Purple Style Labs Lists At 7% Discount
Pernia’s Pop-Up Shop parent Purple Style Labs made a weak stock market debut, listing at a discount of nearly 7% to its issue price. Shares opened at ₹535 on the NSE, 6.96% lower than the issue price of ₹575.
Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop-Up Shop, experienced a subdued stock market debut on Wednesday, listing at a nearly 7% discount to its initial public offering (IPO) price.
The stock opened at ₹535 on the National Stock Exchange (NSE), falling 6.96% from its IPO price of ₹575. On the Bombay Stock Exchange (BSE), shares debuted at ₹539, a 6.26% discount. The company's market capitalization stood at approximately $456.7 million at the BSE's opening price.
The market performance followed an IPO that closed with a modest overall subscription of 1.29 times. Purple Style Labs had raised ₹306 crore from anchor investors prior to the public offering. The company, founded in 2015, operates an omnichannel model across its online platform and physical stores.
Financially, Purple Style Labs reported a consolidated net loss of ₹285.4 crore for the last fiscal year, an increase of 51.5% from the previous year. Operating revenue rose by nearly 14% to ₹557.8 crore.