Pernia’s Pop-Up Shop Parent Purple Style Labs Lists At 7% Discount

Shares of Pernia’s Pop-Up Shop parent company, Purple Style Labs, faced a weak stock market debut, listing at a nearly 7% discount to their issue price. The stock opened at ₹535 on the NSE, representing a 6.96% discount to the ₹575 issue price. On the BSE, shares listed at ₹539, a 6.26% discount from the ₹575 price. The company's market capitalization stood at ₹4,315.29 Cr at the BSE's opening price.

The IPO, which closed with an overall subscription of 1.29X, saw investors place bids for 88.54 Lakh shares against 68.49 Lakh shares available. The IPO comprised a fresh issue of shares, with no OFS component, and was priced within the range of ₹546-₹575 per share. Pre-IPO, Purple Style Labs raised ₹306 Cr from anchor investors, allocating 53.2 Lakh shares at ₹575 each.

Morgan Stanley and Bank of America Securities participated in the anchor book. Founded in 2015 by Abhishek Agarwal, Purple Style Labs operates the luxury fashion platform Pernia’s Pop-Up Shop and owns designer brands like Wendell Rodricks and Hemant Trivedi. The company, which expanded its primarily online business into an omnichannel model, currently operates across womenswear, menswear, jewellery, accessories, and kidswear.

With more than 1,100 active designer brands on board, Purple Style Labs plans to use IPO proceeds to clear lease liabilities for its experience centre network, with ₹371.1 Cr allocated for this purpose and ₹138.9 Cr for sales and marketing. The remaining capital will be utilized for general corporate purposes. However, the company's financials show a widening net loss in FY26, up 51.5% to ₹285.4 Cr, compared to ₹188.4 Cr in the previous fiscal year. Operating revenue for FY26 rose nearly 14% to ₹557.8 Cr from ₹489.9 Cr in FY25.