Purple Style Labs IPO Day 1: The ₹680 crore initial public offering (IPO) of Purple Style Labs, the operator of a multi-brand luxury omnichannel fashion platform in India, opens on Monday, 31 August, and will remain open until Wednesday, 2 September.
The book-build issue is a fresh issue of about 1.18 crore shares to raise ₹680 crore, which the company intends to invest in its wholly owned subsidiary, PSL Retail, to meet lease liabilities for experience centres and back-end offices in India. It will also use the net proceeds to fund sales and marketing expenses and for general corporate purposes.
Purple Style Labs IPO price band has been fixed at ₹546 to ₹575 per share. Axis Capital and IIFL Capital Services are the book-running lead managers, while KFin Technologies is the registrar of the Purple Style Labs IPO.
As the subscription window is scheduled to end on Wednesday, share allotment will be finalised on the next business day- Thursday, 3 September. Successful bidders will receive the shares credited into their demat accounts on Friday, 4 September. The listing of the stock on the BSE and the NSE is scheduled for Monday, 7 September.
Purple Style Labs is an omnichannel platform. With an online and offline presence, it provides curated selections of luxury fashion through its channels in domestic and international markets.
Purple Style Labs operates a multi-brand luxury brick-and-mortar chain- Pernia’s Pop-Up Studio. The company has 14 experience centres globally, 12 of which are in India, and one each in London and New York.
Its revenue from operations in FY24 was ₹504.37 crore, which declined to ₹489.91 crore in FY25, but increased to ₹557.84 crore in FY26. It incurred a loss of ₹47.71 crore in FY24, which widened to ₹188.38 crore in FY25 and to ₹285.4 crore in FY26, as per the issue RHP.
Purple Style Labs IPO GMP
Grey market trends indicate mild optimism about the issue. The grey market premium (GMP) of Purple Style Labs on Monday morning was ₹28, indicating the stock could list at ₹603 on the Indian bourses, a premium of nearly 5% over the issue price.
Purple Style Labs IPO review
Brokerage firms highlight that Pernia’s Pop-Up Shop, the company’s multi-brand luxury fashion platform, is among the fastest-growing in India and aims to expand its presence in the coming years, offering long-term growth visibility.
Axis Capital noted that Pernia’s Pop-Up Shop is one of the largest and fastest-growing multi-brand luxury omnichannel fashion platforms in India by revenue in FY25. The company aims to expand its presence in geographies with a significant Indian diaspora, such as the US, UK and the Middle East, through its experience centres.
However, some experts underscore the company’s financial performance during FY24–FY26 despite an attractive market. Moreover, they also find valuations on the higher side.
“Despite the attractive market, FY24–26 revenue CAGR was only 5.2%, while EBITDA declined and losses widened due to margin pressure and higher fixed costs. At ₹575, valuation at 7.7 times FY26 EV/sales appears demanding given limited profitability visibility,” said Kantilal Chhaganlal Securities.
“We maintain a neutral view and recommend tracking margin improvement and experience-centre maturity post listing before turning positive,” Kantilal Chhaganlal Securities said.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
