Shares of Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop-Up Shop, are set to make their stock market debut on the BSE and NSE on Monday, September 7. However, the IPO heads into its listing day amid cautious grey-market sentiment, with the shares currently commanding a negative grey market premium (GMP), signalling expectations of a listing below the issue price.
The Rs 680-crore IPO, which opened for subscription on August 31 and closed on September 2, was subscribed 1.29 times overall. Retail investors led the demand, with their portion subscribed 1.57 times, followed by qualified institutional buyers (QIBs), whose quota was subscribed 1.44 times. The non-institutional investor (NII) category was subscribed 84%.
The company fixed the IPO price band at Rs 546–575 per equity share. The public issue comprises entirely a fresh issue of 1.18 crore equity shares, with no offer-for-sale component.
Ahead of the IPO, Purple Style Labs raised Rs 306 crore from anchor investors. The company allotted 53.21 lakh shares to 10 anchor investors at the upper end of the price band, or Rs 575 per share.
With the listing now around the corner, investors will watch closely to see whether market demand can overcome the cautious grey-market signals and deliver a stronger debut.
Axis Capital Ltd served as the book-running lead manager for the issue, while Kfin Technologies Ltd acted as the registrar to the IPO.
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Purple Style Labs will deploy the Rs 510.03 crore in net IPO proceeds across key business and expansion initiatives. The largest allocation of Rs 371.13 crore will be invested in its wholly owned subsidiary, PSL Retail, to meet lease-related expenses for Experience Centers and back-end offices across India.
A further Rs 138.90 crore has been earmarked for sales and marketing expenses, which will support the company’s expansion, customer acquisition and brand-building efforts. The remaining proceeds will be utilised for general corporate purposes.
Purple Style Labs operates the luxury fashion platform Pernia’s Pop-Up Shop. It sells curated designer products across womenswear, menswear, jewellery, accessories and kidswear, with a focus on wedding and occasion wear.
As of March 31, 2026, the company sourced products from 1,109 active designer brands. It operated through an omni-channel model covering experience centres, website, mobile app, telephonic and digital sales, events and exhibitions.
The company had 14 experience centres globally, including 12 in India and one each in London and New York. During FY24-FY26, it served more than 2 lakh unique customers. In FY26, it recorded total PPUS GMV of Rs 722 crore and an average order value of Rs 75,504.
