Kiasa Retail, a brand selling ethnic wear for women, has approached the capital market by filing a red herring prospectus. It is raising up to Rs 69.7 crore from the initial share sale to expand its stores. The public issue will open for subscription next week on 23rd February i.e. Monday and will close on 25th February. The company will finalize its IPO share allotment for investors by February 26, while trading in its equity shares will begin on BSE SME from March 2.
Uttar Pradesh-based Kiasa Retail, which has set a price band of Rs 121-127 per share for its IPO, is valued at Rs 231.50 crore at the upper price band. The offer comprises a completely fresh issue of 54.90 lakh equity shares. The company wants to spend Rs 46.4 crore from the IPO proceeds on opening new stores and the remaining amount for general corporate purposes.
Preparation to open EBO
Formed in 2018, Kiasa Retail, which operates 124 EBOs (Exclusive Brand Outlets) across 70 cities in India across three models (Franchise Owned Franchise Operated-FOFO, Company Owned Company Operated-COCO, Franchise Invested Company Operated-FICO), intends to open 41 more EBOs this financial year and 20 EBOs in FY27. The company said that although we can open EBOs in these Indian states, i.e. Bihar, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh and Delhi/National Capital Region, these locations are not complete and are subject to change.
Kiasa Retail, which competes with listed competitors like Monte Carlo Fashion, Kewal Kiran Clothing and Purple United Sales, has reported a profit of Rs 6.6 crore on revenue of Rs 57.9 crore for the six months ending September 2025. In fact, financial performance has also been strong over the years and profit increased by 46% to Rs 8.4 crore in FY25, which is more than Rs 5.7 crore last year. During the same period, revenue increased by 41.9 percent from Rs 85 crore to Rs 120.7 crore. The merchant bankers managing the Kiasa Retail IPO are Expert Global Consultants.
More than 120 stores
Established in 2018, Kiaasa has witnessed remarkable growth in a short period of time. After the acquisition in March 2021, the company further accelerated its expansion. At present the company has presence in more than 75 cities. Where more than 120 stores are operational. The headquarters of the company is in Ghaziabad. Kiaasa aims to become India’s largest affordable ethnic wear brand. Currently, the company is targeting Gen Z girls, Millennial customers and fashion-forward but value-conscious consumers. The company also has its presence on digital platforms i.e. Myntra, Flipkart and LimeRoad.
Kiaasa has won the trust of more than 5 lakh satisfied customers. This is not just a figure, but a proof of the quality, reliability and customer centric approach of the brand. The company has set a target of setting up more than 50 Multi Brand Outlets and more than 250 Exclusive Brand Outlets by 2028. Additionally, plans for international expansion in the near future also reflect the company’s bigger vision.