Updated on 19.02.2026|15:11 PM
Kiaasa Retail Limited is set to launch its Initial Public Offering (IPO) on Monday, February 23, 2026 and close on Wednesday, February 25, 2026.
It is an emerging player in the Indian ethnic wear market specializing in women's apparel and accessories. Track all the upcoming and live IPOs at our regularly updated detailed IPO section.
Operating over 100 Exclusive Brand Outlets (EBOs) and unique "Nine99" factory outlet stores, Kiaasa has established a significant footprint in North India.
Through this book-built issue, the company aims to raise approximately ₹69.72 Crores with a price band of ₹121 to ₹127 per share.
The proceeds will primarily fund its aggressive expansion into Tier 2 and Tier 3 cities and meet working capital requirements.
In this article, you will find the Kiaasa Retail IPO GMP today,price band, and a detailed review. For details on day wise subscription, check our IPO subscription section and for allotment related information and details check our IPO allotment status hub page.
Briefs of Kiaasa Retail IPO Details:
- Price Band: ₹121 – ₹127 per equity share
- IPO Open / Close Dates: February 23, 2026 – February 25, 2026
- Lot Size: 1,000 Shares (Note: Retail Minimum Application is 2 Lots / 2,000 Shares)
- Issue Size: 54,90,000 Equity Shares / ~₹69.72 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Purva Sharegistry (India) Pvt. Ltd.
- Listing Exchange: BSE SME
What Is The Kiaasa Retail IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
What Are The Important Kiaasa Retail IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Monday, February 23, 2026
- IPO Close Date: Wednesday, February 25, 2026
- Basis of Allotment Date: Thursday, February 26, 2026
- Refund Initiation Date: Friday, February 27, 2026
- Credit of Shares: Friday, February 27, 2026
- Listing Date: Monday, March 2, 2026
What Are The Objectives of Kiaasa Retail IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Store Expansion (46.45 Crores): Funding the setup of new Exclusive Brand Outlets (EBOs) to deepen market penetration in untapped regions.
- Working Capital: To meet incremental working capital requirements for inventory stocking, crucial for the retail business.
- General Corporate Purposes: To fund ongoing operational needs and strategic initiatives.
How is The Financial Performance of Kiaasa Retail?
The following table summarises the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 | Period Ended 31 Mar 25 | Period Ended 31 Mar 24 | Period Ended 31 Mar 23 |
Total Income | 58.01 | 120.70 | 85.19 | 50.18 |
Profit After Tax (PAT) | 6.64 | 8.38 | 5.74 | 2.46 |
EBITDA | 12.26 | 15.49 | 10.01 | 4.95 |
Total Borrowing | 43.03 | 28.67 | 15.88 | 21.17 |
Assets | 181.81 | 144.30 | 95.42 | 54.26 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported a total income of ₹120.70 Crores in FY25, reflecting a robust growth trajectory from ₹50.18 Crores in FY23. This surge is driven by the aggressive expansion of its franchise network and the success of its value-driven "Nine99" store format.
Profit After Tax (PAT):
Profitability has improved significantly, with PAT rising to ₹8.38 Crores in FY25, a jump of nearly 46% year-on-year. The PAT margin expansion to nearly 7% indicates better operational leverage and efficient cost management despite rapid scaling.
EBITDA:
Operational efficiency is evident, with EBITDA growing to ₹15.49 Crores in FY25. The EBITDA margin improvement to 12.84% suggests the company is effectively absorbing fixed costs like rent and employee expenses as store density increases.
Total Borrowing:
Debt levels have spiked to ₹43.03 Crores as of September 2025 to fund working capital and new store setups. While this supports growth, the rising debt burden increases interest costs and leverage risk.
Assets:
The asset base expanded significantly to ₹181.81 Crores by September 2025. A large portion of this comprises inventory required for new stores, highlighting the capital-intensive nature of retail expansion.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹6.58, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 19.30x at the upper end of the price band (₹127).
P/E Ratio = ₹127(Price) / ₹6.58(Earnings Per Share)
P/E Ratio ≈ 19.30x
Peer Comparison Table (FY 2025 Data):
| Company | P/E Ratio | RoNW (%) | Revenue (₹ Lakhs) |
Kiaasa Retail | ~19.30x | 20.60% | 12,068.44 |
| Monte Carlo Fashion | 17.11x | 9.73% | 1,10,041.00 |
| Kewal Kiran Clothing | 23.59x | 18.20% | 1,00,277.00 |
| Purple United Sales | 33.61x | 17.30% | 10,312.75 |
Analysis:
Kiaasa Retail is entering the market at a P/E multiple of approximately 19.30x. When compared to the industry average of roughly 24.77x and listed peers like Kewal Kiran (23.59x) and Purple United (33.61x), the issue appears to be priced attractively. Notably, Kiaasa has a Return on Net Worth (RoNW) of 20.60%, outperforming established players like Monte Carlo (9.73%), suggesting efficient capital utilization.
What is The Industry Outlook of Kiaasa Retail Limited?
Growth Potential:
The Indian ethnic wear market is projected to grow robustly, driven by rising disposable incomes and the increasing popularity of fusion wear among women.
Market Trends:
There is a distinct shift towards organised retail in Tier-2 and Tier-3 cities. Kiaasa's strategy of targeting these underserved markets with affordable fashion aligns well with consumption trends.
What Are The Strengths and Risks of Kiaasa Retail IPO?
Strengths:
- Scalable Model: The mix of FOFO and COCO models allows for capital-efficient expansion.
- Inventory Management: The "Nine99" factory outlet concept efficiently monetises surplus stock, protecting margins in premium stores.
- High Efficiency: A RoNW of over 20% indicates strong management performance relative to capital employed.
Risks:
- Compliance Gaps: History of delayed statutory filings and unregistered lease agreements poses regulatory risks.
- Cash Management: Lack of formal CMS for cash sales increases operational risk.
- Geographic Concentration: Heavy reliance on North India makes the company vulnerable to regional disruptions.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 1,000 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (2,000 Shares), amounting to ₹2,54,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, essentially treating retail applicants as Small-HNI.
- Valuation: At ~19.3x P/E, the pricing is reasonable given the growth profile.
- Risk Profile: High growth but compliance and concentration risks make this suitable for investors with a higher risk appetite.
Key Takeaways
- IPO Price: ₹127 per share (Upper Band).
- Min Investment: ₹2,54,000 (2,000 Shares).
- Allotment: February 26, 2026
- Listing: BSE SME platform on March 2, 2026.
FAQs on Kiaasa Retail IPO
What is Kiaasa Retail IPO GMP today?
The GMP is a dynamic market sentiment indicator. Please check trusted financial news portals or our dedicated GMP section for the latest updates.
What is Kiaasa Retail IPO price band?
The price band is fixed at ₹121 to ₹127 per equity share.
What is Kiaasa Retail IPO allotment date?
The allotment status is expected to be finalized on Thursday, February 26, 2026.
How to check the Kiaasa Retail IPO allotment status?
Investors can check the status on the website of Purva Sharegistry (India) Pvt. Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is Kiaasa Retail IPO listing date?
The shares are tentatively scheduled to list on Monday, March 2, 2026.
Investment Perspective on Kiaasa Retail IPO
Kiaasa Retail offers a high-growth opportunity in the women's ethnic wear segment with impressive return ratios. However, the high ticket size for retail investors and compliance-related risks are critical factors to weigh against the potential rewards.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
