Kiaasa Retail Ltd IPO
Trading
Price Band
₹121 – ₹127
Lot Size
1000
Minimum Bid Quantity
2000
Minimum Investment
₹254000
Issue Size
₹69.72Cr
Opens
2026-02-23
Closes
2026-02-25
Listing
02-03-2026
Subscription Status
Qualified Institutional Buyers
14.98 x
Non-Institutional Investor
1.14 x
Retail Individual Investor
2.36 x
Total
1.95 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1C3F01018
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Kiaasa Retail Limited is an ethnic wear retail company focused on women’s apparel, footwear, and accessories. The company was incorporated as Kiaasa Retail LLP in 2018, converted into a private limited company in 2022, and became a public limited company in October 2024. The company’s product portfolio includes salwar kameez, lehengas, jewellery, bags, and scarves. It operates through exclusive brand outlets and an online platform. Its retail network functions under FOFO (Franchise Owned, Franchise Operated), COCO (Company Owned, Company Operated), and FICO (Franchise Invested, Company Operated) models. Kiaasa adopted an omnichannel approach in October 2022 by integrating physical stores with digital platforms. It also acquired the brands ‘U-Women’ in December 2021 and ‘LAABHA’ in February 2022. Kiaasa began operations with its first store in Kamla Nagar, Delhi, in June 2018. As of the date of the prospectus, it operates over 113 exclusive brand outlets across 70 cities in India, supported by an ERP-based operational system.
Pros
- • The company claims to design its collections in line with regional styles and cultural preferences across India. It works with specialised designers and local fashion experts to tailor offerings to specific markets. This localised approach enables it to align product assortments with regional demand patterns.
- • Kiaasa Retail claims to follow a two-stage quality check system for its products. The first inspection is conducted by its in-house team at manufacturing units during production, followed by a second round of checks at the warehouse level. This structured process is intended to maintain consistency in product standards before retail distribution.
- • The company claims to maintain competitive pricing by negotiating with suppliers and managing procurement costs. It states that this approach allows it to offer products at relatively affordable price points while maintaining specified quality benchmarks.
Cons
- • The top three states (Uttar Pradesh, Delhi, and Punjab) accounted for Rs 43.03 crore (55.86 percent) of the company’s total B2C revenue for the period ended February 28, 2025; Rs 39.06 crore (61.81 percent) in FY24; Rs 12.13 crore (65.60 percent) in FY23; and Rs 12.63 crore (71.88 percent) in FY22. Any adverse economic, regulatory, political, or social developments in these regions could adversely affect the company’s business, results of operations, and financial condition.
- • The top supplier accounted for Rs 24.57 crore (30.42 percent) of the company’s total purchases for the period ended February 28, 2025; Rs 29.55 crore (35.92 percent) in FY24; Rs 6.24 crore (21.09 percent) in FY23; and Rs 7.52 crore (42.22 percent) in FY22. Any disruption in supply, change in commercial terms, quality issues, or non-performance by this key supplier may adversely affect the company’s business, cash flows, and financial condition.
- • Kiaasa Retail currently does not avail itself of cash management services (CMS) from any bank, despite handling significant cash transactions across its retail outlets. This increases exposure to risks such as cash handling errors, delays in deposit of collections, reconciliation mismatches, internal misappropriation, and theft. Any continued delay in implementing a formal CMS arrangement may adversely affect the company’s operational efficiency, internal controls, working capital cycle, and financial condition.
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