Infra.Market and Purple Style Labs IPO Approval

Infra.Market, a notable player in the building materials sector, alongside Purple Style Labs, known for its luxury fashion platform, has achieved a significant milestone by receiving approval from the Securities and Exchange Board of India (SEBI) for their upcoming IPOs. This development was shared through the regulator’s recent announcement.

Details of Infra.Market’s IPO

The approvals were granted around three months after Infra.Market submitted a confidential Draft Red Herring Prospectus (DRHP) with SEBI, aiming to gather Rs 5,000 crore through an initial public offering. The anticipated offering is likely to consist of a balanced mix of fresh equity shares along with an offer for sale (OFS) from existing investors.

In its latest funding round in September 2025, Infra.Market secured $83 million in a Series G round, led by Silverline Homes, with additional participation from Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India.

Financially, Infra.Market presented impressive growth, with its gross revenue jumping 27% to reach Rs 18,472 crore (approximately $2.1 billion) in FY25. However, the company’s profits saw a substantial decline, dropping nearly 42% to Rs 220 crore during the same period.

Insights into Purple Style Labs’ IPO

On another front, Purple Style Labs recently filed draft papers with SEBI in September 2025, aiming to raise Rs 660 crore via its IPO. According to the DRHP, this issue will consist entirely of new equity shares.

The funds raised from the IPO will primarily be allocated to its wholly owned subsidiary, PSL Retail, for lease obligations associated with experience centres and backend offices. Additionally, a portion will be dedicated to sales and marketing as well as other corporate needs.

Despite experiencing a slight decrease in operating revenue, which fell to Rs 490 crore in FY25 from Rs 504 crore in FY24, PSL faced an increase in losses, widening nearly fourfold to Rs 188.5 crore. This surge in losses is attributed largely to ESOP expenses totalling Rs 122.7 crore.

SEBI’s Recent Approvals for New-Age Firms

In the past two months, SEBI has also greenlit IPO applications from a variety of innovative companies, including digital payments leader PhonePe, the digital lending firm Kissht, the insurtech company Turtlemint, logistics provider LEAP India, and Molbio Diagnostics.