Purple Style Labs Experiences Weak Stock Market Debut

Purple Style Labs, known for its luxury fashion platform Pernia’s Pop-Up Shop, had a disappointing start on the stock exchanges this Monday. The company’s shares were listed at Rs 535 on the NSE, reflecting a decline of 6.96% from the IPO price of Rs 575. On the BSE, the stock opened at Rs 539, marking a decrease of 6.26% from the issue price.

IPO Subscription and Details

This subdued debut followed a Rs 680 crore initial public offering (IPO) that was subscribed 1.29 times during its three-day bidding window. The IPO opened on August 31 and closed on September 2, comprising exclusively a fresh issue of shares.

Pricing and Anchor Investment

Purple Style Labs established the IPO price band between Rs 546 and Rs 575 per share. Prior to the IPO, the company raised Rs 306 crore from anchor investors, distributing 53.21 lakh shares at the upper end of the price band. The largest contributor in the anchor round was ICICI Prudential Mutual Fund, with Jupiter India Fund and Aditya Birla Sun Life Insurance also among significant investors.

Use of IPO Proceeds

The funds raised from the IPO are intended to address the lease liabilities of its subsidiary PSL Retail, as well as to support sales and marketing efforts.

Company Operations

Purple Style Labs operates in the luxury fashion sector through Pernia’s Pop-Up Shop, focusing on designer apparel and premium fashion items. The company is actively working to enhance its reach both in India and in international markets.

Financial Performance

In terms of financial performance, Purple Style Labs reported Rs 558 crore in revenue from operations for FY26, up from Rs 490 crore in the previous fiscal year. However, losses widened to Rs 285 crore for the year ending March 2026.