Purple Style Labs IPO Subscribed 8% On First Day
The initial public offering (IPO) of Purple Style Labs, the parent company of Pernia’s Pop-Up Shop, saw subdued investor interest on its first day of bidding, with only 8% of the issue subscribed.
Purple Style Labs (PSL), the operator of the luxury fashion platform Pernia’s Pop-Up Shop, commenced its initial public offering (IPO) in India on Thursday. The issue experienced a slow start, with investor bids reaching only 8% of the total shares offered by the end of the first bidding day. A total of 5.59 lakh shares were subscribed against the 68.50 lakh shares available.
Retail investors were the most active participants, subscribing to 39% of their allocated portion. Non-institutional investors (NIIs) and qualified institutional buyers (QIBs) showed lower engagement, with subscription rates at 4% and less than 1% respectively for their reserved quotas.
The IPO, which comprises a fresh issue of shares worth up to ₹680 crore (approximately $81.5 million USD) with no offer-for-sale component, will close on September 2. Purple Style Labs plans to list on the stock exchanges on September 7. Proceeds from the offering are earmarked for lease liabilities of Pernia’s Pop Up Stores' experience centers and future sales and marketing expenses.
Founded in 2015, Purple Style Labs operates the multi-brand luxury fashion platform Pernia’s Pop-Up Shop, sourcing products from 1,109 designer brands. While the company's operating revenue increased by nearly 14% to ₹557.8 crore in the fiscal year ending March 2026, its consolidated net loss widened by 51.5% to ₹285.4 crore during the same period.