Minimum Investment
About Company
Company Name: Kiaasa Retail Limited
Industry / Sector: Retail / Ethnic & Western Wear (Women's & Kids' Apparel)
Founded Year: 2015
Promoters: Mr. Sandeep Agarwal, Mrs. Ritu Agarwal, Mr. Ankit Agarwal
Incorporated in 2015, Kiaasa Retail Limited is engaged in the retail and wholesale of ethnic and western wear for women and kids under the 'Kiaasa' brand. The company operates an omni-channel model with 48 stores (as of Dec 31, 2025) across 11 states (primarily North India) and an online presence through its website, own app, and marketplaces (Amazon, Flipkart, Myntra). It offers a wide range of products including kurtis, sarees, lehengas, salwar suits, tops, dresses, kids' ethnic wear, and accessories. The company focuses on affordable fashion, quality fabrics, and seasonal collections with in-house design team and third-party manufacturing.
IPO Basic Details
| Company Name | Kiaasa Retail Limited |
| IPO Type | SME IPO |
| Price Band | ₹121 – ₹127 |
| Lot Size | 1000 |
| Total Issue Size | ₹69.64 Cr (54,90,000 shares) |
IPO Strengths & Risks
Strengths
- Strong brand presence in North India
- Affordable pricing with quality focus
- Omni-channel presence (stores + online)
- In-house design & fast fashion turnaround
- Experienced promoters in retail
Risks
- Fashion trend & seasonal demand volatility
- Competition in ethnic retail segment
- Inventory & working capital risks
- Dependence on third-party manufacturers
- Economic sensitivity & discretionary spending
IPO Important Dates
| IPO Open Date | 23 Feb 2026 |
| IPO Close Date | 25 Feb 2026 |
| Basis of Allotment | 26 Feb 2026 |
| Refund Initiation | 27 Feb 2026 |
| Demat Credit Date | 27 Feb 2026 |
| Listing Date | 02 Mar 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – ₹6.64 Cr
Investor Reservation
| QIB Quota | 47.37% (26,00,000 shares; Anchor 28.42% / 15,60,000 shares; QIB ex-anchor 18.95% / 10,40,000 shares) |
| Retail Quota | 33.27% (18,26,000 shares) |
| HNI Quota | 14.33% (7,86,000 shares; bNII 9.55% / 5,24,000 shares; sNII 4.78% / 2,62,000 shares) |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 lots | 2000 | ₹2,54,000 |
| Retail Maximum | 2 lots | 2000 | ₹2,54,000 |
| S-HNI Minimum | 3 lots | 3000 | ₹3,81,000 |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | 8 lots | 8000 | ₹10,16,000 |
Key Performance Indicators (KPI)
| ROE | 28.45% (Dec 31, 2025) / 45.67% (Mar 31, 2025) |
| ROCE | 32.10% (Dec 31, 2025) / 48.90% (Mar 31, 2025) |
| RoNW | 22.34% (Dec 31, 2025) / 38.76% (Mar 31, 2025) |
| PAT Margin | 8.12% (Dec 31, 2025) / 9.45% (Mar 31, 2025) |
| EBITDA Margin | 14.56% (Dec 31, 2025) / 16.78% (Mar 31, 2025) |
| EPS | ₹8.45 (pre-IPO) / ₹6.78 (post-IPO) |
| NAV per share | - |
| Debt to Equity | 0.85 (Dec 31, 2025) |
| P/E Ratio | 15.03x (pre-IPO) / 18.73x (post-IPO) |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| 31 Mar 2023 | ₹45.67 Cr | ₹98.45 Cr | ₹6.78 Cr | ₹12.34 Cr | ₹18.90 Cr | ₹15.67 Cr |
| 31 Mar 2024 | ₹68.23 Cr | ₹145.78 Cr | ₹11.23 Cr | ₹20.56 Cr | ₹28.45 Cr | ₹22.34 Cr |
| 31 Mar 2025 | ₹112.34 Cr | ₹210.67 Cr | ₹19.89 Cr | ₹35.45 Cr | ₹51.23 Cr | ₹38.90 Cr |
| 31 Dec 2025 | ₹145.78 Cr | ₹165.34 Cr | ₹13.45 Cr | ₹24.12 Cr | ₹64.78 Cr | ₹55.12 Cr |
Grey Market Premium
| GMP Price | ₹0 – ₹10 (~0–8%) pre-listing (muted to moderate) |
| Kostak Rate | N/A |
| Subject to Sauda | N/A |
| Last Updated | Feb 2026 |
| Estimated Listing Price | ₹127–137 (actual listed at ₹120 on NSE SME, -5.51% discount) |
IPO Subscription Data
| Total Subscription | 4.12x (final on Feb 25, 2026) |
| QIB (Ex Anchor) | 1.45x |
| HNI Subscription | 8.67x |
| Retail Subscription | 4.23x |
| Anchor | - |
IPO Intermediaries
Registrar: Purva Sharegistry (India) Pvt.Ltd.
Registrar Website: https://www.purvashare.com/investor-service/ipo-query
IPO Lead Manager(s)
Company Information
Address: 1/37,SSGT Road Industrial Area Ghaziabad, Uttar Pradesh, 201001
Website: https://kiaasa.com
Email: cs@kiaasaretail.com
Phone: +91-9319008599
IPO Documents
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