Kiaasa Retail Limited, a women’s ethnic wear brand offering contemporary and fusion apparel across India, is set to launch its Initial Public Offering (IPO) on February 23, 2026. The company plans to raise ₹69.72 crore through a fresh issue of shares under the book built route. The IPO will close on February 25, 2026, with listing scheduled on the NSE on or about March 2, 2026.

The public issue marks a significant step for the fashion retail brand as it looks to expand operations and strengthen its presence in India’s competitive apparel market.

About Kiaasa Retail Limited

Kiaasa Retail Limited focuses on designing, sourcing and selling women’s ethnic and fusion wear. The brand caters primarily to modern Indian women who are looking for affordable ethnic fashion with a contemporary touch.

The company operates through a network of Exclusive Brand Outlets (EBOs) and online platforms. As of September 30, 2025, Kiaasa Retail runs 87 stores across 18 states and 1 union territory. Its physical presence combined with online sales channels allows the brand to reach customers across urban and semi-urban markets.

The company earns revenue mainly from retail sales of garments and accessories. Its product portfolio includes ethnic suits, kurtas, fusion wear, festive collections and fashion accessories.

Details of the IPO

Kiaasa Retail IPO is a Book Built Issue amounting to ₹69.72 crore. The entire issue consists of a fresh issue of 0.55 crore shares. There is no offer for sale component, meaning all funds raised will go directly to the company rather than existing shareholders.

The subscription window opens on February 23, 2026, and closes on February 25, 2026. The allotment of shares is expected to be finalised on February 26, 2026.

The tentative listing date on the NSE is March 2, 2026.

Price Band and Valuation

The price band for the Kiaasa Retail IPO is set at ₹121 to ₹127 per equity share. Investors can bid within this range during the subscription period.

At the upper end of the price band, the company’s market capitalisation is estimated at approximately ₹231.51 crore.

The lot size for the IPO is 1,000 shares. Retail investors are required to apply for a minimum of two lots, which equals 2,000 shares. At the upper price band of ₹127 per share, the minimum investment for retail investors stands at ₹254,000.

For High Net Worth Individuals (HNIs), the minimum investment requirement is three lots or 3,000 shares, amounting to ₹381,000 at the upper price band.

IPO Management and Key Intermediaries

The book running lead manager for the issue is Expert Global Consultants Private Limited. The registrar for the IPO is Purva Sharegistry (India) Pvt. Ltd. The market maker for the issue is Prabhat Financial Services Ltd.

These intermediaries play crucial roles in managing subscriptions, processing applications, handling allotment and ensuring smooth listing procedures.

Grey Market Premium Update

As per available information, the Grey Market Premium (GMP) for Kiaasa Retail IPO stands at ₹0. This suggests neutral sentiment in the unofficial grey market ahead of the IPO listing.

It is important to note that grey market trading is unofficial and unregulated. No real trading occurs through formal stock exchanges in this market. Therefore, GMP is often speculative and depends on demand and supply conditions in an unorganised setup.

Investors are advised to consider grey market trends only for educational purposes and not as a reliable indicator of listing performance.

Business Model and Revenue Streams

Kiaasa Retail follows a retail driven business model. The company designs and sources products tailored to Indian consumer preferences. It then distributes them through company owned exclusive brand outlets and online platforms.

The focus on affordable pricing allows the brand to target middle income and aspirational consumers.

The company’s physical stores are located in shopping malls and high footfall areas, which help increase visibility and customer engagement.

Industry Outlook

India’s apparel and fashion industry continues to grow, driven by rising disposable income, urbanisation and increasing fashion consciousness among consumers.

The women’s ethnic wear segment remains one of the largest and fastest growing categories within the Indian fashion industry. Festivals, weddings and cultural occasions drive consistent demand for ethnic wear.

The increasing acceptance of fusion wear also presents growth opportunities for brands like Kiaasa Retail.

Competitive Landscape

The ethnic wear market in India is highly competitive, with both organised and unorganised players operating across segments.

Organised players include established national brands as well as regional chains. The unorganised sector comprises local boutiques and small retailers.

Kiaasa Retail’s strategy focuses on offering trendy designs at affordable price points while maintaining brand identity through exclusive outlets.

Use of IPO Proceeds

Since the issue consists entirely of fresh shares, the funds raised will go to the company. While detailed utilisation plans are typically outlined in the prospectus, companies generally use IPO proceeds for expansion, working capital requirements, debt repayment and general corporate purposes.

For a retail brand, expansion into new cities and strengthening supply chain operations often form key priorities.

Risks and Considerations

As with any IPO, investors should carefully review financial statements, growth prospects and risk factors.

The retail fashion industry is subject to changing consumer preferences, seasonal demand fluctuations and competition. Inventory management and supply chain efficiency are critical for maintaining profitability.

Market sentiment at the time of listing can also influence short term price movement.

Listing Expectations

With GMP currently at ₹0, there is no clear indication of listing gains or losses. Actual listing performance will depend on subscription levels, market conditions and investor sentiment during the IPO period.

Investors should evaluate the company’s fundamentals rather than relying solely on grey market signals.

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