IPO Overview
Riyaasat Lifestyle Ltd was incorporated in October 2021 and operates in the ethnic wear segment for men and women. RLL is an ethnic wear company that blends traditional craftsmanship with contemporary design, majorly for men’s and women’s collections. One of its unique advantages lies in customization — where not just sizes, but style, design, and embroidery can be tailored to each customer’s preference, ensuring a perfect fit for every occasion. RLL is a one-stop destination for family attire, embracing the latest trend of matching outfits for all members, including kids. The company follows an omnichannel retail strategy, combining a network of six exclusive brand outlets (EBOs) across Ahmedabad, Vadodara, and Mumbai with a growing online presence through its website and leading e-commerce marketplaces.
The company is now launching its SME IPO on the BSE SME platform. Riyaasat Lifestyle IPO is an SME book building issue of Rs. 30.77 crore, comprising a fresh issue of 28,48,800 equity shares. The shares are priced in a band of Rs. 102 to Rs. 108 per share, with a market lot size of 1,200 shares. The IPO opens on 18 June 2026 and closes on 22 June 2026, with listing expected on 25 June 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 18 June 2026 |
| IPO Close Date | 22 June 2026 |
| Allotment Date | 23 June 2026 (Expected) |
| Listing Date | 25 June 2026 (Tentative) |
| Price Band | ₹102 – ₹108 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,59,200 (2 lots = 2,400 shares) |
| Issue Size | ₹30.77 crore |
| Fresh Issue | 28,48,800 shares (₹30.77 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. The IPO constitutes 26.51% of the post-IPO paid-up capital of the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | Not more than 1,36,800 shares |
| Non-Institutional Investors (NII) | Not less than 9,64,800 shares |
| Retail / Individual Investors | Not less than 16,00,800 shares |
| Market Maker | Up to 1,46,400 shares |
The investors’ portion is QIB 50%, NII 15%, and Retail 35%.
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all net proceeds will be received directly by the company.
Objects of the Issue (Fund Utilization)
The company is spending Rs. 4.20 crore on the IPO process itself, and from the net proceeds of the issue, it will utilize Rs. 12.47 crore for capex on opening of 4 new stores, Rs. 9.50 crore for working capital, and the rest for general corporate purposes.
- Capital expenditure for setting up 4 new stores (showrooms) — ₹12.47 crore
- Working capital requirements — ₹9.50 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Mark Corporate Advisors Private Limited
- Registrar to the Issue: Skyline Financial Services Private Limited
- Market Maker: Nikunj Stock Brokers Ltd.
Promoters & Management
The promoters of Riyaasat Lifestyle are Gaurang Ramanbhai Galiya, Ramanbhai Nanubhai Galiya, and Sobhanaben R Galiya. Mr. Gaurang Ramanbhai Galiya serves as the Managing Director of the company.
The company issued further equity shares at a fixed price of Rs. 985 per share in August 2024, and also issued bonus shares in the ratio of 37 for 4 in September 2024.
Company Details
Riyaasat Ethnic Wear is a premium Indian ethnic fashion brand focused on designing, manufacturing, and retailing men’s and women’s traditional, fusion, and Indo-Western apparel. Operating under the flagship brand “Riyaasat,” the company offers an extensive product portfolio that includes sherwanis, kurta sets, jodhpuris, indo-western outfits, lehenga cholis, sarees, gowns, and accessories.
Sectors Served:
- Ethnic & Celebration Wear (Men, Women & Kids)
- Wedding & Festive Apparel
- Fusion & Indo-Western Wear
Key Product Categories:
- Kurta, Payjama, Sherwani, Jodhpuri
- Lehanga Choli, Sarees, Gowns
- Customized embroidery and tailoring across all categories
Key Capabilities:
- Runs a vertically integrated model — in-house design, sourcing from premium weavers, and finishing at its Mumbai workshop.
- Workshop facility well-equipped with a range of automated and semi-automated equipment, ensuring high efficiency and precision.
- Full customization of size, style, design, and embroidery for every customer
Retail Network:
Currently operates six exclusive brand outlets across Gujarat and Maharashtra, with store sizes ranging from approximately 1,790 square feet to over 9,400 square feet. The company has also entered into an agreement with PSL Retail Limited (January 2025) for sale through the PSL sales channel.
Employee Strength:
As of 31 January 2026, the company had approximately 177 employees across operations, retail, administration, and support functions.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY23 | ₹20.93 | ₹1.32 |
| FY24 | ₹22.88 | ₹4.08 |
| FY25 | ₹24.80 | ₹4.87 |
| 10M FY26 (Jan 2026) | ₹27.87 | ₹4.29 |
Key Financial Metrics
- In FY25, the company earned operating revenue of Rs. 24.80 crore, with profit after tax growing steadily year-on-year from Rs. 1.32 crore in FY23 to Rs. 4.87 crore in FY25.
- For the ten-month period ended January 2026, the company earned a PAT margin of approximately 15.40%.
- Financial performance has remained healthy with steady revenue growth and strong EBITDA margins.
Company Strengths
- Operates in the growing ethnic wear segment, supported by rising disposable incomes and increasing spending on weddings, festivals, and premium ethnic fashion.
- Vertically integrated model with in-house design, sourcing from premium weavers, and finishing at its own Mumbai workshop.
- Strong customization capabilities across size, design, and embroidery for every customer occasion
- Built a recognizable brand through its Exclusive Brand Outlet (EBO) strategy and growing digital sales channels.
- Consistent profitability with steady year-on-year revenue and PAT growth since FY23
- Omnichannel presence — offline showrooms plus online website and e-commerce marketplaces
Key Risks & Challenges
- Higher debt and trade receivables as of January 31, 2026 raise alarm, and based on its recent financial data, the issue appears aggressively priced.
- Only well-informed/cash-surplus investors may consider parking funds for the medium term, given the valuation concerns.
- Products are positioned as high-end and depend on raw materials sourced from available suppliers in the market, exposing the company to price fluctuation risk that could affect its cost structure.
- The sudden boost in bottom-line growth from FY24 onwards raises questions on sustainability of margins.
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
- Geographic concentration — current retail presence limited mainly to Gujarat and Maharashtra, creating regional dependency
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
