Kiaasa Retail's IPO opened on February 23 and closed on February 25, achieving over two times subscription. Priced at ₹127, it offered 54.90 lakh shares. The company specializes in ethnic wear for women, but shares debuted weakly on March 2, falling to ₹116.85 amid market volatility.
Kiaasa Retail SME IPO listing: SME stock lists at 3% discount, hits lower circuit amid stock market crash
Kiaasa Retail SME IPO listing: Kiaasa Retail shares made a weak debut and fell to their lower circuit on Monday, March 2, amid weak market sentiment. Kiaasa Retail share price opened at ₹123, down 3% with respect to the issue price of ₹127. The stock extended the losses and hit its lower circuit of ₹116.85, down 8% with respect to the issue price.
The stock listed on a weaker note, even below grey market expectations. Kiaasa Retail IPO GMP was nil on Monday morning, indicating the stock could have listed at par with the issue price.
Meanwhile, the stock market suffered heavy intraday losses on Monday as the escalating US-Iran war, a sharp jump in crude oil prices, and the rupee's weakness spooked investors.
Kiaasa Retail IPO details
Kiaasa Retail IPO opened for subscription on Monday, February 23, and concluded on Wednesday, February 25. The SME IPO witnessed an overall subscription of more than two times.
Priced at ₹127 per share, the IPO was a fresh issue of 54.90 lakh shares of ₹10 each, aggregating to nearly ₹70 crore.
Expert Global Consultants Private Limited was the book-running lead manager, while Purva Sharegistry (India) Pvt. Ltd was the registrar of the issue.
As per the offer documents, the company is an ethnic-wear brand offering a wide range of apparel, footwear, and accessories designed exclusively for women.
It 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, and ₹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.
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