multiple geographies(p.257)
- • Growth in omni-channel retail through digital integration(p.257)
- • Multiple brand portfolio under group umbrella(p.257)
- • Strong revenue growth trajectory(p.262)
- • Geographic expansion into underserved markets(p.262)
- • Expansion into underserved tier-2/3 cities through mall presence across Uttar Pradesh, Madhya Pradesh, Maharashtra, and other states(p.279)
- • Market-making arrangement for 3 years provides liquidity support and trading platform visibility(p.316)
- • Potential migration to Main Board once post-issue paid-up capital exceeds ₹25 crore(p.314)
- • Portfolio diversification through dual brands (KIAASA and NINE99) targeting different market segments(p.292)
Threats
- • Textile and apparel industry facing significant downturn(p.28)
- • Freight costs surged 40% due to Red Sea disruptions(p.28)
- • Heavy reliance on imported man-made fibres (spandex) from China, Vietnam, Taiwan(p.28)
- • Spinning sector struggling with high under-utilization(p.28)
- • Intense competition from domestic and international players(p.46)
- • Consumer credit risk from B2B customers (45-90 day terms)(p.43)
- • Inability to manage or expand retail operations effectively(p.49)
- • Interest rate volatility affecting debt servicing costs(p.51)
- • Quality control failures impacting brand reputation(p.51)
- • Design duplication by competitors in fashion industry(p.54)
- • Inability to adapt to rapidly changing fashion trends(p.55)
- • Lack of intellectual property protection for designs(p.55)
- • Regulatory and compliance risks under evolving Indian laws(p.57)
- • Natural disasters, epidemics and geopolitical events(p.57)
- • Economic downturn affecting consumer discretionary spending(p.59)
- • Intense competition from established players like Monte Carlo and international brands(p.148)
- • Global apparel industry contraction with US garment imports declining 25-30%(p.141)
- • Supply chain disruptions from Red Sea region affecting freight costs (+40%)(p.131)
- • High price sensitivity of Indian consumers limiting pricing power(p.151)
- • Dependence on imported man-made fibers from China, Vietnam, and Taiwan creating supply risk(p.130)
- • Fast fashion dynamics requiring rapid product turnover and collection updates(p.151)
- • Vulnerability to global economic uncertainties and trade policy changes(p.130)
- • Intense competition in Indian ethnic apparel market from numerous local and national players(p.164)
- • Dependency on evolving consumer fashion preferences and trend volatility(p.163)
- • Seasonality and weather-dependent demand for specific product collections(p.164)
- • Regulatory compliance requirements across multiple states and central laws(p.174)
- • Currency and input cost fluctuations affecting procurement and profitability(p.163)
- • Potential insurance coverage gaps for certain business risks(p.165)
- • Intense competition in ethnic wear and fashion retail(p.267)
- • Dependence on fashion industry cyclicality and consumer preferences(p.258)
- • Sensitivity to economic conditions affecting discretionary spending(p.258)
- • Supply chain and vendor dependency(p.258)
- • Regulatory compliance risks across multiple jurisdictions(p.258)
- • Retail sector cyclicality and consumer discretionary spending sensitivity to economic downturns(p.276)
- • Regulatory compliance burden with 160+ labour, tax, and municipal registrations across multiple jurisdictions requiring ongoing renewal(p.276)
- • Dependency on mall operators and real estate landlords for retail presence with no ownership of properties(p.280)
- • Security and asset protection risks highlighted by ₹4.92 crore warehouse theft in March 2025(p.275)
- • SME platform liquidity risk with minimum trading contract size and reliance on market makers(p.316)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Om Prakash | Promoter | 40,13,750 equity shares (31.51%) | — |
| Mr. Amit Chauhan | Promoter | 40,13,750 equity shares (31.51%) | — |
| Mr. Om Prakash | Promoter | 31.51% | 22.02% |
| Mr. Amit Chauhan | Promoter | 31.51% | 22.02% |
| Om Prakash | Promoter | — | — |
| Amit Chauhan | Promoter | — | — |
| Mr. Om Prakash | Promoter | 31.51% | 22.02% |
| Mr. Amit Chauhan | Promoter | 31.51% | 22.02% |
| Om Prakash | Promoter | 20.07% | — |
| Amit Chauhan | Promoter | 20.07% | — |
Leadership
Om Prakash · Chairman and Managing Director
Amit Chauhan · Promoter
Ms. Kanishka Singhal · Company Secretary and Compliance Officer
Mr. Sumit Agrawal · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.