Kiaasa Retail gets BSE nod for Rs 55-cr IPO to fund expansion plans

New Delhi, Sep 1 (PTI) Women's ethnic wear brand Kiaasa Retail on Monday said it has received approval from the BSE to launch its initial share sale on the exchange's SME platform.

The Ghaziabad-based retailer had filed its draft red herring prospectus (DRHP) with the BSE on April 18 and secured final in-principle approval on August 29, marking a significant milestone in its journey to becoming a listed entity, the company said in a statement.

The proposed IPO will comprise a fresh issue of equity shares aggregating up to Rs 55 crore. The proceeds from the fresh issue will be utilised for new store opening & future expansions.

"We're thrilled to have secured BSE approval for our IPO, marking a major milestone in our growth journey. With investor support, we're poised for a successful listing debut, excited to take our company to new heights," said Kiaasa Retail's Managing Director Om Prakash.

Director Amit Chauhan added that this milestone underscores the company's potential and growth prospects. "We appreciate the trust of our stakeholders and look forward to a successful IPO," he said.

Proceeds from the issue will be used for expansion of the company's retail footprint pan-India.

As a direct-to-consumer retailer of high-quality ethnic and fusion clothing focussing tier-II cities, Kiaasa, which operates more than 100 exclusive brand outlets across 20 states, aims to expand its retail footprint to over 250 stores by FY28.

The company also plans to expand globally in FY26.

The company's shares are proposed to be listed on the BSE's SME platform.

Expert Global Consultants is the sole book running lead manager while Purva Sharegistry (India) Pvt Ltd is the registrar for the IPO. PTI HG TRB TRB