Kiaasa Retail Limited has launched its initial public offering (IPO) today, **February 23, 2026**, seeking to raise **Rs 69.72 crore**. The company, a prominent player in the women's ethnic and fusion wear segment, is offering **54.90 lakh** fresh equity shares. The price band is fixed between **Rs 121 and Rs 127** per share. Investors must bid for a minimum lot of **1,000 shares**, though retail participants are required to bid for at least **2 lots**, bringing the minimum investment to **Rs 2,54,000**. Grey market activity suggests a muted debut, with the Grey Market Premium (GMP) currently holding at **Rs 0**. This indicates that the unofficial market is not factoring in immediate listing gains. The company's expansion strategy is the primary driver of this capital raise. Of the total proceeds, **Rs 46.45 crore** is earmarked for opening new stores. Kiaasa currently operates **124 outlets** across **70 cities**, with plans to add **41 more** in the current cycle and **20 additional** stores in FY27. Financial performance for FY25 showed strong momentum. Total income reached **Rs 121 crore**, up from **Rs 85 crore** in FY24. Profit after tax (PAT) rose to **Rs 8.38 crore**, representing significant year-on-year growth compared to the **Rs 5.74 crore** reported previously. The brand utilizes a diverse operational framework including **FOFO** (Franchise Owned Franchise Operated), **COCO** (Company Owned Company Operated), and **FICO** (Franchise Invested Company Operated) models. While it has a growing national footprint, revenue remains concentrated in northern regions, with Uttar Pradesh alone contributing roughly **28.8%** of total earnings. The subscription window remains open until **Wednesday, February 25, 2026**. Allotment is expected to be finalized on **February 26**, with the official listing on the **BSE SME** platform scheduled for **March 2, 2026**. This offering comes amid a broader shift in the Indian ethnic wear market toward "wearable luxury" and fusion styles, a sector projected to maintain steady growth through 2026 as consumer preferences lean toward affordable, high-quality fashion in Tier-II and Tier-III cities.