Upcoming IPO: Shahrukh Khan, Sachin Tendulkar, Madhuri Dixit-owned Purple Style, the parent company of Pernia’s Pop-Up Shop, is all set to launch ₹660 crore initial public offering (IPO).
According to a report by news agency PTI, the company will hit the primary market by the end of August.
Purple Style IPO details
The company, which runs a multi-brand luxury fashion omni-channel platform, had submitted its updated draft red herring prospectus (UDRHP) to market regulator Sebi. Purple Style Labs had received Sebi’s approval to launch its IPO in January this year.
According to the DRHP, the proposed IPO will comprise a fresh issue of up to ₹660 crore, with no offer-for-sale component. This follows around ₹402 crore raised through private primary funding across eight rounds from investors such as Binny Bansal, Akash Bhansali and Singularity, with the latest round valuing the company at ₹3,662 crore post-money.
The company intends to utilise the IPO proceeds to fund its wholly owned subsidiary, PSL Retail, towards lease liabilities for experience centres and back-end offices across India. Part of the funds will be allocated to sales and marketing initiatives, while the balance will be utilised for general corporate purposes.
Axis Capital Ltd and IIFL Capital Services Ltd are the bankers to the issue.
The IPO comes against the backdrop of robust growth in India’s wedding and luxury consumption segments.
Purple Style investors list
Promoted by Abhishek Agarwal, who owns a 27.10% stake, Purple Style Labs has a diverse investor base comprising institutional investors such as Akash Bhanshali, Mukul Agarwal and Singularity, along with family offices, private investors and publicly disclosed celebrity backers including Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit and Mahesh Babu.
Madhuri Dixit Nene was the earliest investor, coming in through convertible preference shares that were converted only in 2025. The Gauri Khan Family Trust participated in a rights issue in November 2024, while Tendulkar invested through a preferential allotment in March 2025.
Both investments were made at the same price paid by institutional investors in the company’s last private funding round, which valued the company at ₹3,662 crore post-money. In other words, their investments were made on the terms established in that funding round, rather than under separate arrangements.
About the company
Pernia’s Pop-Up Shop features more than 1,300 designers and over two lakh products across its digital platform and 14 experience centres. In FY25, the company clocked a gross merchandise value (GMV) of over ₹588 crore, with an average order value of ₹56,106. Repeat customers contributed up to 28%, indicating a growing preference among consumers for higher-value purchases.
The company has delivered strong growth, with revenue rising more than 11-fold from ₹45 crore in FY20 to ₹508 crore in FY24, representing an approximately 83% compound annual growth rate (CAGR).
Pernia’s Pop-Up Shop is also strengthening its premium retail presence, with its flagship Pernia’s Pop-Up Studio located in Fort, Mumbai, along with experience centres on Linking Road in Mumbai and Madison Avenue in New York.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
