Kiaasa Retail IPO

Kiaasa Retail Limitedkiaasa.com

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹121 – ₹127
Issue size: ₹69.74 Cr
Lot size: 1000 sh
Bidding: 23 – 25 Feb
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

73Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Kiaasa Retail, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2018 · Ghaziabad, Uttar Pradesh · 354 employees

Kiaasa Retail sells women's ethnic and fusion apparel — salwar kameez, lehengas — plus footwear, jewellery, bags and scarves, under the Kiaasa brand along with U-Women and LAABHA, acquired in December 2021 and February 2022. It does not manufacture: it buys finished goods and resells them, with purchases of stock-in-trade of Rs 8,318.21 lakhs in FY2025. Sales run through 122 exclusive brand outlets across 70 cities as of 30 September 2025, plus its own website and listings on Flipkart, Amazon, Myntra and Limeroad. The business began as Kiaasa Retail LLP in April 2018 and opened its first store in Kamla Nagar, Delhi, that June; present promoters Om Prakash and Amit Chauhan took it over in March 2021. Offices are in Ghaziabad, Uttar Pradesh.

Revenue is the retail sale of bought-in garments. In FY2025, B2C contributed Rs 8,790.55 lakhs and B2B Rs 3,142.65 lakhs of Rs 12,068.45 lakhs total. The dominant cost is purchases of stock-in-trade, Rs 8,318.21 lakhs in FY2025, so margin turns on buying and markdown discipline rather than production. Store economics are deliberately capital-light: 94 of the 122 outlets at 30 September 2025 ran on the FICO model, where the franchise partner funds fit-outs, deposits and inventory while Kiaasa operates the store; only 14 were company-funded COCO stores. The constraint is working capital — inventories stood at Rs 8,461.29 lakhs against net worth of Rs 4,730.80 lakhs and total debt of Rs 4,302.82 lakhs.

The company on paper

Legal name: Kiaasa Retail Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 7 Jun 2022trading as Kiaasa Retail since 2018
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U18101UP2022PLC165410
Sector: Consumer Discretionary · Women's ethnic and fusion wear retailed through exclusive brand outlets
Employees: 354
Registered office: Ghaziabad, Uttar Pradesh
Promoters: Om Prakash, Amit Chauhan
Promoter holding, pre-issue: 71.8%
Promoter holding, post-issue: 50.2%
Website: kiaasa.com

The numbers

Financial performance

Revenue has compounded at 55.3% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹69.72 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹69.74 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,75,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 21.6% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription2.05×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹127.00
Listed at: ₹123.00
Listing gain: down 3.1%
Since listing: down 70.1%
Against the issue price: down 71.0%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,000
At cut-off price: ₹127.00
Amount blocked: ₹2,54,000

One lot is 1000 shares at ₹1,27,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,54,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~41%

chance of one lot, per application

Retail subscription: 2.43×
Applicants per share available: 2.4× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹123.00

listed at, −3.1% against the issue price

Issue price: ₹127.00
Premium said: —
If allotted 1000 shares: −₹4,000

Listing-day figures are as reported by the exchanges.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

The 30 September 2025 column is a six-month stub, not a year. Its revenue of Rs 57.92 Cr is not comparable to FY25's Rs 120.68 Cr, and its 21.17% EBITDA margin sits well above FY25's 12.84% over a half-year only.
Per-share figures break between FY24 and FY25: a 5:4 bonus issue of 70,77,225 shares on 25 March 2025 cut basic EPS from Rs 55.45 (FY24) to Rs 7.47 (FY25) even though PAT rose from Rs 5.74 Cr to Rs 8.38 Cr. The EPS series is not a like-for-like trend.
Revenue figures above are revenue from operations, not total income. Other income is immaterial throughout (Rs 1.92 lakhs in FY25, Rs 9.18 lakhs in H1 FY26), so profit is not propped up by non-operating items — but trackers quoting 'total income' will show slightly higher numbers (e.g. Rs 120.70 Cr for FY25).

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Kiaasa Retail — Prospectus dated 2026-02-2525 Feb 2026Filed after pricing, with every placeholder filled in.Opens on kiaasa.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Expert Global Consultants Private Limited
RegistrarAllotment status is checked on the registrar's own site: Purva Sharegistry (India) Private Limited

How these figures were checked

Reconciled to Kiaasa Retail's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 23 Feb 2026
Closes: 25 Feb 2026
Allotment: 26 Feb 2026
Lists: 2 Mar 2026
Revenue (FY25): ₹121 Cr
Profit (FY25): ₹8.38 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.