Purple Style Labs opens IPO at ₹575 cap price, targets ₹680 crore fresh issue
The offer, which closes on September 2, 2026, is entirely a fresh issue of equity shares aggregating up to ₹680 crore, with no offer for sale component
Purple Style Labs Limited, the parent company of Pernia’s Pop-Up Shop, plans to launch its initial public offering (IPO) on August 31, 2026, with an equity share price band of ₹546 to ₹575. The offering, which closes on September 2, 2026, will be a fresh issue totaling up to ₹680 crore without any offer for sale. The issue will be managed by Axis Capital Limited and IIFL Capital Services Limited.
Abhishek Agarwal, the Whole-time Director and CEO of Purple Style Labs, stated that the decision to go public was driven by the company's growth trajectory, particularly after achieving a revenue milestone of ₹500 crore. The luxury wedding and occasion wear market is projected to grow at 25 percent annually, while Purple Style Labs has expanded rapidly, operating 14 physical experience centers across India, one each in London and New York, since acquiring Pernia’s Pop-Up Shop in 2018.
Despite reporting a net loss of ₹285 crore for the fiscal year 2026 (FY26), Agarwal emphasized that the company's operating cash flow remained positive when accounting for essential costs. The IPO proceeds will primarily be used to pay down lease liabilities, ensuring sustainable growth. Agarwal cautioned against viewing the P&L statement in isolation, urging investors to consider the broader financial context including the balance sheet and cash flow statement.
As of FY26, the online platform attracted over 1.9 crore unique visitors, with a dedicated customer base of 65,000, generating ₹720 crore in total sales. While international revenue once accounted for 40 percent of gross sales, it has since dropped to 20 percent, though the company anticipates an increase following the opening of its New York store.
Notably, the IPO does not include an offer for sale, meaning existing investors, including prominent figures such as Madhusudhan Kela, Mukul Mahaveer Agarwal, and Akash Bhansali, will not be selling their shares. The anchor investor bidding deadline is set for Friday, August 28, 2026, with the IPO slated for listing on the National Stock Exchange (NSE).
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