Pernia’s Pop-Up Shop parent Purple Style Labs’ IPO was subscribed 37% as of 12:18 IST on the final day of bidding, receiving bids for 25.1 Lakh shares against 68.5 Lakh shares on offer.
Retail investors continued to lead the demand, with their reserved portion subscribed 1.23X
NIIs subscribed 41% of their reserved quota and QIBs subscribed just 6% of the portion earmarked for them
Pernia’s Pop-Up Shop parent Purple Style Labs’ IPO entered its final day of bidding with overall investor demand remaining muted.
As of 12:18 IST today, the public issue had received bids for 25.1 Lakh shares against 68.5 Lakh shares on offer, translating to a subscription of 37%.
The issue was subscribed 8% on the first day and ended the second day with a subscription of 24%.
Retail investors continued to lead the demand, with their reserved portion subscribed 1.23X. The category received bids for 15.4 Lakh shares against the 12.5 Lakh shares reserved for it.
Meanwhile, NIIs subscribed 41% of their reserved quota, placing bids for 7.6 Lakh shares against 18.7 Lakh shares on offer.
Of this, NIIs bidding for shares worth more than ₹10 Lakh subscribed 48% of their portion, placing bids for 5.9 Lakh shares against 12.5 Lakh shares on offer. Those bidding for shares worth between ₹2 Lakh and ₹10 Lakh subscribed 26% of their quota, with bids for 1.6 Lakh shares against 6.2 Lakh shares reserved for them.
QIBs subscribed just 6% of the portion earmarked for them, placing bids for 2.2 Lakh shares against the 37.4 Lakh shares reserved for the category.
The muted institutional demand comes despite Purple Style Labs raising ₹306 Cr from anchor investors ahead of the IPO. The company allotted 53.2 Lakh shares to anchor investors at ₹575 apiece, with Morgan Stanley and BofA Securities among the participants.
The ₹680 Cr IPO, which opened for subscription on August 31, comprises entirely a fresh issue of shares, with no OFS component. The price band has been fixed at ₹546-575 per share.
Of the fresh capital, ₹371.1 Cr will be used to meet the lease liabilities of Pernia’s Pop-Up Shop’s experience centre network. The company operates 12 experience centres and two back-end offices in India, along with experience centres in London and New York.
Another ₹138.9 Cr has been earmarked for sales and marketing expenses till FY30, while the remaining proceeds will be used for general corporate purposes.
The IPO will close today. Purple Style Labs is scheduled to list its shares on the NSE and BSE on Monday (September 7).
Founded in 2015 by Abhishek Agarwal, Purple Style Labs is an omnichannel luxury fashion company that operates Pernia’s Pop-Up Shop and owns designer brands such as Wendell Rodricks and Hemant Trivedi.
The company has raised about $78 Mn from investors, including the Harish Shah Family Office and Masaba Gupta. Celebrities such as Salman Khan, Shah Rukh Khan through the Gauri Khan Family Trust, and Shraddha Kapoor are also among its investors.
Its platform houses offerings from designers such as Seema Gujral, Anushree Reddy, Amit Aggarwal, and Rohit Gandhi Rahul Khanna across wedding wear, occasion wear, menswear, and accessories.
On the financial front, Purple Style Labs’ net loss widened 51% to ₹285.4 Cr in FY26 from ₹188.4 Cr in the previous year. Its operating revenue rose nearly 14% to ₹557.8 Cr from ₹489.9 Cr in FY25.
Source: Inc42
