Purple Style Labs, the parent company of Pernia’s Pop-Up Shop, has set a price band of ₹546 to ₹575 per equity share for its upcoming initial public offering (IPO) worth ₹680 crore. The IPO will open for subscription on August 31 and close on September 2, with anchor investor bidding scheduled for August 28. At the upper end of the price band, the company’s post-issue market capitalisation will be nearly ₹4,604 crore ($483 million), according to inc42.com.
The IPO consists entirely of a fresh issue of shares, with no offer for sale component. Investors can bid for a minimum of 26 shares and in multiples of 26 thereafter, meaning retail investors will need to invest at least ₹14,196 at the lower price band and ₹14,950 at the upper band. Purple Style Labs plans to use ₹371.1 crore of the proceeds to fund lease liabilities for its network of experience centres, ₹138.9 crore for sales and marketing expenses, and the remainder for general corporate purposes, inc42.com reported.
Founded in 2015 by Abhishek Agarwal, Purple Style Labs operates an omnichannel luxury fashion platform that includes Pernia’s Pop-Up Shop and designer labels such as Wendell Rodricks and Hemant Trivedi. The platform spans experience centres, websites, mobile apps, telephone sales, retail channels, and exhibitions. The IPO’s size and valuation place Purple Style Labs among notable luxury fashion startups seeking public market capital, reflecting growing investor interest in omnichannel retail models in India.
The IPO subscription period will run from August 31 to September 2, with anchor investor bidding on August 28. The company’s post-issue valuation is expected to range between ₹4,406 crore and ₹4,604 crore depending on the final price band, as stated by inc42.com.