The listing was broadly in line with grey market expectations, as the unlisted shares were trading with a negative grey market premium ahead of listing.The weak market comes after the Rs 680-crore initial public offering (IPO) of the company got fully subscribed during its three days of public bidding between August 31 and September 2.
The IPO entirely comprised a fresh issue of shares at a price band of Rs 546.575 apiece.Ahead of the IPO, Purple Style Labs raised Rs 306 crore from anchor investors.
The company allotted 53.21 lakh shares to 10 anchor investors at the upper end of the price band, or Rs 575 per share.Purple Style Labs acquired Pernia’s Pop-Up Shop in February 2018, when it was primarily an online-only platform.
The business has since expanded into physical retail, reporting Rs 508 crore in revenue in FY24.
According to the DRHP, it currently operates 14 Experience Centres across India and London, with plans to expand further in Mumbai and New York.Celebrities backing Purple Style LabsPromoted by Abhishek Agarwal, who holds a 27.10% stake in the company, Purple Style Labs is backed by institutional investors, family offices and private investors.
