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Riyaasat Lifestyle Ltd IPO
Status: Closed
Overview
IPO date
18 Jun 2026 to 25 Jun 2026
Face value
₹ 10 per share
Price
₹ 100 to ₹106 per share
Issue Size
2,848,800 shares
(aggregating up to ₹ 30.2 Cr)
(aggregating up to ₹ 30.2 Cr)
Allotment Date
29 Jun 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Readymade Garments/ Apparells
Unlock Stock of the Month
T&C*
Strengths vs Risks of Riyaasat Lifestyle Ltd
Know the pros & cons
Strengths
- Management expertise.
- Leveraging the experience of our Promoters.
- Cordial relations with our customers.
- Cordial relations with our Employees and Professionals
Risks
- Our business primarily focuses on designing men's ethnic wear, making us more susceptible to shifts in demand and changes in consumer preferences. Any significant changes in market trends or customer behavior could affect our business, operational results, and financial condition.
- We design and manufacture ethnic wear in-house. However, in our production process, we engage third-party workers ("daily job workers") as and when need arises without entering into any exclusivity arrangements. Any inability to engage daily job workers or reduction in efficiency, quality or discontinuation on shorter notice of these daily workers, could adversely impact our business, cash flows, results of operations, and financial condition.
- Our operations rely on third-party product providers and other vendors for manufacturing of our products. Any negligence in product or services provided by them, increase in costs of their product or services or failure to maintain strong relationships with them could disrupt our operations which ultimately could adversely affect the quality of our products, pricing, results of operations and financial condition. Further, we do not have long-term agreements with any of our product suppliers and other venders.
- Our success is largely based on our strong presence and understanding of consumer preferences in the western region in India. As we expand into new regions, failure to replicate the same level of success due to differing tastes, demand, or other factors could adversely affect our brand goodwill and financial performance.
- Our brand, "Riyaasat," plays a critical role in our market positioning, and any adverse impact on its value could affect our collaborations with multi-brand stores and future growth prospects.
- There have been instances of delayed filings in the past with certain Regulatory Authorities. If the Regulatory Authorities impose any monitory penalties on us or take any punitive actions against our Company in relation to the same, our business, financial condition and results of operations could be adversely affected.
- Any inability to maintain or failure in our quality control processes may damage our reputation, result in proceedings if the quality of our products does not meet our customers' expectations and adversely affect our business, results of operations and financial condition.
- Our business is highly dependent on seasonal demand, particularly during festive occasions and wedding seasons. This concentration may lead to fluctuations in revenue generation, with a significant portion of sales occurring during these occasions/seasons. As a result, we may experience irregular cash flow, which could impact the continuity of our business operations and have an adverse effect on our financial condition during non-peak periods.
- We use quality raw materials, positioning our product as high-end. If we are unable to source these materials at acceptable prices or pass the increased costs onto our customers, it could result in reduced production, financial losses, and negatively impact on our profitability.
- We have experienced negative cash flows in the past. Any negative cash flows in the future would adversely affect our cash flow requirements, which may adversely affect our ability to operate our business and implement our growth plans, thereby affecting our financial condition.
- We are dependent upon the experience and skill of our Promoters and Key Managerial Personnel for conducting our business and undertaking our day-to-day operations. We may not be able to recruit or retain key management.
- If we are unable to maintain and enhance the value and reputation of our brand and/or counter any negative publicity, our business, results of operations and financial condition could be materially adversely affected.
- We have not made any alternate arrangements in order to meet our capital requirements for the Objects of the Issue, any failure or delay in raising money from this Issue or any shortfall in the Issue proceeds may delay the implementation schedule and could adversely affect our growth plans
- Our Company, directors, promoters, key managerial personnel, senior management, are party to certain legal proceedings. Any adverse decision in such proceedings may have an adverse effect on our business, results of operations and financial condition.
- We have in the past entered into related party transactions and may do so in the future. We cannot assure you that we could not have achieved more favorable terms if such transactions had not been entered into with related parties.
- Problems with product quality may adversely affect our business and financial health, potentially leading to product liability claims and legal proceedings if customer expectations are not met.
- Our insurance coverage could prove inadequate to satisfy potential claims or protect us from potential operational hazards and losses which may have a material adverse effect on our business, results of operations and financial condition.
- Our business is working capital intensive. If we are unable to generate sufficient cash flows to allow us to make required payments on our debt or fund working capital requirements, there may be an adverse effect on our results of operations.
- We operate all of our stores, our Registered Office, and workshops on a leasehold basis. If we are unable to comply with the terms of the leases, renew our agreements or enter into new agreements on favorable terms, or at all, our business, results of operations and financial condition may be adversely affected.
- Our inability to effectively manage or expand our retail network may have an adverse effect on our business, results of operations and financial condition.
- The current locations of our exclusive outlets may become unattractive, and new locations may not be available on a reasonable price, it could result in financial losses, and negatively impact on our profitability.
- Failing to develop a strong online presence could lead to missed opportunities in the fast-moving tech-driven market, resulting in a loss of competitive edge and growth potential.
- We operate in highly competitive markets and an inability to compete effectively may adversely affect our business, results of operations and financial condition.
- Few of our Promoter/Directors have provided personal guarantees for loan facilities obtained by our Company, and any failure or default by our Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as our Promoters/Directors and thereby, impact our business and operations.
- If we are unable to manage our growth or execute our strategies effectively, our business plan and expansion may not be successful, and our business and prospects may be adversely affected.
- Our Company has not received complete documentary evidence regarding the educational qualifications of one of our Directors and Promoters, which could lead to reputational or regulatory risks.
- Pricing pressure from our competitors may affect our ability to maintain or increase our product prices and, in turn, our revenue from product sales, gross margin and profitability, which may materially and adversely affect our business, cash flows, financial condition and results of operations.
- We may require further equity issuance, which will lead to dilution of equity and may affect the market price of our Equity Shares or additional funds through incurring debt to satisfy our capital needs, which we may not be able to procure and any future equity offerings by us.
- Increased losses due to fraud, employee negligence, theft or similar incidents may have an adverse impact on us.
- If we are unable to accurately identify customer demand and maintain an optimal level of inventory in our stores, our business, results of operations and cash flows may be adversely affected.
- Promoters and Directors hold Equity Shares in Company and are therefore interested in Company's performance in addition to their remuneration and reimbursement of expenses.
- If we are unable to obtain, protect, or enforce our intellectual property rights, our business, brand reputation, and financial performance may be adversely affected.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect our revenues and results of operations.
- Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in our financing arrangements.
- We are subject to governmental regulation and we may incur material liabilities under, or costs in order to comply with, existing or future laws and regulation, and our failure to comply may result in enforcements, recalls, and other adverse actions.
- Our company is promoted by first generation entrepreneurs, and their limited experience and industry networks may affect our business growth and prospects.
- There is no guarantee that the company Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of the company Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of the company Equity Shares.
- The company will continue to be controlled by its Promoters after the completion of the Issue.
- The average cost of acquisition of Equity Shares by the company Promoter could be lower than the Issue price.
- The Company's future funding requirements, in the form of further issue of capital or other securities and/or loans taken by its, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they is raised.
- Certain data mentioned in this Red Herring Prospectus has not been independently verified.
- The company Promoters, Directors including Independent Directors, does not has any prior experience of directorship in the listed company.
- The investors may not be able to sell immediately on an Indian stock exchange any of the Equity Shares they acquire in the Issue, incase of delay in receipt of Listing and Trading approval.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- There is restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- After this Issue, the price of the company Equity Shares may be volatile, or an active trading market for its Equity Shares may not be sustained.
- Applicants to this Issue is not allowed to withdraw their Applications after the Issue Closing Date.
- Foreign investors may be restricted in their ability to purchase or sell Equity Shares.
- The company promote its products and offerings through marketing, advertising, and other initiative's to increase existing customer's spend and acquire new customers, if the cost of promotional activities increase or if the company marketing initiatives fails to achieved the desired result, it might affect growth of its business and will has adverse effect on financial condition of the company business.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company Equity Shares is quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
Riyaasat Lifestyle Ltd Peer Comparison
Understand the company’s industry standing
Riyaasat Lifestyle Limited
Bizotic Commercial Limited
Vedant Fashions Limited
Face Value
10
10
1
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
24.8
111.95
1386.48
EPS-Basis
---
---
---
EPS-Diluted
---
---
---
NAV Per Share
16.59
72.2
73.55
P/E-Basic EPS
---
213.39
28.01
P/E-Diluted EPS
---
---
---
RONW(%)
50.34
7.38
21.72
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 18 Jun 2026 & closes on 25 Jun 2026.
Riyaasat Lifestyle is an ethnic wear Company. The Company was incorporated as Company Limited by Shares under the name 'Riyaasat Lifestyle Limited' on October 23, 2021 via certificate of Incorporation issued by the RoC, Central Registration Center. The Company blend traditional craftsmanship with contemporary design for both men's and women's collections. As trendsetters, it craft clothing that resonates with the customers' desires and exceeds their expectations. Every piece in the collection is crafted from the finest fabrics, ensuring a perfect balance of comfort and elegance.
The Company opened 3 retail stores at Ten-11 Complex, Time Square Building and Iscon Arcade Complex in 2021. It then opened a 10,000 square feet combined store for Men and Women ethnic retail store in 2022. Apart from this, Company maintain the presence at high street fashion in both offline and online mode of selling. Presently, the Showrooms are strategically located in Ahmedabad and Vadodara, with four such Stores across Ahmedabad and one in Vadodara. Apart from the existing showrooms, it joined hands with PSL Retail Limited on January 31, 2025 for sale through PSL sales channel. i.e online sale on their website at www.perniaspopupshop.com and a retail store called 'Pernia's Pop Up Studio' which is shown under the name of 'Pernia's Pop Up Show'.
Company is planning the fresh issue IPO of 28,48,800 Equity Shares having the face value of Rs 10 each.
Riyaasat Lifestyle Ltd IPO will close on 25 Jun 2026.
- Management expertise.
- Leveraging the experience of our Promoters.
- Cordial relations with our customers.
- Cordial relations with our Employees and Professionals
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Gaurang Ramanbhai Galiya | 5497178 | 69.62 | 5497178 | 51.16 |
| 2 | Ramanbhai Nanubhai Galiya | 1189000 | 15.06 | 1189000 | 11.07 |
| 3 | Sobhanaben R Galiya | 1189000 | 15.06 | 1189000 | 11.07 |
| 4 | Bhavna Joy Chauhan | 5125 | 0.07 | 5125 | 0.05 |
| 5 | Khushali Saumilkumar Salaliya | 5125 | 0.06 | 5125 | 0.05 |
- Our business primarily focuses on designing men's ethnic wear, making us more susceptible to shifts in demand and changes in consumer preferences. Any significant changes in market trends or customer behavior could affect our business, operational results, and financial condition.
- We design and manufacture ethnic wear in-house. However, in our production process, we engage third-party workers ("daily job workers") as and when need arises without entering into any exclusivity arrangements. Any inability to engage daily job workers or reduction in efficiency, quality or discontinuation on shorter notice of these daily workers, could adversely impact our business, cash flows, results of operations, and financial condition.
- Our operations rely on third-party product providers and other vendors for manufacturing of our products. Any negligence in product or services provided by them, increase in costs of their product or services or failure to maintain strong relationships with them could disrupt our operations which ultimately could adversely affect the quality of our products, pricing, results of operations and financial condition. Further, we do not have long-term agreements with any of our product suppliers and other venders.
- Our success is largely based on our strong presence and understanding of consumer preferences in the western region in India. As we expand into new regions, failure to replicate the same level of success due to differing tastes, demand, or other factors could adversely affect our brand goodwill and financial performance.
- Our brand, "Riyaasat," plays a critical role in our market positioning, and any adverse impact on its value could affect our collaborations with multi-brand stores and future growth prospects.
- There have been instances of delayed filings in the past with certain Regulatory Authorities. If the Regulatory Authorities impose any monitory penalties on us or take any punitive actions against our Company in relation to the same, our business, financial condition and results of operations could be adversely affected.
- Any inability to maintain or failure in our quality control processes may damage our reputation, result in proceedings if the quality of our products does not meet our customers' expectations and adversely affect our business, results of operations and financial condition.
- Our business is highly dependent on seasonal demand, particularly during festive occasions and wedding seasons. This concentration may lead to fluctuations in revenue generation, with a significant portion of sales occurring during these occasions/seasons. As a result, we may experience irregular cash flow, which could impact the continuity of our business operations and have an adverse effect on our financial condition during non-peak periods.
- We use quality raw materials, positioning our product as high-end. If we are unable to source these materials at acceptable prices or pass the increased costs onto our customers, it could result in reduced production, financial losses, and negatively impact on our profitability.
- We have experienced negative cash flows in the past. Any negative cash flows in the future would adversely affect our cash flow requirements, which may adversely affect our ability to operate our business and implement our growth plans, thereby affecting our financial condition.
- We are dependent upon the experience and skill of our Promoters and Key Managerial Personnel for conducting our business and undertaking our day-to-day operations. We may not be able to recruit or retain key management.
- If we are unable to maintain and enhance the value and reputation of our brand and/or counter any negative publicity, our business, results of operations and financial condition could be materially adversely affected.
- We have not made any alternate arrangements in order to meet our capital requirements for the Objects of the Issue, any failure or delay in raising money from this Issue or any shortfall in the Issue proceeds may delay the implementation schedule and could adversely affect our growth plans
- Our Company, directors, promoters, key managerial personnel, senior management, are party to certain legal proceedings. Any adverse decision in such proceedings may have an adverse effect on our business, results of operations and financial condition.
- We have in the past entered into related party transactions and may do so in the future. We cannot assure you that we could not have achieved more favorable terms if such transactions had not been entered into with related parties.
- Problems with product quality may adversely affect our business and financial health, potentially leading to product liability claims and legal proceedings if customer expectations are not met.
- Our insurance coverage could prove inadequate to satisfy potential claims or protect us from potential operational hazards and losses which may have a material adverse effect on our business, results of operations and financial condition.
- Our business is working capital intensive. If we are unable to generate sufficient cash flows to allow us to make required payments on our debt or fund working capital requirements, there may be an adverse effect on our results of operations.
- We operate all of our stores, our Registered Office, and workshops on a leasehold basis. If we are unable to comply with the terms of the leases, renew our agreements or enter into new agreements on favorable terms, or at all, our business, results of operations and financial condition may be adversely affected.
- Our inability to effectively manage or expand our retail network may have an adverse effect on our business, results of operations and financial condition.
- The current locations of our exclusive outlets may become unattractive, and new locations may not be available on a reasonable price, it could result in financial losses, and negatively impact on our profitability.
- Failing to develop a strong online presence could lead to missed opportunities in the fast-moving tech-driven market, resulting in a loss of competitive edge and growth potential.
- We operate in highly competitive markets and an inability to compete effectively may adversely affect our business, results of operations and financial condition.
- Few of our Promoter/Directors have provided personal guarantees for loan facilities obtained by our Company, and any failure or default by our Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as our Promoters/Directors and thereby, impact our business and operations.
- If we are unable to manage our growth or execute our strategies effectively, our business plan and expansion may not be successful, and our business and prospects may be adversely affected.
- Our Company has not received complete documentary evidence regarding the educational qualifications of one of our Directors and Promoters, which could lead to reputational or regulatory risks.
- Pricing pressure from our competitors may affect our ability to maintain or increase our product prices and, in turn, our revenue from product sales, gross margin and profitability, which may materially and adversely affect our business, cash flows, financial condition and results of operations.
- We may require further equity issuance, which will lead to dilution of equity and may affect the market price of our Equity Shares or additional funds through incurring debt to satisfy our capital needs, which we may not be able to procure and any future equity offerings by us.
- Increased losses due to fraud, employee negligence, theft or similar incidents may have an adverse impact on us.
- If we are unable to accurately identify customer demand and maintain an optimal level of inventory in our stores, our business, results of operations and cash flows may be adversely affected.
- Promoters and Directors hold Equity Shares in Company and are therefore interested in Company's performance in addition to their remuneration and reimbursement of expenses.
- If we are unable to obtain, protect, or enforce our intellectual property rights, our business, brand reputation, and financial performance may be adversely affected.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect our revenues and results of operations.
- Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in our financing arrangements.
- We are subject to governmental regulation and we may incur material liabilities under, or costs in order to comply with, existing or future laws and regulation, and our failure to comply may result in enforcements, recalls, and other adverse actions.
- Our company is promoted by first generation entrepreneurs, and their limited experience and industry networks may affect our business growth and prospects.
- There is no guarantee that the company Equity Shares will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of the company Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of the company Equity Shares.
- The company will continue to be controlled by its Promoters after the completion of the Issue.
- The average cost of acquisition of Equity Shares by the company Promoter could be lower than the Issue price.
- The Company's future funding requirements, in the form of further issue of capital or other securities and/or loans taken by its, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they is raised.
- Certain data mentioned in this Red Herring Prospectus has not been independently verified.
- The company Promoters, Directors including Independent Directors, does not has any prior experience of directorship in the listed company.
- The investors may not be able to sell immediately on an Indian stock exchange any of the Equity Shares they acquire in the Issue, incase of delay in receipt of Listing and Trading approval.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- There is restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- After this Issue, the price of the company Equity Shares may be volatile, or an active trading market for its Equity Shares may not be sustained.
- Applicants to this Issue is not allowed to withdraw their Applications after the Issue Closing Date.
- Foreign investors may be restricted in their ability to purchase or sell Equity Shares.
- The company promote its products and offerings through marketing, advertising, and other initiative's to increase existing customer's spend and acquire new customers, if the cost of promotional activities increase or if the company marketing initiatives fails to achieved the desired result, it might affect growth of its business and will has adverse effect on financial condition of the company business.
- Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- The company Equity Shares is quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
The Issue type of Riyaasat Lifestyle Ltd is Book Building - SME.
The minimum application for shares of Riyaasat Lifestyle Ltd is 2400.
The total shares issue of Riyaasat Lifestyle Ltd is 2848800.
Public issue of 28,48,800 equity shares of face value of Rs. 10/- each ("Equity Shares") of Riyaasat Lifestyle Limited ("Riyaasat" or the "Company" or the "Issuer") for cash at a price of Rs. 106 per equity share including a share premium of Rs. 96 per equity share (the "Issue Price") aggregating to Rs. 30.20 Crores ("the Issue"), of which 1,46,400 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 106 per equity share including a share premium of Rs. 96 per equity share aggregating to Rs. 1.55 Crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Net issue of 27,02,400 equity shares of face value of Rs. 10/- each at a price of Rs. 106 per equity share including a share premium of Rs. 96 per equity share aggregating to Rs. 28.65 Crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constituted 26.51% and 25.15% respectively of the post issue paid up equity share capital of the company.
Price Band: Rs. 106/- per equity share of face value of Rs. 10/- each.
The floor price is 10.60 times the face value of the equity shares.
Bids can be made for a minimum of 2400 equity shares and in multiples of 1200 equity shares thereafter.