Purple Style Labs files for IPO, raises funds from anchor investors
Luxury fashion platform Purple Style Labs, parent company of Pernia’s Pop-Up Shop, has filed for an Initial Public Offering (IPO) set to launch on August 31, 2026. The company secured nearly ₹306 crore from anchor investors ahead of its public issue.
Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop-Up Shop (PPUS), is proceeding with its Initial Public Offering (IPO) planned for August 31, 2026. In preparation, the company has raised approximately ₹306 crore (around $37 million USD) from anchor investors. This marks a significant step, as the company had not previously secured substantial institutional anchor funding.
The company submitted its draft red herring prospectus (DRHP) detailing a fresh issue of up to 1.18 crore equity shares, aiming to raise up to ₹680 crore. There is no offer-for-sale component, with all proceeds directed towards business development. This capital will support the company's strategic shift towards focusing on its most profitable segments.
At the upper end of the price band, the IPO is set to value Purple Style Labs at approximately ₹4,600 crore (around $550 million USD). A substantial portion of the funds raised, ₹371.1 crore, will be allocated to cover lease liabilities for its Experience Centers and back-end offices. The remainder will be invested in sales and marketing initiatives.
The IPO comes as Purple Style Labs strategically narrows its business focus, prioritizing high-value designers, geographies, and customers over broad expansion. While operating revenue increased by 14% to ₹557.8 crore for the fiscal year ending March 31, 2026, the company's net loss widened by 51.5% to ₹285.4 crore during the same period.