Riyaasat Lifestyle Limited is launching an Initial Public Offering (IPO) consisting of a fresh issue of up to 2,848,800 equity shares with a face value of ₹10.00 each. The offer price is to be determined through a book-building process in consultation with the Book Running Lead Manager (BRLM).
The company aims to list its shares on the SME Platform of the BSE (BSE SME). This listing is expected to enhance brand visibility, elevate corporate image, and provide liquidity to existing shareholders while establishing a public trading market. The net proceeds will entirely fund the company's retail expansion strategy and day-to-day operational requirements without any third-party bank appraisal.
Riyaasat Lifestyle IPO Objectives
- ₹1,247.00 Lakhs will be utilised to set up four new showrooms under the company’s retail expansion plan. The total project cost is estimated at ₹1,355.03 Lakhs, with the remaining ₹108.03 Lakhs funded through internal accruals.
- ₹950.00 Lakhs will be allocated to support day-to-day operations, maintain liquidity, and ensure optimal inventory management across its retail network.
- The balance of the fresh issue proceeds will be used for general corporate needs, including business expansion initiatives, operational expenses, and strengthening marketing capabilities.
About Riyaasat Lifestyle
Riyaasat Lifestyle Limited is a growing fashion company operating in India’s premium ethnic wear segment under the brand “Riyaasat.” The company follows a retail-focused business model with strong emphasis on direct-to-customer (D2C) sales through Exclusive Brand Outlets (EBOs), supported by an expanding online presence.
Its showroom network is positioned in the luxury ethnic fashion space, offering curated collections of premium menswear and accessories, including sherwanis, kurtas, lehengas, and seasonal ethnic wear. As per the prospectus, the company operates approximately 26,500 square feet of retail space across six strategically located outlets in three cities: Ahmedabad (4 stores), Mumbai (1 store), and Vadodara (1 store).
Industry Outlook
- India's overall economic momentum remains remarkably strong, characterized by a projected Real GDP growth of 7.4% for FY 2025–26, which continues to drive consumer discretionary spending.
- Retail businesses are strategically enhancing their specialized inventory, product depth, and SKU assortments to cater to changing consumer price points and tastes across distinct regions.
- The Indian garment industry experiences substantial cyclical demand surges annually from October to February, deeply anchored in the peak cultural wedding and festive seasons.
- Premium ethnic wear production demands elongated planning cycles due to complex, design-intensive processes such as customized stitching, localized embroidery, and specialized fabric sourcing.
- Consumer preferences are rapidly transitioning toward physically experiencing fashion variations inside dedicated Exclusive Brand Outlets (EBOs) and high-street luxury showrooms.
- Retailers are scaling operational footprints into high-growth urban hubs backed by favorable local demographics and strong cultural affinities for premium fashion.
How To Apply for the Riyaasat Lifestyle IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Riyaasat Lifestyle IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Riyaasat Lifestyle IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Riyaasat Lifestyle IPO
Address: Riyaasat Lifestyle Ltd. Address, 01/GF, 'Time Square', B/S. 'Pariseema,C.G. Road, Ahmedabad, Gujarat, 380009
Phone: +918866115025
Email: cs@riyaasat.in
Riyaasat Lifestyle IPO Reservation
| Investor Category | % of Total Issue |
| QIB Shares Offered | 4.80% |
| NII (HNI) Shares Offered | 33.87% |
| − bNII > ₹10L | 22.58% |
| − sNII < ₹10L | 11.29% |
| Retail Shares Offered | 56.19% |
| Market Maker Shares Offered | 5.14% |
| Total Shares Offered | 100.00% |
Riyaasat Lifestyle IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual Investors (IND) (Min) | 2 | 2,400 | ₹2,59,200 |
| Individual Investors (IND) (Max) | 2 | 2,400 | ₹2,59,200 |
| S-HNI (Min) | 3 | 3,600 | ₹3,88,800 |
| S-HNI (Max) | 7 | 8,400 | ₹9,07,200 |
| B-HNI (Min) | 8 | 9,600 | ₹10,36,800 |
Riyaasat Lifestyle IPO Promoter Holding
The promoters of this company are Gaurang Ramanbhai Galiya, Ramanbhai Nanubhai Galiya and Sobhanaben R Galiya.
| Particulars | Shareholding % |
| Promoter Holding (Pre-Issue) | 99.87% |
| Promoter Holding (Post-Issue) | 73.4% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Riyaasat Lifestyle IPO
| Key Performance Indicator | FY 2024-25 |
| Revenue from Operations | ₹2,480.46 Lakhs |
| Gross Margin (%) | 77.75% |
| EBITDA Margin (%) | 25.18% |
| ROCE | 37.09% |
| Return on Net Worth (RoNW) | 37.15% |
Riyaasat Lifestyle IPO Prospectus
Riyaasat Lifestyle IPO Registrar and Lead Managers
Riyaasat Lifestyle IPO Lead Managers
Mark Corporate Advisors Pvt.Ltd.
Registrar for Riyaasat Lifestyle IPO
Name: Skyline Financial Services Pvt.Ltd.
Phone: 02228511022
Email: ipo@skylinerta.com
Financial Performance of Riyaasat Lifestyle
| Key Performance Metric | FY 2023-24 | FY 2024-25 | Period Ended Jan 31, 2026* |
| Revenue from Operations | ₹2,287.52 Lakhs | ₹2,480.46 Lakhs | ₹2,786.98 Lakhs |
| EBITDA | ₹514.18 Lakhs | ₹624.68 Lakhs | ₹728.27 Lakhs |
| Profit After Tax (PAT) | ₹408.47 Lakhs | ₹486.64 Lakhs | ₹429.16 Lakhs |
| Net Worth | ₹623.40 Lakhs | ₹1,310.10 Lakhs | ₹1,739.26 Lakhs |
| Basic & Diluted EPS (₹) | ₹5.31 | ₹6.17 | ₹5.44 |
Riyaasat Lifestyle Peer Comparison
| Company Name | Total Revenue (₹ in Lakhs) | PAT (₹ in Lakhs) |
| Riyaasat Lifestyle Limited | 2,480.46 | 486.64 |
| Bizotic Commercial Limited | 11,194.68 | 428.61 |
| Vedant Fashions Limited | 1,38,648.30 | 38,807.40 |
Strengths and Opportunities for Riyaasat Lifestyle IPO
- Demonstrated consistent scaling with operational revenue rising from ₹2,093.49 Lakhs in FY23 to ₹2,480.46 Lakhs in FY25.
- EBITDA improved from ₹170.37 Lakhs (FY23) to ₹624.68 Lakhs (FY25), reflecting a period-on-period EBITDA growth of 21.49% in the latest fiscal year.
- Maintained healthy gross margins over successive periods, peaking at 81.99% during the ten-month period ended January 31, 2026.
- Deploying ₹1,247.00 Lakhs of IPO funds to expand into target Tier-I and Tier-II urban retail fashion centers (Mumbai, Surat, Hyderabad, Bengaluru).
- The retail expansion plan targets an estimated average area of 4,350 sq. ft. per new showroom, adding significant display volume to its current 26,500 sq. ft. network.
- New stores are scheduled to open sequentially ahead of peak wedding seasons to maximize immediate D2C sales traction.
- Showcases high financial efficiency with a weighted average Return on Net Worth (RoNW) standing at 50.66% over the last three fiscal years.
- The company has elected to move to a lower corporate tax rate of 25.168% under Section 200 of the Income Tax Act, 2025, optimizing net profit retainment.
- Retail-driven D2C sales via exclusive stores facilitate rapid revenue collection, keeping trade receivable collection periods as low as 9 days.
- The company enters the public platform with a clean history, having zero partly paid-up shares, no outstanding warrants, and no past rights issue defaults.
Risks and Threats for Riyaasat Lifestyle IPO
- Expanding retail setups have driven total working capital gaps from ₹266.93 Lakhs (FY23) to an estimated ₹4,154.25 Lakhs for FY27.
- Due to complex production cycles, average inventory holding periods reached 268 days in FY25 and 325 days by January 2026, introducing stock obsolescence risks.
- Total estimated security deposits for new premises require capital deployment of ₹383.00 Lakhs, exposing the firm to retail rent inflation.
- Due to intensive stock build-ups, cash flows from operating activities stood negative at ₹(272.60) Lakhs for the period ended January 31, 2026.
- Except for the Surat location, the company has not signed definitive lease agreements or letters of intent for its proposed showrooms as of the prospectus date.
- Financial requirements and capital deployment timelines are built entirely on internal management estimates and lack independent banking appraisals.
- Interior fit-outs and establishment estimations are reliant on single-source quotations from third-party workspace solution providers.
- Sales volumes are concentrated within local cultural calendar months, making quarterly earnings volatile if festive demand dips.
- Fast-evolving consumer tastes in luxury ethnic fashion can trigger stock write-downs if slow-moving inventory fails to clear.
- Shifts in global economic sentiment and domestic trade adjustments can dampen discretionary retail spending across the consumer landscape.
