Logo
search
Login
📞Call Us Now :
+91 80629 16290

Kiaasa Retail Ltd IPO

Status: Closed

Overview

IPO date
23 Feb 2026 to 25 Feb 2026
Face value
₹ 10 per share
Price
₹ 121 to ₹127 per share
Issue Size
5,491,000 shares
(aggregating up to ₹ 69.74 Cr)
Allotment Date
26 Feb 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Trading

Objectives of Kiaasa Retail Ltd IPO

Kiaasa Retail Ltd IPO Strategy

About Kiaasa Retail Ltd

Unlock_ipo_iconUnlock Stock of the Month

T&C*

Strengths vs Risks of Kiaasa Retail Ltd

Know the pros & cons

Strengths

  • arrowStrong leadership and fast growth.
  • arrowDesigns that connect with local culture.
  • arrowStrict quality checks for every product.
  • arrowAffordable prices without compromising quality.
  • arrowStock that matches the seasons.

Risks

  • arrowOur business from retail outlet is concentrated in the state of Uttar Pradesh only. For the eleven-month period ended February 28, 2025, revenue from Uttar Pradesh constituted Rs. 2,326.39 Lakhs i.e. 28.81% of our revenue for February 28, 2025. Any adverse impact in this region may adversely affect our business, results of operations and financial condition.
  • arrowOur offices, including our Registered Office and Branch Offices, are located on leased premises, and any disruption in these lease arrangements could adversely affect our business, operations, and financial performance.
  • arrowOur brand image is integral to our success and if we are unable to effectively maintain, promote and enhance our brand, and conduct our sales and marketing activities effectively, our business and reputation may be adversely affected.
  • arrowOur proposed expansion plans relating to the opening of new stores are subject to the risk of unanticipated delays in implementation and cost overruns.
  • arrowWe have experienced delays in the timely repayment of our loan obligations in the past, and any continued delays or defaults may adversely affect our creditworthiness, financial flexibility, and ability to raise future capital.
  • arrowIn the past Company had delayed in the EPF and GST returns. This may adversely affect the financial performance and regulatory compliance of the company
  • arrowThere are certain discrepancies/errors noticed in some of our corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorizes in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.
  • arrowOur reliance on third-party suppliers and vendors for procurement of finished products exposes us to supply chain risks, and heavy dependence on a limited number of vendors may adversely affect our business, cash flows, and financial condition.
  • arrowOur inability to collect receivables and default in payment from our customers could result in the reduction of our profits and affect our cash flows.
  • arrowWe have not made any alternate arrangements for meeting our capital requirements for the Objects of the Issue. Further we have not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations and financial performance.
  • arrowOur Company has experienced delays in obtaining certain essential licenses and registrations required for the lawful operation of its retail outlets. Any non-compliance, penalties or adverse regulatory action in this regard may adversely impact our business operations, reputation, and financial condition.
  • arrowOur Directors and Promoters are involved and may in the future, be involved in certain legal proceedings, which, if determined adversely, may adversely affect our business and financial condition.
  • arrowWe are highly dependent on the franchisee model for the expansion and operation of our retail network. Any failure to manage and maintain our relationships with franchisees, or underperformance by franchise-operated outlets, could adversely affect our brand, business, and financial performance.
  • arrowThe success of our Exclusive Brand Outlets (EBOs) is highly dependent on their locations, and any decline in the attractiveness of current locations or inability to secure suitable new locations on commercially viable terms may adversely affect our business operations and growth.
  • arrowAs on the date of this Draft Red Herring Prospectus ("DRHP"), our Company has not applied for some trade licenses required for its operating retail outlets, and certain existing licenses have expired without renewal. Any delays or failure in obtaining or renewing these statutory approvals may result in regulatory penalties, operational disruptions, or adverse reputational impact.
  • arrowOur Company has entered into certain related party transactions in the past and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
  • arrowWe face intense competition from both domestic and international players, which may adversely impact our growth, market share, and financial performance.
  • arrowHigh levels of inventory may increase our operational and financial risks, and any inability to efficiently manage inventory could adversely affect our business, financial condition, and results of operations.
  • arrowWe have incurred GST liabilities due to defaulting vendors, and while recovery notices have been issued to these vendors, our ability to recover such amounts remains uncertain and may adversely affect our financial condition.
  • arrowOur Promoters have transferred equity shares at a price lower than the Issue Price during the preceding one year pursuant to an inter-se settlement under a shareholders' agreement, which may be perceived unfavourably by investors.
  • arrowWe are dependent upon the experience and skill of our management team (including promoters) and a number of KMPs and senior management personnel. If we are unable to attract or retain such qualified personnel, this could adversely affect our business, results of operations and financial condition.
  • arrowOur insurance coverage may not be adequate to protect us against certain losses, including cash-related risks, and this may have a material adverse effect on our business, financial condition, and results of operations.
  • arrowWe may be unable to enforce our rights under some of our agreements with counterparties on account of insufficient stamping and non-registration or other reasons.
  • arrowOur Company does not currently avail Cash Management Services (CMS) from any bank, which may increase operational and financial risks associated with handling significant cash volumes.
  • arrowOur Company does not currently avail Cash Management Services (CMS) from any bank, which may increase operational and financial risks associated with handling significant cash volumes.
  • arrowOur Company has availed unsecured loans from banks and financial institutions, which may be recalled on demand.
  • arrowWe are subject to restrictive covenants under our financing agreements that could limit the flexibility we have to manage our business.
  • arrowWe cannot assure you that we will be able to successfully execute our growth strategies, which could affect our business prospects, results of operations and financial condition.
  • arrowWe are subject to certain legal and tax proceedings, and any adverse decision in these matters may have a material impact on our financial condition and results of operations.
  • arrowCertain Agreements, deeds or licenses, statutory approvals and certificates may be in the previous name of the company, we have to update the name of our company in all the statutory approvals and certificates due to the conversion of our Company.
  • arrowThe average cost of acquisition of Equity Shares by our Promoters may be lower than the Issue Price.
  • arrowWe have experienced negative cash flows in the past. Any such negative cash flows in the future could affect our business, results of operations and prospects.
  • arrowWe require various statutory and regulatory permits and approvals in the ordinary course of our business, and our failure to obtain, renew or maintain them in a timely manner may adversely affect our operations.
  • arrowWe are subject to risks arising from interest rate fluctuations, which could reduce the profitability of our projects and adversely affect our business, financial condition and results of operations.
  • arrowAny failure to maintain quality control systems for our services could have a material adverse effect on our business, reputation, results of operations and financial condition.
  • arrowThere are certain outstanding legal proceedings pending against our Company and Directors. Any adverse outcome in any of these proceedings may adversely affect our profitability and reputation and may have an adverse effect on our results of operations and financial condition.
  • arrowOur Promoters have provided guarantees for loans availed by us, and in the event the same is enforced against our Promoters, it could adversely affect our Promoters' ability to manage the affairs of our Company.
  • arrowOur Company has not declared any dividends in the three financial years preceding the date of this Draft Red Herring Prospectus. Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • arrowGeneral economic and market conditions in India and globally could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.
  • arrowThe Objects of the Issue for which funds are being raised, are based on our management estimates and any bank or financial institution or lead manager or any independent agency has not appraised the same. The deployment of funds in the project is entirely at our discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
  • arrowMajor fraud, lapses of internal control or system failures could adversely impact the Company's business.
  • arrowCertain sections of this Draft Red Herring Prospectus contain information from the D&B Report which has been prepared exclusively for the Issue and exclusively commissioned and paid for by us. There can be no assurance that such report is complete, and any reliance on such information for making an investment decision in this Issue is subject to inherent risks.
  • arrowOur inability to manage growth could disrupt our business and reduce our profitability. We propose to expand our business activities in coming financial years.
  • arrowWe may suffer loss of income, if our products/designs are duplicated by our competitors.
  • arrowWe have issued Equity Shares at prices that may be lower than the Issue Price in the last 12 months.
  • arrowIf we are unable to obtain, protect or use our intellectual property rights, our business may be adversely affected.
  • arrowOur inability to identify and respond to evolving fashion trends and consumer preferences in a timely and effective manner may adversely affect our brand, competitiveness, and business performance.
  • arrowAfter the completion of the Issue, our Promoters will continue to collectively hold substantial shareholding in our Company.
  • arrowAfter the completion of the Issue, our Promoters will continue to collectively hold substantial shareholding in our Company.
  • arrowAny future acquisitions, joint ventures, partnerships, strategic alliances, tie-ups or investments could fail to achieve expected synergies and may disrupt our business and harm the results of operations and our financial condition.
  • arrowThere are restrictions on daily/weekly/monthly movements in the price of the Equity Shares, which may adversely affect a shareholders' ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
  • arrowThe price of our Equity Shares may be volatile, or an active trading market for our Equity Shares may not develop.
  • arrowThe Issue price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue and the market price of our Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • arrowIn the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects / schedule of implementation of this Issue which would in turn affect our revenues and results of operations.
  • arrowQIBs and Non-Institutional Investors are not permitted to withdraw or lower their application (in terms of quantity of Equity Shares or the Application Amount) at any stage after submitting the Application.
  • arrowCertain Lease Agreements entered into by the Company are not registered, which may adversely affect its operations and legal rights.
  • arrowAs on the date of this Red Herring Prospectus ("RHP"), the Company has not applied for some trade licenses and shop establishments required for its operating retail outlets, and certain existing licenses have expired without renewal. Any delays or failures in obtaining or renewing these statutory approvals may result in regulatory penalties, operational disruptions, or adverse reputational impact.
  • arrowThe company's business from retail outlet is concentrated in the state of Uttar Pradesh only. For the half year ended September 30, 2025, B2C revenue from Uttar Pradesh constituted Rs. 1,352.96 Lakhs i.e. 31.07% of its B2C revenue for September 30, 2025. Any adverse impact in this region may adversely affect the company's business, results of operations and financial condition.
  • arrowThe company's offices, including its Registered Office and Branch Offices, are located on leased premises, and any disruption in these lease arrangements could adversely affect its business, operations, and financial performance.
  • arrowThe company's brand image is integral to the company's success and if the company is unable to effectively maintain, promote and enhance its brand, and conduct its sales and marketing activities effectively, the company's business and reputation may be adversely affected.
  • arrowThe company's proposed expansion plans relating to the opening of new stores are subject to the risk of unanticipated delays in implementation and cost overruns.
  • arrowThe company has experienced delays in the timely repayment of its loan obligations in the past, and any continued delays or defaults may adversely affect the company's creditworthiness, financial flexibility, and ability to raise future capital.
  • arrowPast delays in statutory filings, including EPF, ESI, and GST, may subject us to regulatory scrutiny and could adversely affect its operations and reputation.
  • arrowThere are certain discrepancies/errors noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorizes in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.
  • arrowThe company's reliance on third-party suppliers and vendors for procurement of finished products exposes the company to supply chain risks, and heavy dependence on a limited number of vendors may adversely affect its business, cash flows, and financial condition.
  • arrowThe company's inability to collect receivables and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
  • arrowThe company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect its business, results of operations and prospects.
  • arrowThe company's has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
  • arrowThe Company has experienced delays in obtaining certain essential licenses and registrations required for the lawful operation of its retail outlets. Any non-compliance, penalties or adverse regulatory action in this regard may adversely impact its business operations, reputation, and financial condition.
  • arrowThe company's Directors and Promoters are involved and may in the future, be involved in certain legal proceedings, which, if determined adversely, may adversely affect its business and financial condition.
  • arrowNon-issuance of NOCs from Unsecured Lenders for the proposed IPO of the Company considering absence of restrictive covenants pertaining to Unsecured Loans from these Unsecured Lenders.
  • arrowThe company has incurred GST liabilities due to defaulting vendors, and while recovery notices have been issued to these vendors, the company's ability to recover such amounts remains uncertain and may adversely affect its financial condition.
  • arrowThe company is highly dependent on the franchisee model for the expansion and operation of the company's retail network. Any failures to manage and maintain the company's relationships with franchisees, or underperformance by franchise-operated outlets, could adversely affect its brand, business, and financial performance.
  • arrowThe success of the company's Exclusive Brand Outlets (EBOs) is highly dependent on their locations, and any decline in the attractiveness of current locations or inability to secure suitable new locations on commercially viable terms may adversely affect its business operations and growth.
  • arrowThe Company has entered into certain related party transactions in the past and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
  • arrowThe company faces intense competition from both domestic and international players, which may adversely impact its growth, market share, and financial performance.
  • arrowHigh levels of inventory may increase the company's operational and financial risks, and any inability to efficiently manage inventory could adversely affect its business, financial condition, and results of operations.
  • arrowThe company's Promoters have transferred equity shares at a price lower than the Issue Price during the preceding one year pursuant to an inter-se settlement under a shareholders' agreement, which may be perceived unfavourably by investors.
  • arrowThe company's dependent upon the experience and skill of its management team (including promoters) and a number of KMPs and senior management personnel. If the company is unable to attract or retain such qualified personnel, this could adversely affect its business, results of operations and financial condition.
  • arrowThe company's insurance coverage may not be adequate to protect us against certain losses, including cash-related risks, and this may have a material adverse effect on the company's business, financial condition, and results of operations.
  • arrowThe Company does not currently avail Cash Management Services (CMS) from any bank, which may increase operational and financial risks associated with handling significant cash volumes.
  • arrowIf the company is unable to effectively manage or expand its retail network and operations or pursue the company's growth strategy, the company's new stores as well as the company's existing stores may not achieve its expected level of profitability which may adversely affect its business prospects, financial condition and results of operations.
  • arrowThe Company has availed unsecured loans from related parties, banks and financial institutions, which may be recalled on demand.
  • arrowThe company is subject to restrictive covenants under its financing agreements that could limit the flexibility the company has to manage its business.
  • arrowThe company cannot assure you that the company will be able to successfully execute its growth strategies, which could affect its business prospects, results of operations and financial condition.
  • arrowThe company is subject to certain legal and tax proceedings, and any adverse decision in these matters may have a material impact on the company's financial condition and results of operations.
  • arrowCertain Agreements, deeds or licenses, statutory approvals and certificates may be in the previous name of the company, the company has to update the name of the company in all the statutory approvals and certificates due to the conversion of the Company.
  • arrowThe average cost of acquisition of Equity Shares by the company's Promoters may be lower than the Issue Price.
  • arrowThe company requires various statutory and regulatory permits and approvals in the ordinary course of the company's business, and the company's failures to obtain, renew or maintain them in a timely manner may adversely affect its operations.
  • arrowThe company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of the company's projects and adversely affect its business, financial condition and results of operations.
  • arrowAny failures to maintain quality control systems for the company's services could have a material adverse effect on the company's business, reputation, results of operations and financial condition.
  • arrowThere are certain outstanding legal proceedings pending against the Company and Directors. Any adverse outcome in any of these proceedings may adversely affect its profitability and reputation and may have an adverse effect on the company's results of operations and financial condition.
  • arrowThe company's Promoters have provided guarantees for loans availed by the company, and in the event the same is enforced against the company's Promoters, it could adversely affect its Promoters' ability to manage the affairs of the Company.
  • arrowThe Company has not declared any dividends in the three financial years preceding the date of this Red Herring Prospectus. The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • arrowGeneral economic and market conditions in India and globally could have a material adverse effect on the company's business, financial condition, cash flows, results of operations and prospects.
  • arrowThe Objects of the Issue for which funds are being raised, are based on the company's management estimates and any bank or financial institution or lead manager or any independent agency has not appraised the same. The deployment of funds in the project is entirely at the company's discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
  • arrowMajor fraud, lapses of internal control or system failures could adversely impact the Company's business.
  • arrowCertain sections of this Red Herring Prospectus contain information from the D&B Report which has been prepared exclusively for the Issue and exclusively commissioned and paid for by the company. There can be no assurance that such report is complete, and any reliance on such information for making an investment decision in this Issue is subject to inherent risks.
  • arrowThe company's inability to manage growth could disrupt the company's business and reduce its profitability. The company proposes to expand its business activities in coming financial years.
  • arrowWe may suffer loss of income, if our products/designs are duplicated by our competitors.
  • arrowWe have issued Equity Shares at prices that may be lower than the Issue Price in the last 12 months.
  • arrowIf we are unable to obtain, protect or use our intellectual property rights, our business may be adversely affected.
  • arrowThe company's inability to identify and respond to evolving fashion trends and consumer preferences in a timely and effective manner may adversely affect its brand, competitiveness, and business performance.
  • arrowAfter the completion of the Issue, our Promoters will continue to collectively hold substantial shareholding in our Company.
  • arrowCertain Promoters and Directors are interested in our Company's performance in addition to their remuneration and reimbursement of expenses.
  • arrowAny future acquisitions, joint ventures, partnerships, strategic alliances, tie-ups or investments could fail to achieve expected synergies and may disrupt our business and harm the results of operations and our financial condition.
  • arrowThere are restrictions on daily/weekly/monthly movements in the price of the Equity Shares, which may adversely affect a shareholders' ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
  • arrowThe price of our Equity Shares may be volatile, or an active trading market for our Equity Shares may not develop.
  • arrowThe Issue price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue and the market price of our Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • arrowIn the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects / schedule of implementation of this Issue which would in turn affect its revenues and results of operations.
  • arrowQIBs and Non-Institutional Investors are not permitted to withdraw or lower their application (in terms of quantity of Equity Shares or the Application Amount) at any stage after submitting the Application.

Kiaasa Retail Ltd Peer Comparison

Understand the company’s industry standing

Kiaasa Retail Ltd
Monte Carlo Fashions Ltd
Kewal Kiran Clothing Ltd
Face Value
10
10
10
Standalone / Consolidated
Standalone
Consolidated
Consolidated
Total Income Rs. Cr.
120.68
1100.41
1002.77
EPS-Basis
6.58
39.15
23.44
EPS-Diluted
6.58
39.15
23.44
NAV Per Share
31.93
40.23
13.31
P/E-Basic EPS
---
17.11
23.59
P/E-Diluted EPS
---
---
---
RONW(%)
20.6
9.73
18.2
Latest NAV Period
---
---
---
Latest NAV
---
---
---
steps

How to check the allotment status of Kiaasa Retail Ltd IPO?

Follow the steps

check
check
check
check

Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).

IPO reads

Stay updated with the latest IPO developments

dir

February 27, 2025 | 5 min read

₹50.11 Cr Balaji Phosphates IPO Opens Feb 28. Issue Details and SWOT Analysis
dir

February 25, 2025 | 5 min read

Tata Capital Board Approves ₹15,000 Cr Plus Mega IPO; Tata Investment Shares Soar 8%
dir

February 18, 2025 | 5 min read

Busy Week Ahead: 2 SME IPOs and 9 Market Listings – Get the Complete Details Here
dir

October 25, 2024 | 5 min read

Waaree Energies IPO: GMP Soars 106% Amid 76.34x Subscription – Check Your Allotment Status!
dir

October 22, 2024 | 5 min read

Upcoming IPOs: 9 Public Issues Set to Raise ₹10,984.8 Cr – Key Insights Inside!
dir

October 17, 2024 | 5 min read

Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why
dir

September 6, 2024 | 5 min read

Bajaj Housing Finance IPO: All You Need to Know
dir

October 17, 2024 | 5 min read

Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why
dir

August 26, 2024 | 5 min read

Premier Energies IPO: Key Details Ahead of the ₹2,830.40 Cr Issue Launch

More on IPOs

Navigate your way to other IPO resources

More on IPOs

Current IPOs

More on IPOs

Upcoming IPOs

More on IPOs

Closed IPOs

More on IPOs

Listed IPOs

More on IPOs

Performing IPOs

Latest videos on IPOs

IPO highlights & details!

FAQs on IPO

Get answers to all your questions here!

The IPO opens on 23 Feb 2026 & closes on 25 Feb 2026.

Kiaasa Retail Limited was originally incorporated as 'Kiaasa Retail LLP' under the Limited Liability Partnership Act, 2008, with the Registrar of Companies, Central Registration Centre, on April 20, 2018. It was later converted into a Private Limited Company as 'Kiaasa Retail Private Limited' on June 07, 2022 on behalf of Registrar of Companies, Central Registration Centre. Upon the conversion of the status into a public limited company to Kiaasa Retail Limited, a fresh certificate of incorporation dated January 21, 2025 has been issued by the Central Registration Centre. Kiaasa is an ethnic wear brand that offers a wide range of apparel, footwear, and accessories designed exclusively for women. The product includes salwar kameez, lehengas, jewellery, bags, and scarves. The Company operate through a network of exclusive brand outlets and online presence, ensuring accessibility across multiple platforms. The Company began its journey in April 2018, to establish a brand that offer stylish and comfortable ethnic wear for women. The first store was launched in Kamla Nagar, Delhi, in June 2018, marking the beginning of its retail presence. Over the next few years, it expanded the footprint across India, focusing on building a strong customer base and enhancing its product offerings. In March 2021, the current promoters, namely Mr. Om Prakash and Mr. Amit Chauhan, took over the business from existing partners/ shareholders, contributing to rapid growth and operational improvements. By September 2021, Kiaasa achieved a significant milestone by opening its 50th store in Vadodara. In South India, it acquired 'U-Women' brand in December 2021. Further expansion followed with the acquisition of the brand 'LAABHA' in February 2022, enhancing the brand's presence within Delhi/NCR. By March 2022, Company opened its 100th store at Crown Interior, Faridabad, marking another phase of growth. In October 2022, Kiaasa transitioned to an omni-channel model, integrating the physical stores with digital platforms to provide a shopping experience. It now operate over 113 exclusive brand outlets across 70 cities, supported by an online presence. It use a combination of marketing strategies, partnerships with influencers and location-specific campaigns to increase the market reach. Company issued 54,90,000 Equity shares having face value Rs 10 each via its IPO and raised a fresh issue of Rs 69.72 crores on February 25, 2026.

Kiaasa Retail Ltd IPO will close on 25 Feb 2026.

  • Strong leadership and fast growth.
  • Designs that connect with local culture.
  • Strict quality checks for every product.
  • Affordable prices without compromising quality.
  • Stock that matches the seasons.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Om Prakash 4013750 31.51 4013750 22.02
2 Amit Chauhan 4013750 31.51 4013750 22.02
3 Neha Srivastava 562500 4.41 562500 3.09
4 Shivani Rastogi Chauhan 562500 4.41 562500 3.09

  • Our business from retail outlet is concentrated in the state of Uttar Pradesh only. For the eleven-month period ended February 28, 2025, revenue from Uttar Pradesh constituted Rs. 2,326.39 Lakhs i.e. 28.81% of our revenue for February 28, 2025. Any adverse impact in this region may adversely affect our business, results of operations and financial condition.
  • Our offices, including our Registered Office and Branch Offices, are located on leased premises, and any disruption in these lease arrangements could adversely affect our business, operations, and financial performance.
  • Our brand image is integral to our success and if we are unable to effectively maintain, promote and enhance our brand, and conduct our sales and marketing activities effectively, our business and reputation may be adversely affected.
  • Our proposed expansion plans relating to the opening of new stores are subject to the risk of unanticipated delays in implementation and cost overruns.
  • We have experienced delays in the timely repayment of our loan obligations in the past, and any continued delays or defaults may adversely affect our creditworthiness, financial flexibility, and ability to raise future capital.
  • In the past Company had delayed in the EPF and GST returns. This may adversely affect the financial performance and regulatory compliance of the company
  • There are certain discrepancies/errors noticed in some of our corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorizes in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.
  • Our reliance on third-party suppliers and vendors for procurement of finished products exposes us to supply chain risks, and heavy dependence on a limited number of vendors may adversely affect our business, cash flows, and financial condition.
  • Our inability to collect receivables and default in payment from our customers could result in the reduction of our profits and affect our cash flows.
  • We have not made any alternate arrangements for meeting our capital requirements for the Objects of the Issue. Further we have not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations and financial performance.
  • Our Company has experienced delays in obtaining certain essential licenses and registrations required for the lawful operation of its retail outlets. Any non-compliance, penalties or adverse regulatory action in this regard may adversely impact our business operations, reputation, and financial condition.
  • Our Directors and Promoters are involved and may in the future, be involved in certain legal proceedings, which, if determined adversely, may adversely affect our business and financial condition.
  • We are highly dependent on the franchisee model for the expansion and operation of our retail network. Any failure to manage and maintain our relationships with franchisees, or underperformance by franchise-operated outlets, could adversely affect our brand, business, and financial performance.
  • The success of our Exclusive Brand Outlets (EBOs) is highly dependent on their locations, and any decline in the attractiveness of current locations or inability to secure suitable new locations on commercially viable terms may adversely affect our business operations and growth.
  • As on the date of this Draft Red Herring Prospectus ("DRHP"), our Company has not applied for some trade licenses required for its operating retail outlets, and certain existing licenses have expired without renewal. Any delays or failure in obtaining or renewing these statutory approvals may result in regulatory penalties, operational disruptions, or adverse reputational impact.
  • Our Company has entered into certain related party transactions in the past and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
  • We face intense competition from both domestic and international players, which may adversely impact our growth, market share, and financial performance.
  • High levels of inventory may increase our operational and financial risks, and any inability to efficiently manage inventory could adversely affect our business, financial condition, and results of operations.
  • We have incurred GST liabilities due to defaulting vendors, and while recovery notices have been issued to these vendors, our ability to recover such amounts remains uncertain and may adversely affect our financial condition.
  • Our Promoters have transferred equity shares at a price lower than the Issue Price during the preceding one year pursuant to an inter-se settlement under a shareholders' agreement, which may be perceived unfavourably by investors.
  • We are dependent upon the experience and skill of our management team (including promoters) and a number of KMPs and senior management personnel. If we are unable to attract or retain such qualified personnel, this could adversely affect our business, results of operations and financial condition.
  • Our insurance coverage may not be adequate to protect us against certain losses, including cash-related risks, and this may have a material adverse effect on our business, financial condition, and results of operations.
  • We may be unable to enforce our rights under some of our agreements with counterparties on account of insufficient stamping and non-registration or other reasons.
  • Our Company does not currently avail Cash Management Services (CMS) from any bank, which may increase operational and financial risks associated with handling significant cash volumes.
  • Our Company does not currently avail Cash Management Services (CMS) from any bank, which may increase operational and financial risks associated with handling significant cash volumes.
  • Our Company has availed unsecured loans from banks and financial institutions, which may be recalled on demand.
  • We are subject to restrictive covenants under our financing agreements that could limit the flexibility we have to manage our business.
  • We cannot assure you that we will be able to successfully execute our growth strategies, which could affect our business prospects, results of operations and financial condition.
  • We are subject to certain legal and tax proceedings, and any adverse decision in these matters may have a material impact on our financial condition and results of operations.
  • Certain Agreements, deeds or licenses, statutory approvals and certificates may be in the previous name of the company, we have to update the name of our company in all the statutory approvals and certificates due to the conversion of our Company.
  • The average cost of acquisition of Equity Shares by our Promoters may be lower than the Issue Price.
  • We have experienced negative cash flows in the past. Any such negative cash flows in the future could affect our business, results of operations and prospects.
  • We require various statutory and regulatory permits and approvals in the ordinary course of our business, and our failure to obtain, renew or maintain them in a timely manner may adversely affect our operations.
  • We are subject to risks arising from interest rate fluctuations, which could reduce the profitability of our projects and adversely affect our business, financial condition and results of operations.
  • Any failure to maintain quality control systems for our services could have a material adverse effect on our business, reputation, results of operations and financial condition.
  • There are certain outstanding legal proceedings pending against our Company and Directors. Any adverse outcome in any of these proceedings may adversely affect our profitability and reputation and may have an adverse effect on our results of operations and financial condition.
  • Our Promoters have provided guarantees for loans availed by us, and in the event the same is enforced against our Promoters, it could adversely affect our Promoters' ability to manage the affairs of our Company.
  • Our Company has not declared any dividends in the three financial years preceding the date of this Draft Red Herring Prospectus. Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • General economic and market conditions in India and globally could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.
  • The Objects of the Issue for which funds are being raised, are based on our management estimates and any bank or financial institution or lead manager or any independent agency has not appraised the same. The deployment of funds in the project is entirely at our discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
  • Major fraud, lapses of internal control or system failures could adversely impact the Company's business.
  • Certain sections of this Draft Red Herring Prospectus contain information from the D&B Report which has been prepared exclusively for the Issue and exclusively commissioned and paid for by us. There can be no assurance that such report is complete, and any reliance on such information for making an investment decision in this Issue is subject to inherent risks.
  • Our inability to manage growth could disrupt our business and reduce our profitability. We propose to expand our business activities in coming financial years.
  • We may suffer loss of income, if our products/designs are duplicated by our competitors.
  • We have issued Equity Shares at prices that may be lower than the Issue Price in the last 12 months.
  • If we are unable to obtain, protect or use our intellectual property rights, our business may be adversely affected.
  • Our inability to identify and respond to evolving fashion trends and consumer preferences in a timely and effective manner may adversely affect our brand, competitiveness, and business performance.
  • After the completion of the Issue, our Promoters will continue to collectively hold substantial shareholding in our Company.
  • After the completion of the Issue, our Promoters will continue to collectively hold substantial shareholding in our Company.
  • Any future acquisitions, joint ventures, partnerships, strategic alliances, tie-ups or investments could fail to achieve expected synergies and may disrupt our business and harm the results of operations and our financial condition.
  • There are restrictions on daily/weekly/monthly movements in the price of the Equity Shares, which may adversely affect a shareholders' ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
  • The price of our Equity Shares may be volatile, or an active trading market for our Equity Shares may not develop.
  • The Issue price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue and the market price of our Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects / schedule of implementation of this Issue which would in turn affect our revenues and results of operations.
  • QIBs and Non-Institutional Investors are not permitted to withdraw or lower their application (in terms of quantity of Equity Shares or the Application Amount) at any stage after submitting the Application.
  • Certain Lease Agreements entered into by the Company are not registered, which may adversely affect its operations and legal rights.
  • As on the date of this Red Herring Prospectus ("RHP"), the Company has not applied for some trade licenses and shop establishments required for its operating retail outlets, and certain existing licenses have expired without renewal. Any delays or failures in obtaining or renewing these statutory approvals may result in regulatory penalties, operational disruptions, or adverse reputational impact.
  • The company's business from retail outlet is concentrated in the state of Uttar Pradesh only. For the half year ended September 30, 2025, B2C revenue from Uttar Pradesh constituted Rs. 1,352.96 Lakhs i.e. 31.07% of its B2C revenue for September 30, 2025. Any adverse impact in this region may adversely affect the company's business, results of operations and financial condition.
  • The company's offices, including its Registered Office and Branch Offices, are located on leased premises, and any disruption in these lease arrangements could adversely affect its business, operations, and financial performance.
  • The company's brand image is integral to the company's success and if the company is unable to effectively maintain, promote and enhance its brand, and conduct its sales and marketing activities effectively, the company's business and reputation may be adversely affected.
  • The company's proposed expansion plans relating to the opening of new stores are subject to the risk of unanticipated delays in implementation and cost overruns.
  • The company has experienced delays in the timely repayment of its loan obligations in the past, and any continued delays or defaults may adversely affect the company's creditworthiness, financial flexibility, and ability to raise future capital.
  • Past delays in statutory filings, including EPF, ESI, and GST, may subject us to regulatory scrutiny and could adversely affect its operations and reputation.
  • There are certain discrepancies/errors noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorizes in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.
  • The company's reliance on third-party suppliers and vendors for procurement of finished products exposes the company to supply chain risks, and heavy dependence on a limited number of vendors may adversely affect its business, cash flows, and financial condition.
  • The company's inability to collect receivables and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
  • The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect its business, results of operations and prospects.
  • The company's has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further the company has not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
  • The Company has experienced delays in obtaining certain essential licenses and registrations required for the lawful operation of its retail outlets. Any non-compliance, penalties or adverse regulatory action in this regard may adversely impact its business operations, reputation, and financial condition.
  • The company's Directors and Promoters are involved and may in the future, be involved in certain legal proceedings, which, if determined adversely, may adversely affect its business and financial condition.
  • Non-issuance of NOCs from Unsecured Lenders for the proposed IPO of the Company considering absence of restrictive covenants pertaining to Unsecured Loans from these Unsecured Lenders.
  • The company has incurred GST liabilities due to defaulting vendors, and while recovery notices have been issued to these vendors, the company's ability to recover such amounts remains uncertain and may adversely affect its financial condition.
  • The company is highly dependent on the franchisee model for the expansion and operation of the company's retail network. Any failures to manage and maintain the company's relationships with franchisees, or underperformance by franchise-operated outlets, could adversely affect its brand, business, and financial performance.
  • The success of the company's Exclusive Brand Outlets (EBOs) is highly dependent on their locations, and any decline in the attractiveness of current locations or inability to secure suitable new locations on commercially viable terms may adversely affect its business operations and growth.
  • The Company has entered into certain related party transactions in the past and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
  • The company faces intense competition from both domestic and international players, which may adversely impact its growth, market share, and financial performance.
  • High levels of inventory may increase the company's operational and financial risks, and any inability to efficiently manage inventory could adversely affect its business, financial condition, and results of operations.
  • The company's Promoters have transferred equity shares at a price lower than the Issue Price during the preceding one year pursuant to an inter-se settlement under a shareholders' agreement, which may be perceived unfavourably by investors.
  • The company's dependent upon the experience and skill of its management team (including promoters) and a number of KMPs and senior management personnel. If the company is unable to attract or retain such qualified personnel, this could adversely affect its business, results of operations and financial condition.
  • The company's insurance coverage may not be adequate to protect us against certain losses, including cash-related risks, and this may have a material adverse effect on the company's business, financial condition, and results of operations.
  • The Company does not currently avail Cash Management Services (CMS) from any bank, which may increase operational and financial risks associated with handling significant cash volumes.
  • If the company is unable to effectively manage or expand its retail network and operations or pursue the company's growth strategy, the company's new stores as well as the company's existing stores may not achieve its expected level of profitability which may adversely affect its business prospects, financial condition and results of operations.
  • The Company has availed unsecured loans from related parties, banks and financial institutions, which may be recalled on demand.
  • The company is subject to restrictive covenants under its financing agreements that could limit the flexibility the company has to manage its business.
  • The company cannot assure you that the company will be able to successfully execute its growth strategies, which could affect its business prospects, results of operations and financial condition.
  • The company is subject to certain legal and tax proceedings, and any adverse decision in these matters may have a material impact on the company's financial condition and results of operations.
  • Certain Agreements, deeds or licenses, statutory approvals and certificates may be in the previous name of the company, the company has to update the name of the company in all the statutory approvals and certificates due to the conversion of the Company.
  • The average cost of acquisition of Equity Shares by the company's Promoters may be lower than the Issue Price.
  • The company requires various statutory and regulatory permits and approvals in the ordinary course of the company's business, and the company's failures to obtain, renew or maintain them in a timely manner may adversely affect its operations.
  • The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of the company's projects and adversely affect its business, financial condition and results of operations.
  • Any failures to maintain quality control systems for the company's services could have a material adverse effect on the company's business, reputation, results of operations and financial condition.
  • There are certain outstanding legal proceedings pending against the Company and Directors. Any adverse outcome in any of these proceedings may adversely affect its profitability and reputation and may have an adverse effect on the company's results of operations and financial condition.
  • The company's Promoters have provided guarantees for loans availed by the company, and in the event the same is enforced against the company's Promoters, it could adversely affect its Promoters' ability to manage the affairs of the Company.
  • The Company has not declared any dividends in the three financial years preceding the date of this Red Herring Prospectus. The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • General economic and market conditions in India and globally could have a material adverse effect on the company's business, financial condition, cash flows, results of operations and prospects.
  • The Objects of the Issue for which funds are being raised, are based on the company's management estimates and any bank or financial institution or lead manager or any independent agency has not appraised the same. The deployment of funds in the project is entirely at the company's discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
  • Major fraud, lapses of internal control or system failures could adversely impact the Company's business.
  • Certain sections of this Red Herring Prospectus contain information from the D&B Report which has been prepared exclusively for the Issue and exclusively commissioned and paid for by the company. There can be no assurance that such report is complete, and any reliance on such information for making an investment decision in this Issue is subject to inherent risks.
  • The company's inability to manage growth could disrupt the company's business and reduce its profitability. The company proposes to expand its business activities in coming financial years.
  • We may suffer loss of income, if our products/designs are duplicated by our competitors.
  • We have issued Equity Shares at prices that may be lower than the Issue Price in the last 12 months.
  • If we are unable to obtain, protect or use our intellectual property rights, our business may be adversely affected.
  • The company's inability to identify and respond to evolving fashion trends and consumer preferences in a timely and effective manner may adversely affect its brand, competitiveness, and business performance.
  • After the completion of the Issue, our Promoters will continue to collectively hold substantial shareholding in our Company.
  • Certain Promoters and Directors are interested in our Company's performance in addition to their remuneration and reimbursement of expenses.
  • Any future acquisitions, joint ventures, partnerships, strategic alliances, tie-ups or investments could fail to achieve expected synergies and may disrupt our business and harm the results of operations and our financial condition.
  • There are restrictions on daily/weekly/monthly movements in the price of the Equity Shares, which may adversely affect a shareholders' ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
  • The price of our Equity Shares may be volatile, or an active trading market for our Equity Shares may not develop.
  • The Issue price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue and the market price of our Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects / schedule of implementation of this Issue which would in turn affect its revenues and results of operations.
  • QIBs and Non-Institutional Investors are not permitted to withdraw or lower their application (in terms of quantity of Equity Shares or the Application Amount) at any stage after submitting the Application.

The Issue type of Kiaasa Retail Ltd is Book Building - SME.

The minimum application for shares of Kiaasa Retail Ltd is 2000.

The total shares issue of Kiaasa Retail Ltd is 5491000.

Initial public issue of up to 54,90,000 equity shares of Rs. 10/- each ("Equity Shares") of Kiaasa Retail Limited ("Company" or the "Issuer") for cash at a price of Rs. 127 per equity share (Including a share Premium of Rs. 117 per Equity Share) ("Issue Price"), aggregating up to Rs. 69.72 crores comprising a fresh issue of up to 54,90,000 equity shares aggregating up to Rs. 69.72 crores by the company ("Fresh Issue") of which 2,75,000 equity shares aggregating to Rs. 3.49 crores will be reserved for subscription by market maker to the issue (the"Market Maker Reservation Portion"). The issue less the market maker reservation, i.e. net issue 52,15,000 equity shares of face value of Rs. 10/- each at price of Rs. 127 per equity share aggregating to Rs. 66.23 crores is hereinafter referred to as the "Net Issue". The issue and net issue will constitute 30.12% and 28.61%, respectively of the post-issue paid-up equity share capital of the company. Price Band: Rs. 127 per equity share of face value Rs.10/- each. The floor price is 12.7 times of the face value of the equity shares. Bids can be made for a minimum of 2000 equity shares and in multiples of 1000 equity shares thereafter.