Purple Style Labs IPO

Pernia's Pop-up Studio IPO is a ₹680 crore public issue. The entire issue consists of 1.18 crore new shares, which means the company will raise fresh funds through the IPO.

The IPO will open for subscription on August 31, 2026, and close on September 2, 2026. The share allotment is expected to be finalized on September 3, 2026. The shares are likely to be listed on both NSE and BSE on September 7, 2026.

The IPO price band has been fixed at ₹546 to ₹575 per share. Each IPO application must be made for a minimum of 26 shares, called a lot. At the upper price of ₹575, a retail investor would need to invest ₹14,950 for one lot.

Axis Capital Ltd. is managing the IPO, while Kfin Technologies Ltd. will handle the share allotment and related investor services.

About Purple Style Labs 

Purple Style Labs Limited (PSL) is a luxury fashion company that sells designer clothing, jewellery and accessories through its online platform and physical stores. Its main platform is Pernia’s Pop-Up Shop, which PSL acquired in 2018.

The company follows an omnichannel business model, meaning customers can shop online or visit its physical Experience Centers. PSL sells products from hundreds of Indian luxury designers and also owns and operates some brands, including Wendell Rodricks and Hemant Trevedi.

The company mainly focuses on luxury womenswear, which accounts for nearly 78% of its total sales value. It serves customers in almost 100 countries and operates 14 Experience Centers, including 12 in India and two overseas.

In FY26, PSL reported ₹557.84 crore in revenue. However, the company remained loss-making, with a net loss of ₹285.40 crore. Its IPO is intended to raise fresh funds, a significant portion of which will be used to meet lease-related liabilities and support digital marketing and other business expenses.

Industry Outlook

1. India’s personal luxury market is projected to reach ₹2.31 lakh crore, while the overall wedding industry has crossed ₹10 lakh crore, creating a large market for luxury fashion platforms.
2. India’s wedding-wear market is expected to reach ₹3.4 lakh crore by FY2030, making weddings and festive occasions a major growth driver for luxury fashion.
3. Consumers are increasingly moving from unorganised tailoring to organised, multi-brand designer platforms, supporting platforms that bring together 1,300+ luxury brands.
4. Luxury shoppers increasingly prefer an online-plus-store experience. The share of physical Experience Centers in GMV increased from 56.20% in FY24 to 74.72% in FY26.
5. The platform reported an average order value of ₹56,106, indicating high spending per purchase. Repeat customers contributed up to 28% of total order volume, pointing to customer retention.

Purple Style Labs IPO Objectives

1. The company will invest nearly ₹371.13 crore in PSL Retail Private Limited to meet lease obligations for its Experience Centers and back-end offices across India.
2. The company will spend ₹138.90 crore on digital marketing, influencer campaigns, TV advertisements, sponsorships and social media activities to attract customers and strengthen the brand.
3. The remaining funds will support day-to-day operations, inventory management, business expansion, technology and store improvements, and partial debt repayment.

Financial Performance of Purple Style Labs 

Purple Style Labs IPO Peer Comparison

Purple Style Labs Limited has no listed peer companies in India or globally with a similar or comparable size, scale, and multi-brand luxury fashion business model.

Strengths and Opportunities for Purple Style Labs IPO 

1. The company offers over 2 lakh products from 1,109 active designer brands, including Seema Gujral, Amit Aggarwal and Anushree Reddy.
2. Pernia’s Pop-Up Shop is one of India’s leading omnichannel luxury fashion platforms, combining online and offline retail.
3. It has served customers across 130+ countries between FY24 and FY26, with a presence in markets such as the US, UK, Middle East and Canada.
4. The company’s reported average order value is ₹56,106, reflecting the premium nature of its products.
5. It operates 14 Experience Centers, with physical stores contributing 74.72% of GMV in FY26.
6. It has recorded 19.14 million unique visitors and fulfilled around 95,565 orders in FY26.
7. Repeat customers' share of order volume increased from 18.86% in FY24 to over 31% in FY26.
8. It owns and operates brands such as Wendell Rodricks and Hemant Trevedi, alongside its multi-brand platform.
9. Revenue from operations increased to ₹557.84 crore in FY26, reflecting the company’s expanding business scale.

Risks and Threats for Purple Style Labs IPO 

1. Net loss increased sharply from ₹47.71 crore in FY24 to ₹285.40 crore in FY26, mainly due to store expansion, marketing and operating costs.
2. Total equity turned negative at ₹52.28 crore as of March 31, 2026, due to accumulated losses.
3. The company received a termination notice for the license agreement related to Pernia’s Pop-Up Shop, its key brand, creating legal and business risks.
4. Borrowings stood at ₹371.40 crore in FY26, while the DSCR was only 0.08, indicating limited ability to service its debt.
5. The company reported negative operating cash flows during FY24-FY26, increasing its dependence on external funding.
6. Womenswear accounted for 77.70% of total GMV, making the business vulnerable to changes in demand for this category.
7. Experience Centers contributed 74.72% of GMV in FY26, exposing the company to high rental and fixed operating costs.
8. The company manages over 2 lakh SKUs, which could lead to higher inventory costs and losses if products become outdated or demand changes.
9. The company relies on independent designers and does not have long-term exclusive contracts with many of them. Designers moving to competitors or selling directly to customers could affect sales.

Purple Style Labs IPO Reservation

Purple Style Labs IPO Promoter Holding

Abhishek Agarwal is the promoter of the company. 

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Purple Style Labs IPO Registrar and Lead Managers

Purple Style Labs IPO Lead Managers

1. Axis Capital Ltd.
2. IIFL Capital Services Ltd.

Registrar for Purple Style Labs IPO 

Name: Kfin Technologies Ltd.

Phone: 040-79615565

Email ID: purplestyle.ipo@kfintech.com

How To Check the Allotment Status of the Purple Style Labs IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Purple Style Labs IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Purple Style Labs IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Purple Style Labs IPO 

Address: CTS No. 1081, Plot no. 110 TPS Village, Service Road, Western Express Highway, Vile Parle East, Mumbai, Maharashtra, 400057

Phone: +91 22 5033 3600

Email ID: investor.relations@purplestylelabs.com