Purple Style Labs Files Draft Papers with Sebi to collect RS 660 CR via IPO

Purple Style Labs, the parent company of the Luxury Fashion Platform Pernia’s Pop-Up Shop, has submitted provisional papers to Capital Markets Regulator Sebi to increase RS 660 Crore via a first public offer (IPO).

The proposed IPO is entirely a new issue of shares without supply (OFS) component, according to the Draft Red Herring Prospectus (DRHP) that was submitted on Monday.

The company based in Mumbai is looking for RS 130 Crore in a pre-ipo placement round. If this is done, the fresh problem size would be reduced accordingly.

The company plans to use IPO yield on the melody of RS 363.3 Crore to invest in its entire subsidiary, PSL Retail, for lease liabilities with regard to experience centers and back-end offices in India; RS 128 Crore will be used for sales and marketing, and the rest goes to general business purposes.

With a portfolio of approximately 2.12 Lakh Skus about women’s clothing, men’s clothing, fine jewelry, fashion ravishing, children’s clothing and accessories, laboratory products curate from more than 1,312 active designer brands.

Over the years, the company has demonstrated strong financial and operational progress. The average order value grew from RS 39,499 in FY23 to RS 56.106 in FY25. Strategic cost discipline has reduced sales and marketing costs from 12.88 percent of sales in FY23 to 6.77 percent in FY25. The quality of the customer has also been strengthened, with average GMV (gross merchandise value) per customer that rises from RS 59.023 in FY23 to RS 83,270 in FY25. Purple Style Labs were aimed at customers from more than 100 countries in FY25 through its online channels and flagship Experience Center in the UK. It has also built a considerable foot on the ground in markets such as the US, the United Kingdom and the Central East.

Axis Capital and IIFL Capital Services have been appointed as head trader benchiers to manage the public problem.