Purple Style Labs Sets IPO Price Band at ₹546-575 per Share to Raise ₹680 Crore

Purple Style Labs Ltd, operating as the parent company for luxury fashion platform Pernia's Pop-Up Shop, has fixed its IPO price band at ₹546 to ₹575 per equity share. The company aims to raise up to ₹680 crore through this fresh issue of equity shares, with no Offer for Sale (OFS) component.

Bidding for anchor investors is scheduled to take place on August 28. Following this, the three-day public issue will open for subscription on August 31 and close on September 2. At the upper end of the price band, the IPO implies a market capitalisation of over ₹4,600 crore for the company.

The funds raised from the public offering will be deployed across specific operational areas. The company plans to utilise ₹371.13 crore for investment in its wholly-owned subsidiary, PSL Retail, to cover lease liabilities of Experience Centres and back-end offices in India. Additionally, ₹138.90 crore has been earmarked for sales and marketing expenses, while the remaining balance will be allocated towards general corporate purposes.

Promoted by Abhishek Agarwal, Purple Style Labs is backed by institutional investors, family offices, private investors, and several public celebrity investors including Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit, and Mahesh Babu.

The public debut comes as the country's wedding and luxury consumption sectors experience notable growth. According to industry estimates cited by the company, India's wedding industry has crossed ₹10 lakh crore, with the wedding-wear segment projected to reach ₹3.4 lakh crore by FY30. Furthermore, the country's personal luxury market is expected to touch ₹2.31 lakh crore.

In terms of operations, Pernia's Pop-Up Shop currently features more than 2 lakh products from over 1,300 designers available through its digital platform alongside 14 experience centres. The company's retail footprint includes its flagship Pernia's Pop-Up Studio at Fort in Mumbai, an experience centre on Linking Road in Mumbai, and an outlet on Madison Avenue in New York.

Axis Capital and IIFL Capital Services are acting as the book-running lead managers for the issue, while KFin Technologies is the registrar.

"The upcoming public offering by Purple Style Labs highlights the growing maturity of India's niche luxury and retail sectors as they tap into public markets. By directing a significant portion of the capital towards lease liabilities for experience centres and marketing, the company is focusing on strengthening its omni-channel infrastructure. As consumption trends in wedding and luxury segments show steady growth, this listing will serve as an important milestone for the retail ecosystem in India." — Dr. Shishir Gupta, Founder & CEO, StartupLanes