Riyaasat Lifestyle Limited IPO

Riyaasat Lifestyle Limited operates in the organized ethnic wear segment with a diversified portfolio comprising sherwanis, kurta sets, jodhpuris, indo-western outfits, lehenga cholis, sarees, gowns and fashion accessories. The company differentiates itself through customized ethnic wear solutions, enabling customers to personalize designs, embroidery, styles and fittings for weddings, festive occasions and special events.

The company follows an omnichannel retail strategy with six exclusive brand outlets across Ahmedabad, Vadodara and Mumbai, complemented by a growing online presence through its website and major e-commerce platforms. Sherwanis, lehenga cholis, indo-western outfits and kurta sets contribute more than 65% of total revenue. Supported by an in-house manufacturing and customization facility equipped with automated and semi-automated machinery, the company manages design development, embroidery, stitching, customization and quality control processes internally. As of January 31, 2026, the company employed 177 personnel.

The IPO is a BSE SME book-built issue comprising a fresh issue of 28,48,800 equity shares aggregating up to Rs 30.77 crore. The price band has been fixed at Rs 102-108 per share. The IPO opens on June 18, 2026 and closes on June 22, 2026, with listing scheduled on BSE SME on June 25, 2026.

The company reported revenue of Rs 24.80 crore and net profit of Rs 4.87 crore in FY2025, compared to revenue of Rs 22.88 crore and net profit of Rs 4.08 crore in FY2024. At the upper price band, the issue is valued at approximately 17.5x FY2025 earnings. Key strengths include a strong presence in the premium ethnic wear segment, customized product offerings, established retail network, high return ratios and integrated manufacturing capabilities. Key risks include dependence on consumer discretionary spending, fashion trend changes, competition from organized apparel brands and concentration in select geographic markets.