Pernia’s Pop-Up Shop Parent IPO Subscribed 37% on Final Bidding Day

Purple Style Labs, the parent company of Pernia’s Pop-Up Shop, concluded its initial public offering (IPO) with a 37% subscription rate on the final day of bidding. The company aimed to raise ₹680 crore (approximately $8 million USD) through the public issue.

The demand remained muted throughout the subscription period. By the end of the final bidding day, bids had been received for 25.1 lakh shares against the 68.5 lakh shares on offer. Retail investors showed the most interest, with their reserved portion being subscribed 1.23 times. However, institutional investors (QIBs) showed low participation, subscribing only 6% of their allocated quota.

Prior to the IPO, Purple Style Labs successfully raised ₹306 crore (approximately $3.7 million USD) from anchor investors, including major firms such as Morgan Stanley and BofA Securities. The funds raised from the IPO are intended to cover lease liabilities of ₹371.1 crore for Pernia’s Pop-Up Shop's experience center network. Additionally, ₹138.9 crore has been earmarked for sales and marketing expenses until FY30.

Founded in 2015, Purple Style Labs is an omnichannel luxury fashion company that operates Pernia’s Pop-Up Shop and owns designer brands. The company reported a nearly 14% increase in operating revenue to ₹557.8 crore for FY26, but its net loss widened by 51% to ₹285.4 crore during the same period.