Submission of Monitoring agency Report for the half year ended 31st March, 2026.
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Kiaasa Retail Limited raised Rs. 69.74 crore through its IPO in February 2026. The monitoring agency report shows that Rs. 41.67 crore (60%) has been utilized as of March 31, 2026, leaving Rs. 28.07 crore unutilized. For the new store expansion object (Rs. 46.46 crore allocated), only 4 stores were opened against a target of 41 stores for FY2026, with Rs. 23.60 crore utilized—primarily for inventory rather than fit-out and security deposits as originally planned. The Board has extended the utilization timeline to March 31, 2027. No deviations from the stated objects or means of finance were reported. The unutilized funds are held in escrow, current, and fixed deposit accounts earning interest rates ranging from 3% to 5.60%.
The significant underutilization of IPO proceeds for store expansion (only 4 of 41 planned stores opened) and the timeline extension suggest slower-than-expected rollout, which may delay revenue growth from new stores. However, the funds remain intact and deployment is expected by March 2027.