Riyaasat Lifestyle IPO – Company Analysis
Riyaasat Lifestyle Limited is engaged in the design, manufacturing, and retailing of premium ethnic wear for men and women. The company offers a diverse portfolio of traditional and contemporary ethnic apparel, including Kurtas, Pyjamas, Sherwanis, Jodhpuri suits, Lehengas, and Gowns. Its products are crafted using quality fabrics and modern designs, catering to customers seeking style, comfort, and durability for weddings, festivals, and special occasions.
The company launched its first Exclusive Brand Outlet (EBO) in Ahmedabad on October 23, 2021, marking the beginning of its organized retail expansion. Through its EBO network, Riyaasat Lifestyle aims to strengthen brand visibility, enhance customer engagement, and deliver a personalized shopping experience. As of March 31, 2026, the company operates six Exclusive Brand Outlets across Gujarat and Maharashtra, with store sizes ranging from approximately 1,790 sq. ft. to 9,419 sq. ft. These outlets are designed to reflect the brand’s premium identity while providing customers with a high-quality retail environment.
Riyaasat Lifestyle IPO Details
The Riyaasat Lifestyle IPO will open for subscription on June 18, 2026, and close on June 22, 2026. The basis of allotment is expected to be finalized on June 23, 2026, while refunds and share credit are scheduled for June 24, 2026.
This SME IPO is a book-built issue aggregating ₹30.77 crore and consists entirely of a fresh issue of approximately 28.49 lakh equity shares. The company intends to utilize the proceeds for business expansion, working capital requirements, and general corporate purposes.
The IPO is priced in the range of ₹102 to ₹108 per share. Subject to regulatory approvals and market conditions, the shares are proposed to be listed on the BSE SME platform on June 25, 2026.
IPO Timetable (Tentative)
Events | Date |
IPO Opening Date | Jun 18, 2026 |
IPO Closing Date | Jun 22, 2026 |
IPO Allotment Date | Jun 23, 2026 |
Refund Initiation | Jun 24, 2026 |
IPO Listing Date | Jun 25, 2026 |
Company Financials
(Amount in Cr)
Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Assets | 33.91 | 17.75 | 8.79 |
Total Income | 25.19 | 23.34 | 20.94 |
Profit After Tax | 4.87 | 4.08 | 1.32 |
EBITDA | 6.25 | 5.14 | 1.70 |
Net Worth | 13.10 | 6.23 | 2.15 |
Reserves and Surplus | 5.21 | 5.48 | 1.40 |
Total Borrowing | 8.87 | 4.74 | 1.02 |
Cash Flows
(Amount in lac)
Net Cash Flow | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Net Cash Flow Operating Activities | 149.42 | (272.76) | (112.39) |
Net Cash Flow Investing Activities | (650.16) | (41.16) | (39.27) |
Net Cash Flow Financing Activities | 534.64 | 307.35 | 150.13 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
Objective of the Issue
Riyaasat Lifestyle Limited proposes to utilize the net proceeds from the IPO primarily to support its expansion plans and strengthen its operational capabilities. The company intends to invest approximately ₹12.47 crore towards capital expenditure for establishing four new retail showrooms, which is expected to enhance its market presence and improve customer reach across targeted locations.
Additionally, around ₹9.50 crore will be allocated towards meeting the company's working capital requirements. This funding is expected to support inventory management, day-to-day business operations, and future growth initiatives. The remaining proceeds will be utilized for general corporate purposes and issue-related expenses.
Listed Peers of Riyaasat Lifestyle Ltd.
Name of Company | Face Value (Rs. ) | PE Ratio (x) |
Bizotic Commercial Limited | 10.00 | 213.39 |
Vedant Fashions Limited | 1.00 | 28.01 |
Valuation
KPI | Value (Mar 31, 2025) |
RoE | 50.34% |
ROCE | 37.09% |
Debt/Equity | 0.68 |
RoNW | 37.15% |
PAT Margin | 19.62% |
EBITDA Margin | 25.18% |
Price to Book Value | 6.51 |
Evaluation of P/E Ratio
Based on the company’s financial performance for FY 2025-26, Riyaasat Lifestyle Limited reported an Earnings Per Share (EPS) of ₹6.17. Considering the upper price band of ₹108 per equity share, the IPO is offered at a Price-to-Earnings (P/E) ratio of 17.50x.
The P/E ratio indicates that investors are required to pay ₹17.50 for every ₹1 of earnings generated by the company. This valuation may be considered reasonable when compared with other listed players in the apparel and retail segment, particularly given the company's expanding Exclusive Brand Outlet (EBO) network and growth-focused business strategy.
However, investors should also evaluate the company's financial performance, profitability trends, competitive position, and future growth prospects before making an investment decision.
IPO Strengths
Customization options allow customers to personalize outfits according to their preferences.
Strong focus on blending traditional ethnic wear with modern fashion trends.
Premium-quality products offered at affordable prices.
Seamless and customer-friendly shopping experience through Exclusive Brand Outlets (EBOs).
IPO Weaknesses
High geographic concentration, with operations primarily focused in Gujarat and Maharashtra.
Dependence on external funding due to cash flow constraints and working capital requirements.
Relatively short operating and retail expansion track record compared to established industry players.
Riyaasat Lifestyle IPO GMP (Grey Market Premium)
Riyaasat Lifestyle IPO GMP has not commenced in the grey market as of June 20, 2026. Therefore, no GMP, Kostak Rate, or Subject to Sauda rates are currently available. Investors are advised to track the latest GMP updates closer to the IPO opening date, as grey market activity generally begins a few days before the issue opens for subscription.
Riyaasat Lifestyle IPO Summary
IPO Opening & Closing Date | 18 Jun, 2026 to 22 Jun, 2026 |
Face Value | Rs. 10 per Share |
Issue Price | Rs. 102 to Rs. 108 per Share. |
Lot Size | 1200 Shares |
Issue Size | 28,48,800 Shares (Rs. 31 Cr) |
Offer for Sale | - |
Fresh Issue | 27,02,400 Shares (Rs. 29 Cr) |
Listing at | BSE, SME |
Issue Type | Book build Issue |
Registrar | Skyline Financial Services Pvt. Ltd. |
IPO Lot Details
The minimum application size for retail investors is 1 lot consisting of 1,200 shares, requiring an investment of ₹1,29,600 at the upper price band. Retail investors can apply for a maximum of 2 lots (2,400 shares) amounting to ₹2,59,200.
For HNI/NII investors, the minimum application size is 3 lots comprising 3,600 shares, requiring an investment of ₹3,88,800. Applications can be made in multiples of the prescribed lot size thereafter.
Minimum Lot Investment (Retail) | 2 Lots |
Maximum Lot Investment (Retail) | 2 Lots |
HNI (Min) | 3 Lots |
Riyaasat Lifestyle IPO Allotment Status
Investors can check the Riyaasat Lifestyle IPO allotment status once the basis of allotment is finalized. The allotment status can be verified through the official website of the IPO Registrar or the BSE website by entering details such as PAN number, application number, or DP/Client ID.
The direct links to check the allotment status on the Registrar's portal and the BSE website are provided below for investors' convenience.
BSE Website - BSE IPO allotment status
Promoters And Management of Riyaasat Lifestyle Ltd.
Gaurang Ramanbhai Galiya
Ramanbhai Nanubhai Galiya
Sobhanaben R Galiya.
Pre-Issue Promoter Shareholding | 99.87% |
Post-Issue Promoter Shareholding | 73.4% |
IPO Lead Managers
Mark Corporate Advisors Pvt. Ltd.
Dividend Policy
Riyaasat Lifestyle Limited does not currently have a formal dividend policy. Any future declaration and payment of dividends will depend on various factors, including the company's profitability, cash flows, working capital requirements, capital expenditure plans, and overall financial position. The Board of Directors will determine dividend payouts based on these considerations and applicable regulatory requirements.
Conclusion
Riyaasat Lifestyle IPO offers investors an opportunity to participate in a growing ethnic wear brand with an expanding retail footprint and improving financial performance. The company has demonstrated steady growth in revenue and profitability while maintaining healthy margins. However, investors should also consider risks such as geographic concentration, working capital dependence, and a relatively short operating history. Overall, the IPO may be suitable for investors with a moderate-to-high risk appetite seeking exposure to the organized ethnic apparel retail segment.To read the Prospectus of the Company, click the link to download the DRHP.
DISCLAIMER: This article is for educational and informational purposes only and should not be considered as investment, financial, or trading advice. It does not constitute a buy, sell, or hold recommendation for any security or IPO. Investors should conduct their own research and consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks.
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