Pernia’s Pop Up Shop Parent IPO: Issue Subscribed 20% On Day 2 So Far
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Pernia’s Pop Up Shop parent Purple Style Labs’ initial public offering (IPO) continued to see steady investor interest on the second day of bidding. As of 13:18 IST, investors have cumulatively placed bids for 13.78 Lakh shares against 68.49 Lakh shares on offer, translating to a 20% subscription.
The highest number of bids have come from retail investors till now, who have placed bids for 10.22 Lakh shares against the 12.45 Lakh shares earmarked for them. This translates to a 82% subscription of their quota.
Following retail investors, non institutional investors (NIIs) have placed bids for 1.53 Lakh shares against the 18.68 Lakh shares reserved for them. These investors have subscribed their quota by just 8% till now.
Interest from qualified institutional buyers (QIBs) picked up slightly today, with these investors placing bids for 2.15 Lakh shares against the 37.36 lakh shares allocated to them, subscribing their quota by a mere 6% till now.
The IPO’s price band was set in the range of ₹546-575 and the lot size is 26 shares. If the issue is fully subscribed by tomorrow, Purple Style Labs is expected to list on both the NSE and BSE, with the tentative listing date fixed for September 7.
The IPO is anchored by investors like BofA Securities, Morgan Stanley Asia, Aditya Birla Sun Life Insurance, Jupiter India Fund, who cumulatively bought shares worth ₹306 Cr on August 28.
Purple Style Labs’ public consists solely of a fresh issue of shares worth up to ₹680 Cr, with no offer for sale component.
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 some parts will also 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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