Purple Style Labs
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.43×
- Big non-institutionalbNII · above ₹10 lakh
- 1.01×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.49×
- Retail individualRII · up to ₹2 lakh
- 1.53×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 07 Sept 2026 | -₹10 | -1.74% | ₹0 | ₹565 | ₹-260 |
| 06 Sept 2026 | -₹10 | -1.74% | ₹0 | ₹565 | ₹-260 |
| 05 Sept 2026 | -₹5 | -0.87% | ₹0 | ₹570 | ₹-130 |
| 04 Sept 2026 | ₹2 | +0.35% | ₹0 | ₹577 | ₹52 |
| 03 Sept 2026 | ₹2 | +0.35% | ₹0 | ₹577 | ₹52 |
| 02 Sept 2026 | ₹1.5 | +0.26% | ₹0 | ₹576.5 | ₹39 |
| 01 Sept 2026 | ₹2 | +0.35% | ₹0 | ₹577 | ₹52 |
| 31 Aug 2026 | ₹7 | +1.22% | ₹100 | ₹582 | ₹182 |
| 30 Aug 2026 | ₹28 | +4.87% | ₹600 | ₹603 | ₹728 |
| 29 Aug 2026 | ₹34 | +5.91% | ₹700 | ₹609 | ₹884 |
| 28 Aug 2026 | ₹30 | +5.22% | ₹600 | ₹605 | ₹780 |
| 27 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹575 | ₹0 |
| 26 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹575 | ₹0 |
| 25 Aug 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 31 Aug 2026 – 02 Sept 2026
- Listing date
- 07 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹546 – ₹575
- Lot size
- 26 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹680 Cr
- Fresh issue
- ₹680 Cr 1,18,26,086 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹4,640 Cr
- Promoter holding
- 26.34% → 0.00% pre-issue → post-issue
- ISIN
- INE0I1B01016
- CIN
- U18204MH2015PLC267215
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- CTS No. 1081, Plot no. 110, TPS Village, Service Road, Western Express Highway, Vile Parle East, Mumbai 400 057, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 37,36,264 | 54.55% | 54.55% |
| Anchor investor · within QIB | 53,21,739 | — | 77.69% |
| NII (HNI) | 18,68,131 | 27.27% | 27.27% |
| bNII > ₹10L · within NII | 12,45,421 | — | 18.18% |
| sNII < ₹10L · within NII | 6,22,710 | — | 9.09% |
| Retail (RII) | 12,45,421 | 18.18% | 18.18% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 68,49,816 | — | 100.00% |
Net offer to the public of 68,49,816 shares, out of a total issue of 68,49,816. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 26 shares per lot, in multiples, at ₹575
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 26 | ₹14,950 |
| Retail (max) | 13 | 338 | ₹1,94,350 |
| S-HNI (min) | 14 | 364 | ₹2,09,300 |
| S-HNI (max) | 66 | 1,716 | ₹9,86,700 |
| B-HNI (min) | 67 | 1,742 | ₹10,01,650 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹575 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | -41.83 | -35.37 |
| Price to book (×) | 31.47 | — |
| Market cap | — | ₹4,640 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- -160.33%
- ROCE
- -4.75%
- PAT margin
- -38.45%
- EBITDA margin
- 8.57%
- NAV per share
- ₹18.27
- Price to book
- 31.47
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 567.07 | 494 | 510.03 |
| Revenue from operations | 557.84 | 489.91 | 504.37 |
| Other income | 9.23 | 4.09 | 5.66 |
| Total expenses | 734.54 | 559.62 | 557.74 |
| Operating profit | -167.47 | -65.62 | -47.71 |
| Operating margin | -29.53% | -13.28% | -9.35% |
| Profit before tax | -285.4 | -188.38 | -47.71 |
| Profit after tax | -285.4 | -188.38 | -47.71 |
| PAT margin | -50.33% | -38.13% | -9.35% |
| Balance sheet | |||
| Total assets | 829.6 | 497.05 | 458.39 |
| Current assets | 275.39 | 256.5 | 205.1 |
| Current liabilities | 530.91 | 230.9 | 248.95 |
| Total liabilities | 881.88 | 379.55 | 418.88 |
| Net worth | -52.28 | 117.5 | 39.51 |
| Current ratio | 0.52× | 1.11× | 0.82× |
| Return on equity | — | -160.32% | -120.75% |
| Cash flow | |||
| Operating cash flow | -34.9 | -45.19 | -31.34 |
| Investing cash flow | -52.45 | -12.11 | -16.79 |
| Financing cash flow | 92.54 | 64.48 | 43.75 |
| Net cash flow | 5.2 | 7.19 | -4.38 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Investment in wholly owned Subsidiary, PSL Retail for expenditure towards lease liabilities of Experience Centers, and back-end offices in India ₹371 Cr
The company proposes to invest in its wholly owned subsidiary PSL Retail to fund lease liabilities for Experience Centers and back-end offices in India. This includes funding for Large-Format Experience Centers in prestigious high-street locations across metropolitan areas.
2 Funding towards sales and marketing expenses to be incurred by the Company ₹139 Cr
The company intends to utilize proceeds for comprehensive sales and marketing initiatives including digital marketing campaigns, content and creative production, offline marketing activities, curated events, and collaborations with influencers to enhance brand presence.
3 General corporate purposes —
The company plans to deploy proceeds for general corporate purposes including business requirements, strategic initiatives, acquiring fixed assets, business development, designer acquisition, prepayment of debt, and other expenses as approved by the Board.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Purple Style Labs
Pernia's Pop-Up Shop (PPUS) is one of the largest and fastest growing multi-brand luxury omni-channel fashion platforms in India, serving customers globally through Experience Centers, online platforms, and events. The company offers curated luxury fashion from 1,109 Active Designer Brands across womenswear, menswear, jewelry, accessories and kidswear, with a focus on wedding and occasion wear. The company operates 14 Experience Centers globally (12 in India, 1 in UK, 1 in US) and maintains a robust online presence with 19.14 million unique visitors in Fiscal 2026, achieving a Total PPUS GMV of ₹7,215.62 million.
Management
Hrishikesh Bhalchandra Parandekar
Director
Abhishek Agarwal
CEO
Abhinav Agarwal
COO
Rahul Garg
Director
Harminder Sahni
Director
Shefali Sarohi Shyam
Director
Gulshan Mumtaz Khan
Director of Operations
Umesh Pawan Choudhary
CFO
Nivesh Pandey
CTO
Niket Agarwal
COO
Abhishek Kothari
VP of Sales
Robin Rapheal Dsouza
VP of Sales
Roopali Adlakha
Director
Amit Chahalia
CTO
Atiya Danny Mirwani
Director
Strengths
As stated in the offer document
Multi-brand omni-channel luxury platform in India with a wide portfolio of products and strong designer relationships
The company is one of the largest and fastest growing multi-brand luxury omni-channel fashion platform in India in terms of revenue in FY 2025, with 208,490 SKUs from 1,109 Active Designer Brands as of March 31, 2026.
Omni-channel business model with a focus on operational efficiency
The company has implemented an omni-channel model integrating online platform with physical Experience Centers, with PPUS AOV for Experience Centers in India approximately 2.34 times higher than online channels in Fiscal 2026.
Robust international presence
The company has established strong international presence serving customers from approximately 100 countries in Fiscal 2026, with international PPUS GMV accounting for 20.29% of Total PPUS GMV worth ₹1,463.81 million.
Powerful network effects resulting in robust customer retention and high monetization
The company has established itself as a premier luxury fashion destination with 1,109 Active Designer Brands, achieving PPUS AOV growth from ₹45,512.52 in Fiscal 2024 to ₹75,504.88 in Fiscal 2026.
Robust management team and an experienced board
The company's management team is led by Promoter and CEO Abhishek Agarwal, with professionals having functional expertise and graduates from leading institutions like Indian Institute of Technology, with average tenure of seven years.
Risk factors
As stated in the offer document
Historical Losses and Negative Cash Flows
The company has incurred significant losses with negative retained earnings of ₹7,102.86 million as of March 31, 2026, and negative net cash flows from operating activities. The company's loss after tax increased from ₹477.10 million in Fiscal 2024 to ₹2,853.99 million in Fiscal 2026, primarily due to exceptional items and increased expenses from expansion.
Heavy Dependence on Womenswear Category
The company derives 77.70% of its Total PPUS GMV from womenswear in Fiscal 2026. Any variations in demand or changes in consumer preferences for womenswear could materially impact the company's business operations and financial performance.
Experience Centers Dependency and Operational Risks
The company derives 74.72% of its PPUS GMV from Indian Experience Centers in Fiscal 2026. All Experience Centers operate on leased premises, exposing the company to rental market conditions, lease renewal risks, and potential operational disruptions from various factors including natural disasters or regulatory changes.
International Trade and Geopolitical Risks
The company faces exposure to international trade policies, tariffs, and geopolitical tensions, particularly with the US market contributing 10.65% of Total PPUS GMV in Fiscal 2026. Recent tariff increases and trade disputes could significantly impact export sales and competitive positioning.
High Debt Burden and Financial Covenant Risks
The company has significant indebtedness with total borrowings of ₹3,714.02 million as of March 31, 2026, and a very low debt service coverage ratio of 0.08. The company faces risks related to meeting financial covenants and obtaining additional financing for operations and expansion.
Designer Brand Concentration and Dependency
The company's top 10 Designer Brands contributed 30.24% of Total PPUS GMV in Fiscal 2026. The company depends on these third-party designers for product quality, brand maintenance, and pricing decisions, with limited control over their operations and potential for relationship deterioration.
Technology Platform and Cyber Security Vulnerabilities
The company relies on its website and mobile applications for online sales (9.05% of Total PPUS GMV in Fiscal 2026) and faces risks from technical issues, cyber-attacks, and changes in mobile operating system policies. The company maintains a small technical team of 16 members with 12.90% attrition rate.
Intellectual Property and Brand Rights Disputes
The company faces potential conflicts over intellectual property rights acquired through agreements with Pernia Qureshi Consultancy Private Limited. The company received a termination notice in January 2026 regarding the License Agreement, which could impact core brand identity and market recognition.
Rising Finance and Employee Costs
The company's finance costs increased dramatically from ₹407.57 million in Fiscal 2024 to ₹970.87 million in Fiscal 2026, while employee benefits expense rose to ₹819.96 million in Fiscal 2026. These increases are primarily due to expansion of Large Format Experience Centers.
Regulatory Compliance and Audit Observations
The company's statutory auditors have noted several observations including issues with audit trail features in accounting software and instances of delayed statutory payments. The company faces ongoing tax proceedings with an aggregate amount of ₹5.07 million and various regulatory compliance challenges.