IPO-Bound Purple Style Labs Nets ₹306 Cr From Anchor Investors
Superadmin
Ahead of the commencement of the bidding for its public issue on August 31, Pernia’s Pop Up Shop parent Purple Style Labs has raised nearly ₹306 Cr from anchor investors.
In a filing with the exchanges, the company said that it allotted 53.2 Lakh equity shares to ten anchor investors at ₹575 apiece, the upper end of its IPO price band.
Domestic mutual funds lapped up 17.39 Lakh shares worth nearly ₹100 Cr, accounting for 32.68% of the total anchor allocation. Overall, two domestic mutual funds participated through three schemes.
The anchor round saw participation from BofA Securities, Morgan Stanley Asia, Aditya Birla Sun Life Insurance, Jupiter India Fund, ICICI Prudential Smallcap Fund, among others.
Purple Style Labs’ public consists solely of a fresh issue of shares worth up to ₹680 Cr, with no offer for sale component. It has also set a price band of ₹546 to ₹575 per equity share for its IPO, which values the company at ₹4,604 Cr at the upper end of the spectrum.
PSL’s IPO will open for subscription on August 31 (Monday) and close on September 2 (Wednesday).
Pernia’s parent filed its draft IPO papers with SEBI in September last year and received the market regulator’s approval to proceed ahead with its public issue in January this year.
A big chunk of the fresh IPO proceeds will be used to fund the lease liabilities of Pernia’s Pop Up Stores’ experience centres, while the remaining corpus will fund sales and marketing expenses till FY30.
Founded in 2015 by Abhishek Agarwal, Purple Style Labs operates the multi-brand luxury omnichannel fashion platform Pernia’s Pop-Up Shop. The company claims to sell luxury fashion apparels sourced from 1,109 active designer brands. It sells its products via its own website as well as 12 experience centres.
On the financial front, PSL’s consolidated net loss widened 51.5% to ₹285.4 Cr in FY26 compared to ₹188.4 Cr incurred in the previous fiscal year. Operating revenue for the fiscal rose nearly 14% to ₹557.8 Cr from ₹489.9 Cr in FY25.
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