Pernia’s Pop-Up Shop IPO crosses overall subscription on final day despite NII shortfall
NII category remained undersubscribed at 0.84 times
Pernia's Pop-Up Shop's ₹680 crore IPO reached a 1.29 times overall subscription on its final day, despite the Non-Institutional Investor (NII) segment falling short at 0.84 times the demand. Retail investors were the frontrunners, subscribing 1.57 times, while QIBs also showed strong interest with 1.43 times subscriptions. Despite the NII undersubscription, the IPO attracted marquee anchor investors, with PSL raising ₹306 crore from 10 anchor investors including major mutual funds and foreign institutional investors.
The company, backed by celebrity investors like Shah Rukh Khan and Sachin Tendulkar, has seen revenue grow from ₹45 crore in FY2020 to over ₹500 crore in FY2024, earning a valuation of ₹4,603 crore at the upper price band. However, Religare Broking's IPO note assigned a Neutral rating, citing persistent losses, PAT loss widening to ₹188.55 crore in FY2025, and a negative ROCE of 4.79 per cent, warning of uncertainty in near-term earnings due to volatile financials and weak profitability.
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