Purple Style Labs IPO Subscribed 24% on Day 2

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Sep 01, 2026 19:06

Purple Style Labs IPO, parent of Pernia's Pop-Up Shop, saw 24% subscription on Day 2. Retail quota 93% booked. IPO closes Sep 2.

Key Points

Purple Style Labs' IPO was 24% subscribed on its second day, with the retail quota at 93%.
The IPO aims to raise Rs 680 crore through a fresh issue, with a price band of Rs 546-575 per share.
Proceeds will fund lease liabilities for experience centers, sales and marketing, and general corporate purposes.
Purple Style Labs operates a multi-brand luxury fashion omni-channel platform and has celebrity investors.

New Delhi, Sep 1 (PTI) The initial public offering of Purple Style Labs Ltd, the parent company of Pernia's Pop-Up Shop, was subscribed 24 per cent on the second day of the share sale on Tuesday.

The company's IPO received bids for 16,15,406 shares against 68,49,816 shares on offer, according to the NSE data.

The retail quota was subscribed 93 per cent, while the category for non-institutional investors was booked 13 per cent. The Qualified Institutional Buyers (QIBs) portion was subscribed 6 per cent.

Purple Style Labs Ltd on Friday raised Rs 306 crore from anchor investors. The IPO will close on September 2.

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 the 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.

Source: PTI By Rediff Money Desk, New Delhi

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