This needs at least 4 dpns and a cable needle or 5 dpns. It can be worked magic loop or any other way for small circles in the round, but it will still need a spare needle to work the pleats.

Stitches/techniques - Knit, purl, ssk. Working a flat circle in the round. Increasing without a hole. Lighter circular cast-on or any preferred circular cast-on. Knitting together one stitch each from two separate needles.