Purple Style Labs IPO
MainboardPurple Style Labs is an omnichannel luxury fashion retailer in India that owns and operates the multi-designer platform Pernia's Pop-Up Shop.
Verdict: Neutral
Est. GMP
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Price range
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Lot size
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Issue size
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Allotment
03 Sept
Listing
07 Sept
Review
1. Grey market premium
★★★★★Grey market activity remained modest with subdued listing premiums.
2. Company financials
★★★★★Top-line revenue has expanded rapidly via retail store rollouts, though bottom-line profitability remains constrained by high rental and marketing expenses.
3. Subscription status
★★★★★Subscription saw moderate interest driven largely by high-net-worth individuals and retail participants.
4. Anchor investors
★★★★★Anchor participation drew interest from select domestic institutional investors and family offices.
Company financials
Amount ₹ in Crores
| Period ended | Revenue | Expense | EBITDA | PAT | Assets |
|---|---|---|---|---|---|
| FY22 | ₹175.20 | ₹188.40 | ₹-6.10 | ₹-14.20 | ₹145.80 |
| FY23 | ₹373.12 | ₹385.40 | ₹15.20 | ₹-9.80 | ₹260.50 |
| FY24 | ₹512.60 | ₹518.30 | ₹26.40 | ₹-5.70 | ₹358.20 |
Subscription
Anchor investors
| Anchor size | 306.00 Cr. |
| Shares offered | 53,21,739 Shares |
| Bidding date | August 28, 2026 |
| Lock-in ends (50%, 30 days) | Oct 3, 2026 |
| Lock-in ends (50%, 90 days) | Dec 2, 2026 |
Anchor allocation was distributed among domestic mutual funds and high-net-worth institutional investors.
Risks
- FinancialThe company has a history of net losses due to heavy upfront store expansion and operational overheads.
- ConcentrationRevenue is heavily dependent on the performance of Pernia's Pop-Up Shop and key luxury designer partnerships.
- CyclicalLuxury designer wear demand is discretionary and sensitive to economic slowdowns and wedding season cycles.
- ValuationHigh revenue multiples leave minimal margin of safety given ongoing margin pressures.