Kiaasa Retail IPO
smelistedAbout the company
Kiaasa Retail is a women-focused fashion brand engaged in the design, sourcing and sale of ethnic wear and accessories which operates through an omni-channel model including exclusive brand outlets (EBOs), franchise stores and online platforms . The company’s product portfolio includes sarees, kurtas, kurta sets, lehengas, tops, bottom wear, dresses, dupattas, winter wear, handbags and jewelry with a focus on affordable fashion for tier-2 and tier-3 cities. In FY25, the major contributor to the revenue was Salwar-Kurta-Dupatta, which accounted for 80.56%, followed by Kurta at 6.88%, whereas other segments such as lehengas, gowns, and accessories accounted for smaller shares. The major source of revenue for the company comes from B2C retail business (72.84%) through offline and online stores, followed by B2B business (26.04%). Geographically, Uttar Pradesh accounted for 21.11%, followed by Delhi at 11.61%, Haryana at 7.93% and 15+ other states in FY25. As of September 30, 2025, it operates 122 Exclusive Brand Outlets across 70 cities with a mix of FOFO (14 stores), FOCO (94 stores) and 14 company-owned stores as of Sep 2025. The company also sells through its website and platforms like Amazon, Flipkart, Myntra and LimeRoad. Additionally, it runs a “Nine99 Store” format, where products are sold at a fixed price of ₹999 to clear excess inventory and target price-sensitive customers which improve inventory turnover and margins .
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 25 Feb | ₹0 | ₹127 | -26 |
| 24 Feb | ₹26 | ₹153 | 0 |
| 23 Feb | ₹26 | ₹153 | +26 |
| 22 Feb | ₹0 | ₹127 | 0 |
| 21 Feb | ₹0 | ₹127 | 0 |
| 20 Feb | ₹0 | ₹127 | 0 |
| 19 Feb | ₹0 | ₹127 | 0 |
| 18 Feb | ₹0 | ₹127 | 0 |
Strengths
Risks
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed23 Feb 2026Bidding starts for all investor categories
IPO Closes
Completed25 Feb 2026Last day to place your bid
Basis of Allotment
Completed26 Feb 2026Share allotment finalised
Refund Initiation
Completed27 Feb 2026Refunds credited for non-allottees
Credit to Demat
Completed27 Feb 2026Allotted shares credited to demat account
Listing on Exchange
Completed02 Mar 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1000 | ₹127,000 | 1 | ₹127,000 | 1 lot only |
| HNI | 2 | 2000 | ₹254,000 | 2 | ₹254,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,822,581 | 35 | 0 | 0.00x | 100% |
| NII | 15% | 846,774 | 10.5 | 0 | 0.00x | 100% |
| Retail | 35% | 1,975,806 | 24.5 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
