Purple Style Labs, the parent company of Pernia’s Pop Up Shop, has raised nearly ₹306 crore from anchor investors ahead of its initial public offering (IPO). The company allotted 53.2 lakh equity shares at ₹575 apiece, the upper end of its IPO price band, according to a filing with the exchanges. The IPO subscription opens on August 31 and closes on September 2.
The anchor investor round saw participation from ten investors, including domestic mutual funds that acquired 17.39 lakh shares worth nearly ₹100 crore, accounting for 32.68% of the total anchor allocation. Notable participants included BofA Securities, Morgan Stanley Asia, Aditya Birla Sun Life Insurance, Jupiter India Fund, and ICICI Prudential Smallcap Fund. Purple Style Labs’ IPO consists solely of a fresh issue of shares worth up to ₹680 crore, with no offer for sale component.
The IPO price band is set between ₹546 and ₹575 per equity share, valuing the company at ₹4,604 crore at the upper end. Founded in 2015 by Abhishek Agarwal, Purple Style Labs plans to use a significant portion of the fresh proceeds to fund lease liabilities for Pernia’s Pop Up Shop experience centres, while the remainder will support sales and marketing expenses until fiscal year 2030. The company filed its draft IPO papers with SEBI in September last year and received approval in January.
Purple Style Labs’ IPO subscription will be open from August 31 to September 2, marking a key milestone for the company as it prepares to enter the public markets with a fresh issue aimed at expanding its retail footprint and marketing efforts.