Purple Style Labs IPO Subscribed 1.29x; Raises Rs 306 Cr

New Delhi, Sep 2 (PTI) The initial public offering (IPO) of Purple Style Labs Ltd, the parent company of Pernia's Pop-Up Shop, received 1.29 times subscription on the final day of share sale on Wednesday.

The company's IPO got bids for 88,66,572 shares against 68,49,816 shares on offer, as per details available with the NSE.

The portion for retail investors received 1.58 times subscription, while the category for qualified institutional buyers (QIBs) was subscribed 1.43 times. The quota for non-institutional investors got subscribed 84 per cent.

Purple Style Labs Ltd on Friday raised Rs 306 crore from anchor investors.

The public offer comprises entirely a fresh issue of equity shares aggregating up to Rs 680 crore, with no offer-for-sale component. The price band for the IPO has been fixed at Rs 546-575 per share.


At the upper end of the price band, the issue values Purple Style Labs at a market capitalisation of over Rs 4,600 crore.

The company plans to utilise Rs 371.13 crore of IPO proceeds for investment in its wholly owned subsidiary PSL Retail towards lease liabilities of experience centres and back-end offices in India, while Rs 138.90 crore will be used for sales and marketing expenses. The remaining proceeds will be utilised for general corporate purposes.

Purple Style Labs, promoted by Abhishek Agarwal, operates a multi-brand luxury fashion omni-channel platform. Its publicly disclosed celebrity investors include Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit, and Mahesh Babu.

The company currently offers more than 2 lakh products from over 1,300 designers through its digital platform and 14 experience centres.

Axis Capital and IIFL Capital Services are the book running lead managers to the issue, while KFin Technologies is the registrar.