A Gujarat-based ethnic wear brand plans to raise Rs 28.65 crore via the BSE SME platform, with a six-day subscription window.
Riyaasat Lifestyle Ltd., an ethnic wear company blending traditional craftsmanship with contemporary design for men’s, women’s, and family collections, opens for subscription on June 18 with the issue closing on June 25. The company is listing on the BSE SME platform. The six-day subscription window, extended beyond the standard three days, is notable.
What the Company Does
Riyaasat Lifestyle designs and markets ethnic apparel including kurtas, sherwanis, lehengas, salwar suits, and coordinated family matching outfits — a growing category driven by Indian wedding and festive culture. One of its stated differentiators is full customisation — not just sizing, but style, design, and embroidery can be tailored per customer.
The company operates six Exclusive Brand Outlets (EBOs) and employs 177 people as of January 2026. Its geographic concentration is in Gujarat and Maharashtra. All proceeds are a fresh issue, flowing entirely into the company.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 18, 2026 |
| Issue Closes | June 25, 2026 |
| Listing | BSE SME (July 1, 2026) |
| Price Band | Rs 100 – Rs 106 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 28.65 crore (100% Fresh Issue) |
| Lot Size | 1,200 shares (min 2 lots = 2,400 shares) |
| Min. Retail Investment | Rs 2,54,400 |
| BRLM | Mark Corporate Advisors Pvt. Ltd. |
| Registrar | Skyline Financial Services Pvt. Ltd. |
| Market Maker | Nikunj Stock Brokers Ltd. |
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 |
|---|---|---|
| Revenue | 23.34 | 25.19 |
| PAT | 4.08 | 4.87 |
| PAT Margin | 17.48% | 19.33% |
Revenue grew a modest 8% from FY24 to FY25 — relatively slow for a company seeking an IPO — while PAT margins of nearly 19% are high by the standards of an ethnic wear retail business, where margins of 5–10% are more typical. Average EPS is Rs 5.17 and average RoNW is 50.66%. The P/BV is 4.90x based on NAV of Rs 22.03 as of January 31, 2026. Higher debt and elevated trade receivables as of January 31, 2026 have been flagged as balance-sheet concerns. Only two years of meaningful financial history is available.
Risks to Consider
The business is concentrated in Gujarat and Maharashtra — any softening in consumer spending in these markets or intensified local competition could disproportionately impact revenues. Debt levels are elevated relative to the company’s size and the nature of an apparel brand. Trade receivables are high for a business of this scale, suggesting extended credit to channel partners. The ethnic wear segment is intensely competitive, with established national brands and regional players competing on price, design, and distribution reach. The company operates only 6 EBOs — a very small network for a company seeking public market valuation.
Analyst View
Analysts note that the company has marked growth in its top and bottom lines, but the sudden boost in bottom lines from FY24 onwards raises eyebrows in a highly competitive and fragmented segment. Higher debt and trade receivables compound the concern. The issue appears aggressively priced based on recent financial data, as per analysts.