Purple Style Labs Sets Price Band at Rs 546-575 for Pernia's Pop-Up Shop's Rs 680-Crore IPO

Purple Style Labs, the Mumbai-based company behind the multi-brand luxury fashion platform Pernia's Pop-Up Shop, on Wednesday fixed the price band for its upcoming initial public offering at Rs 546 to Rs 575 per share, setting the stage for a Rs 680-crore listing later this month.

IPO details

The issue will open for public subscription on August 31 and close on September 2, with the one-day anchor investor book opening a day earlier on August 28. The entire offering is a fresh issue of shares, with no offer-for-sale component from existing shareholders. At the top end of the price band, the company is seeking a post-issue market capitalisation of close to Rs 4,603.5 crore.

Investors will be able to bid for a minimum lot of 26 shares, and in multiples thereafter, putting the minimum retail investment at Rs 14,950 at the upper end of the band, while the maximum permissible investment for retail investors works out to about Rs 1,94,350. The offer has been structured with 75 per cent reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail investors. Axis Capital and IIFL Capital Services are managing the issue as book-running lead managers, with Kfin Technologies acting as registrar.

Where the money will go

The company plans to use a significant portion of the net proceeds, around Rs 371.1 crore, to fund its subsidiary PSL Retail's lease liabilities tied to its network of Experience Centres and back-end offices across India. A further Rs 138.9 crore has been earmarked for sales and marketing spending, with the remainder going towards general corporate purposes.

About the business

Pernia's Pop-Up Shop operates as an omnichannel luxury retail platform focused on curated designer wear, with a particular emphasis on wedding and occasion-wear categories that have become a significant growth segment in India's fashion retail market. The company runs 12 Experience Centres and two back-end offices across the country on a leave-and-licence basis through PSL Retail, complementing its online presence with a mobile app, website, telephonic sales channels and offline events.

Notable early backers include investor Akash Bhanshali, through Volrado Venture Partners Fund II, which holds a 2.41 per cent stake, along with veteran investor Madhusudan Kela's Singularity AMC, which holds 1.6 per cent, and investor Mukul Mahavir Agrawal, who owns 1.18 per cent.

Financial snapshot

The company's revenue rose 13.9 per cent year-on-year to Rs 557.8 crore in the financial year ended March 2026, recovering from a 2.9 per cent decline the previous year. However, losses have widened alongside the growth, with the company posting a net loss of Rs 285.3 crore in FY26, up from Rs 188.3 crore a year earlier, reflecting continued investment in its retail footprint and customer acquisition even as the luxury fashion segment remains a competitive and capital-intensive category in India's e-commerce landscape.

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