Kiaasa Retail SME IPO Listing Report

Overview

Kiaasa Retail, an ethnic-wear brand, made a weak debut on the market on March 2, with its share price falling to the lower circuit of ₹116.85, down 8% from the issue price of ₹127.

Listing Performance

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The company's shares opened at ₹123, down 3% from the issue price. Despite grey market expectations, the stock listed below its expected price, with a GMP of nil on Monday morning. The stock continued to decline, hitting its lower circuit price.

Market Sentiment

The market suffered heavy intraday losses on March 2, due to escalating US-Iran tensions, a sharp jump in crude oil prices, and the rupee's weakness. This sentiment negatively impacted investor confidence and contributed to Kiaasa Retail's weak debut.

IPO Details

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The SME IPO of Kiaasa Retail opened for subscription on February 23 and concluded on February 25. The issue was priced at ₹127 per share, with a fresh issue of 54.90 lakh shares of ₹10 each, aggregating to ₹70 crore. The book-running lead manager was Expert Global Consultants Private Limited, while Purva Sharegistry (India) Pvt. Ltd was the registrar of the issue.

Company Performance

As per the offer documents, Kiaasa Retail is an ethnic-wear brand offering a wide range of apparel, footwear, and accessories designed exclusively for women. The company operates through a network of exclusive brand outlets and online presence, ensuring accessibility across multiple platforms. Its revenue from operations stood at:

• ₹50.04 crore in FY23
• ₹85.04 crore in FY24
• ₹120.68 crore in FY25

The company's profit rose from ₹2.46 crore in FY23 to ₹5.74 crore in FY24 and to ₹8.38 crore in FY25.