Riyaasat Lifestyle IPO

Riyaasat Lifestyle Limitedriyaasat.in

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹100 – ₹106
Issue size: ₹30.20 Cr
Lot size: 1200 sh
Bidding: 18 – 25 Jun
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Riyaasat Lifestyle sells Indian ethnic wear under its own brand through six exclusive brand outlets — four in Ahmedabad, one in Vadodara and one in Santacruz West, Mumbai — and raised Rs 30.2 Cr in an all-fresh issue priced at Rs 100-106, listed on BSE SME on 1 July 2026. Revenue was Rs 20.93 Cr in FY23 and rose at each annual step to Rs 22.88 Cr in FY24 and Rs 24.80 Cr in FY25; the ten months to 31 January 2026 carried Rs 27.87 Cr of revenue and Rs 4.29 Cr of profit after tax, set beside FY25 full-year figures of Rs 24.80 Cr and Rs 4.87 Cr — ten months against twelve. Over the same stretch total borrowings were Rs 8.87 Cr at 31 March 2025 and Rs 38.97 Cr at 31 January 2026, against net worth of Rs 13.10 Cr and Rs 17.39 Cr on those dates. The issue was subscribed 1.32 times overall; it listed at Rs 84.80 against a band top of Rs 106 and last traded at Rs 98.05 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

69Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Riyaasat Lifestyle, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2021 · Ahmedabad, Gujarat · 177 employees

Riyaasat Lifestyle sells Indian ethnic clothing under its own Riyaasat brand. Menswear covers sherwanis, kurta-pyjama sets, Jodhpuris and koti sets; womenswear covers lehengas, sarees, gowns, suits and Indo-Western styles. Customers buy mainly in person: as of 31 March 2026 the company ran six exclusive brand outlets — four in Ahmedabad, one in Vadodara and one it owns in Santacruz West, Mumbai — ranging from 1,790 to 9,419 sq ft. It also sells through riyaasat.in and third-party online marketplaces. Some garments are cut and finished in the company's own workshop; the rest are bought in finished from suppliers, weavers and traders in Gujarat, Uttar Pradesh, Maharashtra and Karnataka. The promoter family ran clothing businesses in Ahmedabad before the company was incorporated in October 2021. It had about 177 employees at 31 January 2026.

Revenue is retail sales of ethnic garments, concentrated in a few locations: the top two exclusive brand outlets produced 54.76% of revenue in the ten months to 31 January 2026, and the top five product lines 66.38%. Most stock is bought in rather than made — trading revenue was ₹2,074.09 lakh of ₹2,786.98 lakh (74.42%) in that period, in-house manufacturing the other 25.58%. Reported gross margin was 81.99% and EBITDA margin 26.13%. The constraint is inventory and leased floor space: five of the six stores are leased, operating cash flow was negative ₹272.60 lakh, and total borrowings rose from ₹8.87 crore at 31 March 2025 to ₹38.97 crore at 31 January 2026.

The company on paper

Legal name: Riyaasat Lifestyle Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 23 Oct 2021
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U18100GJ2021PLC126637
Sector: Consumer Discretionary · Branded Indian ethnic wear retailed through own exclusive brand outlets
Employees: 177
Registered office: Ahmedabad, Gujarat
Promoters: Gaurang Ramanbhai Galiya, Ramanbhai Nanubhai Galiya, Sobhanaben R Galiya
Promoter holding, pre-issue: 99.9%
Promoter holding, post-issue: 73.4%
Website: riyaasat.in

The numbers

Financial performance

Revenue has compounded at 8.9% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹30.20 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹30.20 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,46,400

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.5% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 6. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.32×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹106.00
Listed at: ₹84.80
Listing gain: down 20.0%
Since listing: up 21.5%
Against the issue price: down 2.8%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,400
At cut-off price: ₹106.00
Amount blocked: ₹2,54,400

One lot is 1200 shares at ₹1,27,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,54,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~100%

chance of one lot, per application

Retail subscription: 0.44×
Applicants per share available: 0.4× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹84.80

listed at, −20.0% against the issue price

Issue price: ₹106.00
Premium said: —
If allotted 1200 shares: −₹25,440

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose at each annual step on record: Rs 20.93 Cr in FY23 to Rs 22.88 Cr in FY24, a rise of 9.32%, and to Rs 24.80 Cr in FY25, a further 8.39%. The ten months to 31 January 2026 carried Rs 27.87 Cr. Scaling that part-year to twelve months gives Rs 33.44 Cr (27.87 x 12/10) — our annualisation, not a figure the record holds — which would stand 34.85% above FY25's Rs 24.80 Cr.
EBITDA margin was 8.12% in FY23 (Rs 1.70 Cr on Rs 20.93 Cr) and was higher at each later period on record: 22.47% in FY24 (Rs 5.14 Cr on Rs 22.88 Cr), 25.20% in FY25 (Rs 6.25 Cr on Rs 24.80 Cr) and 26.12% in the ten months to 31 January 2026 (Rs 7.28 Cr on Rs 27.87 Cr). For that ten-month period the record reports gross margin of 81.99% and EBITDA margin of 26.13%.
Profit after tax was positive in every period on record — Rs 1.32 Cr in FY23, Rs 4.08 Cr in FY24, Rs 4.87 Cr in FY25 and Rs 4.29 Cr in the ten months to 31 January 2026. Net worth was Rs 2.15 Cr at 31 March 2023 and higher at each later date on record: Rs 6.23 Cr, Rs 13.10 Cr and Rs 17.39 Cr at 31 January 2026.
The offer was entirely primary — a fresh issue of Rs 30.2 Cr with an offer for sale of Rs 0 — priced at Rs 100-106 on a face value of Rs 10, with a lot of 1,200 shares and 146,400 shares to the market maker. Promoter holding is recorded at 99.87% before the issue and 73.40% after, a reduction of 26.47 percentage points.

What to weigh against it

Total borrowings were Rs 1.02 Cr at 31 March 2023 and higher at each later date on record: Rs 4.74 Cr at 31 March 2024, Rs 8.87 Cr at 31 March 2025 and Rs 38.97 Cr at 31 January 2026 — the last being 4.39 times the 31 March 2025 figure (38.97 / 8.87). Set against net worth, borrowings were 0.47x at 31 March 2023 (1.02 on 2.15), 0.76x at 31 March 2024 (4.74 on 6.23), 0.68x at 31 March 2025 (8.87 on 13.10) and 2.24x at 31 January 2026 (38.97 on 17.39).
Revenue is concentrated by site and by line. The record states that in the ten months to 31 January 2026 the top two exclusive brand outlets produced 54.76% of revenue and the top five product lines 66.38%, and that trading revenue was Rs 2,074.09 lakh of Rs 2,786.98 lakh (74.42%), with in-house manufacturing the other 25.58%. The company ran six outlets at 31 March 2026, four of them in Ahmedabad, and five of the six are leased.
Profit after tax margin was 6.31% in FY23 (Rs 1.32 Cr on Rs 20.93 Cr), 17.83% in FY24 (Rs 4.08 Cr on Rs 22.88 Cr), 19.64% in FY25 (Rs 4.87 Cr on Rs 24.80 Cr) and 15.39% in the ten months to 31 January 2026 (Rs 4.29 Cr on Rs 27.87 Cr) — the lowest of the three most recent periods. Separately, the record's business-model field states operating cash flow of negative Rs 272.60 lakh (Rs 2.73 Cr) without naming the period it covers; the cashFlowOpsCr field is null in all four financial periods.
The one subscription snapshot on record, day 6 dated 25 June 2026, shows the issue subscribed 1.32 times overall, with QIB at 20.33 times, non-institutional at 0.09 times and retail at 0.44 times. The shares listed at Rs 84.80 against a band top of Rs 106, a listing gain of -20%, closed the first day at Rs 80.60 (4.95% below the listing price) and last traded at Rs 98.05 on 23 October 2026, 7.5% below the band top. These are facts recorded side by side; the record asserts no link between them.

Easy to miss in the prospectus

The newest balance-sheet date in the record is 31 January 2026 (borrowings Rs 38.97 Cr, net worth Rs 17.39 Cr), while the company's own description counts six outlets as of 31 March 2026 and about 177 employees at 31 January 2026. The only later datum on record is the price of Rs 98.05 as of 23 October 2026.
The offerObjects list is empty, valuation is null and the peers list is empty, so the record does not state what the Rs 30.2 Cr fresh issue was to be applied to, nor any valuation multiple or comparable company.
The book was open from 18 to 25 June 2026, with allotment on 29 June and listing on 1 July 2026, but the record carries a single subscription entry — day 6, dated 25 June 2026 — so no day-by-day progression of the book is available in it.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Riyaasat Lifestyle — Red Herring Prospectus dated 2026-06-1212 Jun 2026The document the issue was bid on. Carries the price band and the dates.Opens on cdn.shopify.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Mark Corporate Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Accurate Securities and Registry Private Limited

How these figures were checked

Built from 10 independently published accounts of this issue, agreeing with each other. The filing is linked above, so every figure here can be checked against the primary document — but these figures were taken from those published accounts, not reconciled line by line against it.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 18 Jun 2026
Closes: 25 Jun 2026
Allotment: 29 Jun 2026
Lists: 1 Jul 2026
Revenue (FY25): ₹24.80 Cr
Profit (FY25): ₹4.87 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.