Riyaasat Lifestyle IPO

About Riyaasat Lifestyle IPO

The public issue of the Riyaasat Lifestyle IPO, a BSE-SME IPO, opens on June 18, 2026 and closes on June 22, 2026. The allotment of shares will take place on June 23, 2026. The credit of shares to the demat account will take place on June 24, 2026. The initiation of refunds will also take place on June 24, 2026. The listing of shares will take place on June 25, 2026.

The offer consists entirely of a fresh issue with no offer for sale component. The fresh issue will include 27,02,400 shares (aggregating up to ₹29.19 crore). This excludes the market maker allocation of 1,46,400 shares (aggregating up to ₹1.58 crore). There is no offer for sale component in the IPO. The total number of shares is 28,48,800 aggregating to ₹30.77 crore.

Riyaasat Lifestyle IPO price band has been set in the range of ₹102 to ₹108 per share. The lot size for an application is dependent on the price, which has been set at 2 lots of 2,400 shares, entailing a minimum investment of ₹2,59,200. The minimum investment for HNIs is 3 lots of 3,600 shares aggregating to a total investment value of ₹3,88,800.

Incorporated in 2021, Riyaasat Lifestyle is a retailer specialising in ethnic wear for men and women. They offer a vast collection including Kurtas, Pyjamas, Sherwani, Jodhpuri, Lehenga, Gowns etc. Riyaasat Lifestyle had launched its first exclusive brand outlet (EBO) in 2021; and as of March 2026, it operates a total of 6 EBOs spread across the states of Gujarat and Maharashtra. The positioning of the brand is more as an exclusive property and its typical showroom ha an area between 1,790 SFT and 9,419 SFT. It has adopted an omnichannel approach and also sells online through its website.

Objectives of Riyaasat Lifestyle IPO

• Capital Expenditure towards opening of 4 new showrooms.
• Funding for working capital requirements.
• General corporate purpose.

Industry Outlook

The apparel retailing industry is a function of festive demand as well as improved spending power. India is the world’s second largest producer of textiles and garments; and the sixth largest exporter of textiles, apparel and technical products. India has a 4.6% market share of global trade in textiles and apparel. The domestic textile and apparel market is pegged at $225 billion as of 2025 and is growing at a CAGR of 10-12%. The global apparel market is valued at nearly $1.80 trillion and growing at an average of 3% CAGR. When it comes to ethnic wear, there have been several triggers like a preference for local flavour, rising incomes, growing middle class, trend of occasion-specific dressing etc.

Policy support to the Indian textiles industry like 100% FDI, Technology Upgradation Scheme, Capacity Building Scheme, production linked incentives (PLI) etc have helped. Indian textile exports have faced stiff competition from countries like China, Bangladesh, and Vietnam; which has impacted India’s share of textile exports. Among the trends in retail apparel demand; there is a preference for technical textiles and silk (for domestic demand and for exports). Ethnic retail is also likely to benefit from a big way as the industry moves rapidly from the unorganized segment to the organized segment.

About Riyaasat Lifestyle

Riyaasat Lifestyle blends craftmanship and contemporary design to deliver products that appeal to all age groups. Designs are also customized to fit for each unique occasion. It has positioned as a high-street fashion store (both online and offline). Currently its stores are focused in Ahmedabad and Vadodara. It sources raw materials from diverse network of suppliers across Gujarat, Uttar Pradesh, Madhya Pradesh, Maharashtra, and Karnataka. It offers the full range of ethnic and Indo-western outfits. Its top 5 products viz. Lehenga Choli, Sherwani, Indo-Western, Kurtas, and Suit/Tuxedo accounted for 74.1% of sales for FY25. In the first 10 months of FY26, manufacturing revenues accounted for 25.6%, while trading revenues were 74.4%.

Riyaasat Lifestyle currently operates a total of 6 exclusive brand outlets (EBO) across Gujarat and Maharashtra and plans to open 4 more. This is apart from the online sales through the website as part of its omnichannel initiatives. Its top 2 stores (Time Square Ahmedabad, and Santacruz West Mumbai) account for 54.8% of its total sales revenues in FY26. As of FY26, online revenues account for just 2.9% of total sales, but it has been growing steadily.

Strengths of Riyaasat Lifestyle

• Presence in 2 fast-growing ethnic markets of Gujarat and Maharashtra
• Combining quality and style and affordable prices
• Offering a mix of tradition and Indo-Western wear to appeal to all age groups
• Commitment to quality and control over the value chain

Risks of Riyaasat Lifestyle

• The retail apparel business is vulnerable to shifts in tastes
• The company relies on job-work contracts for about 11% of revenues, which can be cyclical
• Even after the success of the Mumbai outlet, Gujarat still accounts for 67% of revenues
• The company has had instances of delays in GST and TDS payments to government
• It has multiple sourcing points, and hence quality control can be a major challenge
• Risk of competition from the unorganized sector still remains quite high in this business
• Demand patterns are highly seasonal like occasions, wedding seasons etc
• The business model of the company is fairly working capital intensive

They have mentioned listed peers which fall in the similar line of business as of the company for broad comparison purposes.

Note: (i) Source – All the financial information for listed industry peer mentioned above is sourced from the Financial Results/ Red Herring Prospectus/ Prospectus/ of the aforesaid companies for the year ended March 31,2025 and stock exchange data dated March 27,2026 to compute the corresponding financial ratios.

(ii) For the company, they have taken Current Market Price as the issue price of equity share. Further, P/E Ratio is based on the current market price of the respective scrips.

(iii) The EPS, NAV, RoNW and total Revenue of the company are taken as per Restated Financial Statement for the F.Y. 2024- 25.

(iv) NAV per share is computed as the closing net worth divided by the weighted average number of paid-up equity shares as on March 31, 2025.

(v) RoNW has been computed as net profit after tax divided by closing net worth.

(vi) Net worth has been computed in the manner as specified in Regulation 2(1) (hh) of SEBI (ICDR) Regulations, 2018.

(vii) The face value of Equity Shares of the Company is ₹ 10/- per Equity Share and the Issue price at the upper band is [10.8X] times the face value of equity share.

Anchor Investor Bidding Date: Not Applicable

Registrar Details
Skyline Financial Services Private Ltd
Email: ipo@skylinerta.com
Phone: +91-11-4045-0193 (to 97)

Book Running Lead Manager
Mark Corporate Advisors Private Ltd

Riyaasat Lifestyle Contact Details
01/GF, Time Square, B/S, Pariseema, C.G. Road, Ahmedabad – 380-009 (Gujarat)
Email: cs@riyaasat.in
Phone: 0-88661-15025

Riyaasat Lifestyle Business Model

Riyaasat Lifestyle is positioned as a high-street ethnic wear company. It sells products through an omnichannel approach (both online and offline). It has an aggressive plan to expand its exclusive brand outlets, such that growth is achieved without diluting the brand value of the product.

Riyaasat Lifestyle Growth Trajectory

Riyaasat Lifestyle Total Income for FY25 was ₹25.188 crores, whereas in FY24 and FY23 it was ₹23.344 crores and ₹20.936 crores, respectively.

The Profit After Tax for FY25 was ₹4.866 crores, whereas in FY24 and FY23 it was ₹4.085 crores and ₹1.322 crores, respectively.

Their EBITDA for FY25 was ₹6.247 crores, whereas in FY24 and FY23 it was ₹5.142 crores and ₹1.704 crores, respectively.

Riyaasat Lifestyle Market Position

Between FY23 and FY25, the gross margins of Riyaasat Lifestyle improved from 48.9% to 77.8%, while the EBITDA margins improved from 8.1% to 25.2%. During the same period, the ROCE of the company has come down from 96.4% to 37.1%.

The company has maintained its current ratio constant in the range of 1.4X to 1.5X over the last 3 years. The debt equity ratio has stayed under 0.70X as of FY25 and that has resulted in a comfortable debt service coverage ratio (DSCR) of 10.40X as of FY25.

How to apply for Riyaasat Lifestyle IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.