The Kiaasa Retail IPO is set to open for subscription on February 23, 2026, offering investors an opportunity to participate in the growth journey of a fast-expanding women’s ethnic wear brand in India. The public issue, worth ₹69.72 crore, comes at a time when the organised apparel retail sector continues to witness strong demand driven by urbanisation, rising disposable income and a growing preference for branded fashion.

Kiaasa Retail Limited operates in the women’s ethnic wear segment and has built its brand positioning around contemporary and fusion styles designed for modern Indian women. The company has steadily expanded its footprint across multiple states and now operates 87 stores across 18 states and one union territory as of September 30, 2025.

This IPO is a Book Built Issue and consists entirely of a fresh issue of shares, meaning the company will receive the full proceeds from the offering. There is no Offer for Sale component in this issue.

IPO Structure and Key Dates

The subscription window for the IPO opens on February 23, 2026, and closes on February 25, 2026. The allotment is expected to be finalised on February 26, 2026, and the shares are likely to be listed on the NSE on March 2, 2026.

The total issue size of ₹69.72 crore comprises 0.55 crore fresh equity shares. Since the entire issue is fresh capital, the funds raised will go directly into the company’s accounts and are expected to be utilised for business expansion and general corporate purposes.

The company has fixed the price band at ₹121 to ₹127 per share. At the upper price band of ₹127 per share, the company’s estimated market capitalisation stands at ₹231.51 crore.

Lot Size and Investment Requirement

The IPO lot size has been fixed at 1,000 shares per lot. Retail investors are required to apply for a minimum of 2 lots, which translates into 2,000 shares. At the upper price band of ₹127 per share, this results in a minimum investment of ₹2,54,000 for retail participants.

High-Net-Worth Individuals must apply for at least 3 lots, or 3,000 shares, amounting to a minimum investment of ₹3,81,000.

The relatively high minimum investment requirement compared to many SME IPOs may influence retail participation, particularly among smaller investors.

Grey Market Premium Status

As of now, the Grey Market Premium stands at ₹0. This suggests that there is currently no premium being quoted in the unofficial market ahead of the IPO listing.

It is important to understand that Grey Market Premium reflects informal demand and supply dynamics outside the regulated stock exchange framework. Since no official trading happens before listing, GMP does not guarantee listing gains or losses. It is widely viewed as an indicator of market sentiment rather than a precise predictor of performance.

A zero GMP may indicate neutral market expectations or a wait-and-watch approach by traders and investors.

Business Overview

Kiaasa Retail Limited focuses on the women’s ethnic wear category, offering garments and accessories that combine traditional aesthetics with modern design elements. The brand aims to cater to middle-income and aspirational consumers who seek affordable yet stylish ethnic fashion.

The company follows a model that includes:

• Designing products in line with evolving fashion trends

• Sourcing materials and managing vendor relationships

• Selling primarily through Exclusive Brand Outlets

• Leveraging online platforms to expand reach

By operating its own branded stores, the company maintains control over product display, pricing, and customer experience.

Retail Network Expansion

One of the major strengths of Kiaasa Retail lies in its retail network. Operating 87 stores across 18 states and one union territory provides it with strong geographic presence.

Physical retail remains important in ethnic wear, as customers prefer trying garments before purchasing. The brand’s presence in multiple regions allows it to capture diverse consumer demand, particularly during festive and wedding seasons, which are key revenue drivers in the ethnic wear market.

At the same time, the company also sells through online channels, aligning itself with the growing e-commerce trend in India.

Industry Outlook

India’s ethnic wear market is one of the largest segments within the apparel industry. Cultural preferences, festive occasions, weddings and regional diversity ensure consistent demand for traditional clothing.

With increasing urbanisation and the rise of nuclear families, more women are opting for branded apparel that offers consistent sizing, quality assurance and trend-driven designs.

Organised retail players are gradually gaining market share from unorganised local vendors. Factors supporting this transition include:

• Standardised pricing

• Improved shopping experience

• Easy exchange and return policies

• Availability of online purchase options

Kiaasa Retail aims to capitalise on this shift by strengthening its store presence and enhancing its product portfolio.

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