Kiaasa Retail Limited, an Indian women’s ethnic and fusion wear brand, has launched its initial public offering (IPO), with shares priced in a band of Rs. 121 (US $ 1.33) to Rs. 127 (US $ 1.40) each, marking a major step in its growth strategy. The SME IPO opened for subscription on 23rd February and will close on 25th February, with allotment expected by 26th February and listing scheduled for 2nd March on the BSE SME platform.
The offer comprises a fresh issue of up to 54.9 lakh equity shares, equivalent to an aggregate size of approximately Rs. 69.7 crore (US $ 7.68 million), entirely aimed at raising capital for expansion. Of this, around Rs. 46.45 crore (US $ 5.12 million) will be used to open new stores, while the remainder will support general corporate purposes. Kiaasa has also reserved 56.03% of shares for retail investors, with the balance allocated to non-institutional and qualified institutional buyers.
Founded in 2018 and headquartered in Ghaziabad, Kiaasa has built a presence in the fast-growing ethnic fashion segment through an omni-channel model combining exclusive brand outlets (EBOs) and online platforms. Its product range includes kurtas, suit sets, lehengas, bottoms, dupattas and accessories, designed to appeal particularly to customers in Tier-2 and Tier-3 cities. The company has expanded its retail footprint to over 120 EBOs across around 70 cities, supported by franchise, company-operated and hybrid store models.
According to its red herring prospectus, Kiaasa reported total income of Rs. 120.7 crore (US $ 13.30 million) for the financial year ended March 2025, up from around Rs. 85 crore (US $ 9.37 million) in FY ’24. Profit after tax stood at approximately Rs. 8 crore (US $ 881,000) in FY25, compared with Rs. 5.74 crore (US $ 632,000) in the previous year. For the six months ended 30th September 2025, the company recorded revenue of Rs. 57.9 crore (US $ 6.38 million) and profit of Rs. 6.6 crore (US $ 727,000).
Kiaasa’s expansion plans include opening 41 additional exclusive brand outlets (EBOs) in the current financial year, followed by a further 20 outlets in FY ’27, targeting both core markets and new regions such as Bihar, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh and the National Capital Region.
