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Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop-Up Shop, made a weak debut on the stock exchanges on Monday. The company’s shares are listed at Rs 535 on the NSE, a 6.96% discount to its IPO price of Rs 575. On the BSE, the stock opened at Rs 539, down 6.26% from the issue price. The muted debut came after the company’s Rs 680 crore initial public offering (IPO) was subscribed 1.29 times during the three-day bidding period. The issue, which opened on August 31 and closed on September 2, was entirely a fresh issue of shares. Purple Style Labs had set the IPO price band at Rs 546-575 per share. The company had earlier raised Rs 306 crore from anchor investors by allotting 53.21 lakh shares at the upper end of the price band. ICICI Prudential Mutual Fund was the largest investor in the anchor round, followed by Jupiter India Fund and Aditya Birla Sun Life Insurance. The company plans to use the IPO proceeds to meet the lease liabilities of its subsidiary PSL Retail, apart from funding sales and marketing expenses. The company operates in the luxury fashion segment through Pernia’s Pop-Up Shop, which sells designer wear and other luxury fashion products. It has been expanding its presence across India as well as international markets. On the financial front, Purple Style Labs reported Rs 558 crore in revenue from operations in FY26, compared to Rs 490 crore in the previous fiscal. However, its losses widened to Rs 285 crore during the year ended March 2026.
document fetched 2026-09-08 02:59