Mumbai-based Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop-Up Shop, has filed preliminary papers with SEBI to raise ₹660 crore through an initial public offering (IPO). The proposed IPO is a fresh issue of equity shares with no offer-for-sale component, according to the draft red herring prospectus (DRHP) filed on Monday.
The company is also considering a pre-IPO placement of ₹130 crore, which, if completed, would reduce the size of the fresh issue proportionately.
Use of Proceeds:
- ₹363.3 crore will be invested in its wholly-owned subsidiary, PSL Retail, to cover lease liabilities for experience centres and back-end offices in India.
- ₹128 crore will be used for sales and marketing initiatives.
- The remaining funds will be allocated for general corporate purposes.
Purple Style Labs offers a curated portfolio of approximately 2.12 lakh SKUs across women’s wear, men’s wear, fine jewellery, fashion jewellery, kids wear, and accessories, sourced from over 1,312 active designer brands.
The company has shown strong financial and operational growth. Its average order value increased from ₹39,499 in FY23 to ₹56,106 in FY25. Strategic cost management has reduced sales and marketing expenses from 12.88% of revenue in FY23 to 6.77% in FY25, while average GMV per customer rose from ₹59,023 to ₹83,270 over the same period.
Purple Style Labs served customers from over 100 countries in FY25 via its online channels and flagship experience centre in the UK, and has strengthened its presence in key international markets including the US, UK, and the Middle East.
Axis Capital and IIFL Capital Services have been appointed as lead merchant bankers for the IPO.
