Libas Aims for Early Next Fiscal IPO as Store Expansion Accelerates

Libas Aims for Public Listing by Early Next Fiscal Year Amid Market Volatility

Ethnic wear brand Libas is accelerating its store expansion plans and is aiming for a public listing by early next fiscal year. However, market volatility could delay the offering by a few months, according to a top executive. Market sentiment in India has weakened in recent months due to geopolitical shocks, renewed U.S. tariff pressures, and record foreign investor outflows, weighing on equity valuations.

Libas, which runs around 50 stores across more than 15 cities in India, plans to add at least 70 outlets annually over the next two years, taking the total to more than 200. The company's revenue has grown at an average annual rate of 30%-35% over the last few years and is expected to have exceeded Rs 700 crore for the financial year ended March 31, up roughly 30% from a year earlier.

India's $1.06 trillion retail sector is set to nearly double by 2030, driven by a growing middle class and attracting brands across segments including beauty and fast food. Libas is also weighing a private equity round and has "a decent amount of runway," according to CEO Sidhant Keshwani. The company raised Rs 150 crore at an undisclosed valuation in 2024.

Libas competes with brands including Biba and Aurelia and aims to open stores in the United Arab Emirates and the United States over the next one to two years. However, the company is taking a wait-and-watch approach to international expansion due to the Middle East crisis. The U.S.-Iran war has made companies more cautious about expansion and costs, and Libas has so far absorbed higher raw material and freight costs rather than passing them on to customers.

| Company | Growth Rate | Revenue (Rs crore) | Year-over-Year Change | | --- | --- | --- | --- | | Libas | 30%-35% | 700 | 30% |

Note: The growth rate and revenue figures are subject to change based on the company's performance.