Bookbuilding IPO | ₹70 Cr | Listed at BSE SME | Mon, Feb 23, 2026 - Wed, Feb 25, 2026
Kiaasa Retail IPO is a book build issue of ₹69.74 crores. The issue is entirely a fresh issue of 0.55 crore shares of ₹69.74 crore.
Kiaasa Retail IPO bidding started from Feb 23, 2026 and ended on Feb 25, 2026. The allotment for Kiaasa Retail IPO was finalized on Feb 26, 2026. The shares got listed on BSE SME on Mar 2, 2026.
Kiaasa Retail IPO is set final issue price at ₹127 per share. The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹2,54,000 (2,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,000 shares), amounting to ₹3,81,000.
Expert Global Consultants Pvt.Ltd. is the book running lead manager and Purva Sharegistry (India) Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Prabhat Financial Services Ltd..
Refer to Kiaasa Retail IPO RHP for detailed Information.
IPO Open
Mon, Feb 23, 2026
IPO Close
Wed, Feb 25, 2026
Issue Price
₹127 per share
Market Cap (Pre-IPO)
₹231.51 Cr
| IPO Date | 23 to 25 Feb, 2026 |
| Listed on | Mon, Mar 2, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹121 to ₹127 |
| Issue Price | ₹127 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 54,91,000 shares (agg. up to ₹70 Cr) |
| Reserved for Market Maker | 2,75,000 shares Prabhat Financial Services Ltd. (agg. up to ₹3 Cr) |
| Fresh Issue (Ex Market Maker) | 52,16,000 shares (agg. up to ₹66 Cr) |
| Net Offered to Public | 52,16,000 shares (agg. up to ₹66 Cr) |
| Share Holding Pre Issue | 1,27,39,005 shares |
| Share Holding Post Issue | 1,82,30,005 shares |
| BSE Script Code | 544711 |
| ISIN | INE1C3F01018 |
Kiaasa Retail IPO comprises a total issue size of 54,90,000 shares. The net offer to the public is 52,15,000 shares, after excluding 2,75,000 shares allotted on a firm basis. Of the Net offer 52,000 (1.00%) are allocated to QIB, 20,87,000 (40.02%) allocated to NII 30,76,000 (58.98%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 52,000 | 1.00% | 0.95% |
| NII (HNI) Shares Offered | 20,87,000 | 40.02% | 38.01% |
| − bNII > ₹10L | 13,91,000 | 25.34% | |
| − sNII < ₹10L | 6,96,000 | 12.68% | |
| Retail Shares Offered | 30,76,000 | 58.98% | 56.03% |
| Firm Reservations | |||
| Market Maker Shares Offered | 2,75,000 | 5.01% | |
| Total Shares Offered | 54,90,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof.
| 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 |
Established in 2018, Kiaasa Retail Limited is an Indian fashion brand focused on women's ethnic and fusion wear. Founded in 2018 and based in Ghaziabad, it operates over 100 stores in more than 80 cities across India.
Kiaasa offers a diverse collection of women's ethnic wear, including:
Kiaasa is an ethnic wear brand offering a range of women's apparel, footwear, and accessories, including salwar kameez, lehengas, jewellery, bags, and scarves.
The brand meets the fashion needs of Indian women with high-quality, affordable products that reflect individuality.
The company operate through exclusive outlets and online platforms for greater accessibility.
The company has 113 brand outlets in 70 cities, plus an online presence.
The company operates via three models: FOFO (Franchise Owned Franchise Operated), COCO (Company Owned Company Operated), and FICO (Franchise Invested Company Operated), enabling efficient retail network management.
As of February 28, 2025, the company had 340 full-time employees.
Competitive strength:
| 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 | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Expenditure for opening new stores | 46.45 |
| 2 | General corporate purposes | 10.00 |
| Total | 56.45 |
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.58 | 7.28 |
| P/E (x) | 19.31 | 17.44 |
| Promoter Holding | 71.84% | 50.22% |
| Market Cap | ₹231.51 Cr. |
The Kiaasa Retail IPO is subscribed 2.05 times on February 25, 2026 6:54:49 PM (Day 3). The public issue subscribed 2.43 times in the individual investors category, 14.98 times in the QIB category, and 1.16 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (x) | Shares Offered | Shares bid for | Total Applications |
|---|---|---|---|---|
| QIB (Ex Anchor) | 14.98 | 52,000 | 7,79,000 | 0 |
| NII* | 1.16 | 20,87,000 | 24,13,000 | 0 |
| bNII (> ₹10L) | 1.29 | 13,91,000 | 17,88,000 | |
| sNII (< ₹10L) | 0.90 | 6,96,000 | 6,25,000 | |
| Individual Investor | 2.43 | 30,76,000 | 74,78,000 | 0 |
| Total | 2.05 | 52,15,000 | 1,06,70,000 | 4,016 |
Total Applications: 4,016
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs’ fees and commissions (including underwriting commission) | 3.75 |
| 2 | Processing fee for SCSBs, Sponsor Bank and Bankers to the Issue. Brokerage, and selling commission and bidding/uploading charges for members of the Syndicate, Registered Brokers, RTAs and CDPs | 0.05 |
| 3 | Fees payable to the Registrar to the Issue | 0.02 |
| 4 | Fees payable to the Legal Advisors to the Issue | 0.02 |
| 5 | Advertising and marketing expenses | 6.19 |
| 6 | Printing, stationery expenses, distribution and postage | 0.02 |
| 7 | Fees payable to auditors, market research firms and other consultants / professionals | 2.91 |
| 8 | Miscellaneous if any (market making, depositories, monitoring agency etc.) | 0.31 |
| Total | 13.28 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹127.00 |
| Open | ₹123.00 |
| Low | ₹116.85 |
| High | ₹123.00 |
| Last Trade | ₹116.85 |
Purva Sharegistry (India) Pvt.Ltd.
Lead Manager Reports
Kiaasa Retail IPO is a SME IPO of 54,91,000 equity shares of the face value of ₹10 aggregating up to ₹70 Crores. The issue is priced at ₹127 per share. The minimum order quantity is 1000.
The IPO opens on Mon, Feb 23, 2026, and closes on Wed, Feb 25, 2026.
Purva Sharegistry (India) Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Kiaasa Retail IPO using UPI as a payment gateway. Zerodha customers can apply in Kiaasa Retail IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Kiaasa Retail IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Kiaasa Retail IPO opens on Mon, Feb 23, 2026 and closes on Wed, Feb 25, 2026.
Kiaasa Retail IPO lot size is 1000, and the minimum amount required for application is ₹2,54,000, with 2 lots being the minimum application size.
You can apply in Kiaasa Retail IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Kiaasa Retail IPO will be done on Thursday, February 26, 2026, and the allotted shares will be credited to your demat account by Fri, Feb 27, 2026. Check the Kiaasa Retail IPO allotment status.
The Kiaasa Retail IPO listing date is on Mon, Mar 2, 2026.
