[Update] Purple Style Labs IPO Stays 8% Subscribed At Close Of Day 1

Update| August 31, 2026, 18:04 IST

Pernia’s Pop Up Shop parent Purple Style Labs’ initial public offering (IPO) was only subscribed by 8% by the end of the first day of bidding.

The issue received total bids for 5.59 Lakh shares against 68.50 Lakh shares on offer.

Retail investors accounted for most of the demand, bidding for 4.85 lakh shares against the 12.45 lakh shares set aside for them, subscribing their quota by 39%.

Non-institutional investors bid for 74,126 shares against 18.68 lakh shares reserved for them, subscribing to their quota by 4%. 

Qualified institutional buyers showed the least appetite for the offering on day one, bidding for 364 shares against the 37.36 lakh shares allocated to them. 

Original | August 31, 2026, 13:05 IST

Pernia’s Pop Up Shop parent Purple Style Labs’ initial public offering (IPO) saw a subdued investor on the first day of bidding. As of 14:48 IST, investors have cumulatively placed bids for 5.59 Lakh shares against 68.50 Lakh shares on offer, translating to a 8% subscription, as of 13:03 IST.

The highest number of bids have come from retail investors till now, who have placed bids for 4.85 Lakh shares against the 12.45 Lakh shares earmarked for them. This translates to a 39% subscription of their quota. 

Following retail investors, non institutional investors (NIIs) have placed bids for 74,126 shares against the 18.68 Lakh shares reserved for them. This translates to a subscription of a mere 4% till now.

Meanwhile, qualified institutional buyers (QIBs) have shown the most muted interest in the issue. This section of investors placed bids for 364 shares against 37.36 Lakh shares reserved, translating to less than 1% subscription.

PSL’s IPO will close on September 2 (Wednesday). The company has set a price band of ₹546 to ₹575 per share, valuing the company at ₹4,604 Cr at the upper end of the spectrum. 

Purple Style Labs’ public consists solely of a fresh issue of shares worth up to ₹680 Cr, with no offer for sale component. Post the bidding, the company will list on the exchanges on September 7 (Monday). 

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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