Kiaasa Retail shares list at 3% discount to IPO price on BSE SME platform

Shares of Kiaasa Retail made their market debut on Monday, listing at 3% discount to their IPO price. The stock opened at Rs 123 apiece on the BSE SME platform against the issue price of Rs 127. The listing was broadly in line with the GMP expectation, which had hinted at a lacklustre debut for the stock.

The Rs 70 crore IPO, which closed on February 25, was subscribed 2.05 times overall. The retail category was subscribed 2.43 times, while the NII segment saw 1.16 times subscription. Interestingly, the QIB portion, though small at less than 1% of the total issue size, was subscribed 14.98 times.

The company plans to utilise Rs 46.45 crore towards opening new stores and Rs 10 crore for general corporate purposes.


Founded in 2018 and headquartered in Ghaziabad, Kiaasa Retail operates in the women’s ethnic and fusion wear segment. The company has over 100 stores across more than 80 cities and follows a mix of FOFO, COCO and FICO models to expand its retail footprint. Its product portfolio includes kurtas, suit sets, lehengas, bottoms, dupattas and accessories.

For FY25, the company reported total income of Rs 120.70 crore and profit after tax of Rs 8.38 crore, compared with Rs 85.19 crore and Rs 5.74 crore, respectively, in FY24.

Despite moderate overall subscription and strong QIB interest in a small allocation, the flat GMP suggests limited expectations of listing gains. SME listings often see sharp moves based on liquidity and sentiment, but the current grey market trend points to a neutral debut unless broader market conditions improve.

Investors will watch whether retail demand sustains in the secondary market or whether the stock lists near its issue price amid cautious sentiment in the SME segment.

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