Pernia’s Pop-Up Shop parent company Purple Style Labs’ initial public offering (IPO) closed its final day with a subscription rate of 37%, according to inc42.com. The IPO, which opened on August 31, offered 68.5 lakh shares but received bids for only 25.1 lakh shares by midday on the last day of bidding.
Investor demand remained subdued throughout the three-day subscription period. Retail investors led the demand, subscribing 1.23 times their reserved quota by bidding for 15.4 lakh shares against 12.5 lakh shares reserved. Non-institutional investors (NIIs) subscribed 41% of their quota, with bids for 7.6 lakh shares against 18.7 lakh shares on offer. Qualified institutional buyers (QIBs) showed the least interest, subscribing just 6% of their reserved portion with bids for 2.2 lakh shares out of 37.4 lakh shares.
The muted response from institutional investors contrasts with Purple Style Labs’ successful anchor investor round, which raised ₹306 crore. Anchor investors, including Morgan Stanley and BofA Securities, were allotted 53.2 lakh shares at ₹575 apiece before the IPO opened. The overall IPO size was ₹680 crore, fully comprising an offer for sale, highlighting cautious market sentiment despite strong anchor backing.
The IPO subscription data as of 12:18 IST on the final day reflects subdued investor enthusiasm for Purple Style Labs’ public listing. The company’s reserved quotas for retail, NII, and QIB categories were significantly undersubscribed, with retail investors being the only segment to exceed their allocation.