Purple Style Labs Set to Dazzle Market with Rs 660 Crore IPO

Purple Style Labs, the owner of Pernia's Pop-Up Shop, plans to raise Rs 660 crore through an IPO. The luxury fashion platform aims to enhance its retail business, with funds directed towards lease liabilities and marketing. The company showcases significant growth in financial and operational areas.

Purple Style Labs, the parent company of luxury fashion platform Pernia's Pop-Up Shop, has filed for an initial public offering (IPO) with the Securities and Exchange Board of India (Sebi) to generate Rs 660 crore. The IPO is entirely a fresh issue with no offer for sale component, as per the draft red herring prospectus submitted on Monday.

The Mumbai-based luxury fashion firm aims to secure Rs 130 crore via a pre-IPO placement. If successfully conducted, this would proportionally reduce the fresh issue size. The IPO funds are earmarked for investing Rs 363.3 crore in wholly-owned subsidiary PSL Retail, mainly for lease liabilities. An additional Rs 128 crore is planned for sales and marketing, with any remaining funds set aside for general corporate purposes.

With a diverse portfolio comprising women's, men's, and kids' fashion, along with jewellery and accessories from over 1,312 designer brands, Purple Style Labs demonstrates strong financial and operational growth. Revenue metrics such as average order value and customer quality have shown considerable improvement. Globally, the firm has expanded its footprint with online channels and experience centers reaching over 100 countries, especially strengthening its presence in the US, UK, and Middle East markets. Axis Capital and IIFL Capital Services will manage the public issue.

(With inputs from agencies.)