Ethnic fashion player Kiaasa Retail on Friday said it has filed its preliminary papers with BSE’s SME platform to raise funds through an Initial Public Offering (IPO).
The IPO is entirely a fresh issue of up to 55 lakh equity shares, the Ghaziabad-based company said in a statement.
Proceeds from the issue will be used for expansion of the company’s retail footprint across Tier II and Tier III cities, enhancement of its omni-channel and digital presence and working capital requirements and general corporate purposes, it added.
Kiaasa is a direct-to-consumer brand catering to India’s growing demand for affordable ethnic and fusion wear. The company currently operates over 100 exclusive brand outlets across 20 states and plans to scale up to 250+ stores by FY28. The company also has a presence in the kidswear segment.
“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,” Om Prakash, Managing Director at Kiaasa Retail, said.
Expert Global Consultants is the sole book running lead manager while Purva Sharegistry (India) Pvt Ltd is the registrar for the IPO.
