Kiaasa Retail files for IPO to fund expansion

Ethnic fashion retailer Kiaasa Retail has filed its preliminary papers with BSE's SME platform to raise capital through an Initial Public Offering (IPO), PTI reports. The IPO will consist entirely of a fresh issue of up to 55 lakh equity shares, as announced by the Ghaziabad-based company in a recent statement.

The proceeds generated from this public offering are earmarked for several strategic initiatives, including the expansion of Kiaasa Retail's physical retail footprint, particularly across Tier II and Tier III cities. Additionally, funds will be allocated to enhance the company's omni-channel and digital presence, address working capital requirements, and serve general corporate purposes.

Kiaasa Retail operates as a direct-to-consumer brand, specialising in affordable ethnic and fusion wear to meet India's increasing demand for such apparel. The company currently manages over 100 exclusive brand outlets spanning 20 states and has ambitious plans to expand its store count to more than 250 by fiscal year 2028. The brand also maintains a presence in the kidswear segment.

Om Prakash, managing director at Kiaasa Retail, commented on the development: "This IPO marks a new chapter as we continue to scale with customer-first thinking and innovation at the core. Kiaasa is also eyeing international markets and aims to tap global demand for Indian ethnic wear through its online platform and strategic partnerships."

Expert Global Consultants has been appointed as the sole book running lead manager for the IPO, with Purva Sharegistry (India) Pvt Ltd serving as the registrar.