Purple Style Labs is a multi-brand luxury omni-channel fashion platform operating under Pernia’s Pop-Up Shop (PPUS), offering a curated portfolio of luxury fashion products across womenswear, menswear, jewellery, accessories and kidswear, with a focus on wedding and occasion wear. The Public issue was of ₹680 cr.
Purple Style Labs shares witnessed a weak start on Monday, listing at a discount of over 6 per cent to the IPO price of ₹575, before rising above the offer price at the time of writing.On the NSE, the stock debuted at ₹535, a discount of 6.9 per cent to the IPO price. On the BSE, it listed at ₹539, down 6.2 per cent. It then settled at ₹568.55 on the NSE and at ₹568.05 on the BSE, down little over 1 per cent from the offer price.During the session, it scaled to a high of ₹589 mark.According to Dr. Ravi Singh, Chief Research Officer at Master Capital Services Ltd., Purple Style Labs’ weak listing could keep near-term sentiment under pressure, with fresh investor participation likely to wait for price stability. He noted that the company’s outlook will depend on its ability to sustain growth, improve profitability and generate cash. Singh also highlighted the growth of Pernia’s Pop-Up Shop into a multi-brand luxury omnichannel fashion platform with 1,109 active designer brands and 14 global experience centres. He added that India’s luxury market was valued at ₹1,499 billion in FY26 and is projected to reach ₹2,570 billion by FY31, at a CAGR of 11 per cent.According to Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, Purple Style Labs remains an “avoid” despite the stock recovering above its IPO price after a weak listing. Nyati cited widening PAT losses, which increased from ₹47.7 crore in FY24 to ₹188.4 crore in FY25 and ₹285.4 crore in FY26, along with negative net worth and no clear path to breakeven. She also flagged the valuation of around 9.3–9.6 times FY26 revenue and said the use of a significant portion of IPO proceeds towards lease liabilities and ₹138.9 crore for marketing leaves limited funds for growth.For existing investors, Nyati suggested a stop loss at ₹500, describing the risk-reward as unattractive at current levels.IPO subscriptionThe initial public offering of Purple Style Labs Ltd, the parent company of Pernia’s Pop-Up Shop, received 1.29 times subscription overall.The retail investors’ portion was subscribed 1.58 times, while the qualified institutional buyers’ category received 1.43 times subscription. The quota for non-institutional investors was subscribed 84 per cent.The company had raised ₹306 crore from anchor investors.The public offer comprised entirely a fresh issue of equity shares aggregating up to ₹680 crore, with no offer-for-sale component. The price band was fixed at ₹546-575 per share.At the upper end of the price band, the issue valued Purple Style Labs at a market capitalisation of over ₹4,600 crore.The company plans to use ₹371.13 crore of the IPO proceeds for investment in its wholly owned subsidiary PSL Retail towards lease liabilities of experience centres and back-end offices in India. It will use ₹138.90 crore for sales and marketing expenses, while the remaining proceeds will go towards general corporate purposes.Promoted by Abhishek Agarwal, Purple Style Labs operates a multi-brand luxury fashion omni-channel platform. Its publicly disclosed celebrity investors include Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit, and Mahesh Babu.Published on September 7, 2026
