RSB Retail India IPO
RSB Retail India Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 12 December 2025, so the company can open the IPO any time up to 12 December 2026. The draft proposes a fresh issue of up to ₹500 crore and an offer for sale of up to 2,98,78,946 shares by its seven promoters and six promoter group members. In FY25 the company made a profit of ₹104.42 crore on revenue of ₹2,693.94 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued12 Dec 2025
- SEBI received draft
- 19 Aug 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Motilal Oswal Investment Advisors Limited
- Must open by
- 12 Dec 202612 months from observations
- Price band and dates
- Not announced
Where it stands
RSB Retail India IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI19 Aug 2025
- SEBI reviewDone
- SEBI observations12 Dec 2025
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
RSB Retail India DRHP at a glance
Draft red herring prospectus, 14 Aug 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 187) and Risk Factors (p. 35 to 37)RSB Retail India is a multi-format clothing and lifestyle retailer, formerly R S Brothers Retail India. Its formats include multi-brand stores for men, women and children, ethnic wear stores and hypermarkets, under names such as R.S. Brothers and South India Shopping Mall. Women's wear, especially sarees, gave 35.04% of FY25 revenue.
It had 73 stores at the end of FY25, almost all its revenue comes from Telangana and Andhra Pradesh, and it buys its goods from suppliers and job workers rather than making them. It was incorporated in 2008 and is based in Hyderabad.
The offer
DRHP cover page, The Offer (p. 73) and corrigendum dated 10 Sep 2025| Fresh issue | Up to ₹500 croreMoney goes to the company |
| Offer for sale | Up to 2,98,78,946 sharesSeven promoters sell up to 1,67,32,210 and six promoter group members up to 1,31,46,736 |
| Shares before the IPO | 28,38,50,000Face value ₹2. The offer for sale is about 10.5% of them (ours) |
| Pre-IPO placement | None planned |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Motilal Oswal Investment Advisors Limited, HDFC Bank Limited and IIFL Capital Services Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Potti Venkateswarlu, Seerna Rajamouli, Tiruveedhula Prasada Rao, Potti Venkata Sai Abhinay, Seerna Suresh, Tiruveedhula Rakesh and Tiruveedhula Keshav Gupta |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 105 to 106)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repaying or prepaying certain loans | 275.00 | 55.0% |
| New R.S. Brothers and South India Shopping Mall stores | 118.18 | 23.6% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹500 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Restated Financial Information (p. 76 to 78) and Basis for Offer Price, KPIs (p. 119 to 121), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 2,126.72 | 2,457.99 | 2,693.94 |
| EBITDA | 219.29 | 266.11 | 373.83 |
| EBITDA margin | 10.31% | 10.83% | 13.88% |
| Profit after tax | 67.82 | 61.67 | 104.42 |
| Diluted EPS (₹) | 2.39 | 2.17 | 3.68 |
| Net worth | 289.26 | 351.71 | 456.89 |
| Cash from operations | 152.69 | 187.54 | 194.05 |
| Return on equity | 26.55% | 19.24% | 25.83% |
| Debt to equity | 1.73 | 2.04 | 2.35 |
| Stores | 41 | 57 | 73 |
Restated figures. Net worth is total equity. Revenue grew about 12.5% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 120). Peer prices as of 11 Aug 2025.The P/E for RSB Retail is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| RSB Retail India (FY25) | 3.68 | Set with the price band | 22.85% |
| V2 Retail | 20.83 | 82.91x | 20.80% |
| V-Mart Retail | 5.72 | 132.03x | 5.65% |
| Baazar Style | 2.02 | 153.09x | 3.63% |
| Sai Silks (Kalamandir) | 5.80 | 29.22x | 7.54% |
| Shoppers Stop | 0.99 | 527.53x | 3.39% |
| Aditya Birla Fashion and Retail | -3.53 | NA | -9.16% |
| Trent | 43.51 | 125.12x | 27.48% |
| Vishal Mega Mart | 1.36 | 104.45x | 9.87% |
| Avenue Supermarts | 41.50 | 100.83x | 12.64% |
Risks the draft lists first
DRHP, Risk Factors (p. 35 to 39)- Two statesAlmost all revenue comes from Andhra Pradesh and Telangana. (Risk factor 1, p. 35)
- SareesWomen's wear, especially sarees, gave 35.04% of FY25 revenue. (Risk factor 2, p. 36)
- Two formatsSouth India Shopping Mall and R.S. Brothers stores gave 89.50% of FY25 revenue. (Risk factor 3, p. 37)
- Managing growthPast growth may not continue, and it may not manage expansion well. (Risk factor 4, p. 38)
- SuppliersIt does not make what it sells and has no long-term deals with suppliers and job workers. (Risk factor 5, p. 38)
- Fashion trendsFailing to keep up with fashion trends or manage stock would hurt results. (Risk factor 6, p. 39)
Documents
RSB Retail India DRHP and documents
SEBI filings- Draft red herring prospectus, dated 14 Aug 2025, on SEBI since 25 Aug 2025
- Addendum to the DRHP, on SEBI since 11 Sep 2025
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
RSB Retail India IPO FAQs
When will the RSB Retail India IPO open?
The date is not announced. SEBI issued observations on 12 December 2025, and SEBI rules require the IPO to open within 12 months of that date, so by 12 December 2026 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the RSB Retail India IPO?
Yes. SEBI issued its final observations on 12 December 2025 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the RSB Retail India IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the RSB Retail India IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the RSB Retail India IPO?
Motilal Oswal Investment Advisors Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will RSB Retail India do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain loans (₹275.00 crore), new R.S. Brothers and South India Shopping Mall stores (₹118.18 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does RSB Retail India do?
RSB Retail India is a multi-format clothing and lifestyle retailer, formerly R S Brothers Retail India. Its formats include multi-brand stores for men, women and children, ethnic wear stores and hypermarkets, under names such as R.S. Brothers and South India Shopping Mall. Women's wear, especially sarees, gave 35.04% of FY25 revenue.
Where can I read the RSB Retail India DRHP?
On SEBI's website, where the draft red herring prospectus was published on 25 August 2025. The draft is dated 14 August 2025 and runs to 463 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 14 August 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.