Purple Style Labs Limited IPO — the disclosed details
Closed
Purple Style Labs Limited runs the Pernia's Pop-Up Shop luxury fashion platform. It is raising up to Rs 680 crore in a 100% fresh-issue IPO, price band Rs 546 to Rs 575, opening 31 August 2026 and closing 2 September 2026.
This issue's bidding window has closed. What follows is the record of what was disclosed while the offer was open. It is not updated after the close, and it is not a view on the company or on how the shares have traded since.
This page lays out the Purple Style Labs Limited IPO exactly as the company filed it — dates, price band, objects of the issue, the RHP’s own risk factors, and who is actually free to sell once the stock lists. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What institutional desks read first — the filed ratios
These are Purple Style Labs Limited’s own filed disclosures under “Basis for Offer Price,” restated as filed — not a valuation, and no comparison view is offered here.
| Ratio (Basis for Offer Price, as filed) | Value |
|---|---|
| EPS, weighted average (basic/diluted) | Rs (31.90) per share — a loss |
| P/E at floor / cap | Not ascertainable — the company is loss-making |
| RoNW, weighted average | (147.14%) |
| NAV per equity share, post-Issue (floor / cap) | Rs 77.80 / Rs 78.41 |
The weighted-average RoNW excludes FY26, whose net worth was negative that year, per the RHP’s own note. This page’s sources give EPS, P/E, RoNW and NAV per share for this section; they do not include an EV/EBITDA multiple, a filed KPI table, or a listed-peer comparison table.
What the company does
Purple Style Labs Limited operates the Pernia’s Pop-Up Shop platform, which the RHP describes as a multi-brand luxury omni-channel fashion platform in India offering curated designer-brand merchandise — womenswear, menswear, and other categories including jewellery, accessories and kidswear — with a stated focus on wedding and occasion wear. It sells through Experience Centers, its website, mobile application and other channels. As of 31 March 2026 the platform listed 1,109 Active Designer Brands and operated 14 Experience Centers: 12 in India, one in London, and one in New York. Promoter Abhishek Agarwal is the company’s Whole-Time Director and Chief Executive Officer; fellow Whole-Time Director Abhinav Agarwal holds the Chief Business Officer role.
The RHP describes the company as one of India’s “largest and fastest growing” multi-brand luxury omni-channel fashion platforms by FY2025 revenue. That characterization is sourced to the 1Lattice Report — an industry report the RHP itself discloses was commissioned and paid for by the company — so it is restated here as the company’s own cited claim, not an independently verified ranking.
What the money is for
This is a 100% fresh issue. There is no Offer for Sale, so there are no selling shareholders, and no proceeds go toward buying out existing holders — all net proceeds go to the company, for the objects below.
| Object of the fresh issue | Amount, as filed |
|---|---|
| Investment in wholly owned subsidiary PSL Retail Private Limited, for lease liabilities of Experience Centers and back-end offices, via equity in one or more tranches | Rs 371.126 crore |
| Funding sales and marketing expenses of the Company | Rs 138.90 crore |
| General corporate purposes | Up to Rs 170.00 crore — capped at not more than 25% of Gross Proceeds; the exact amount is left blank in the RHP pending the Issue Price |
What the RHP flags as risks
Purple Style Labs Limited’s RHP lists these among its risk factors. Restated faithfully, not our own assessment:
- Consolidated losses widened every year, with negative operating cash flow. Loss after tax was Rs 477.10 million in FY24, Rs 1,883.83 million in FY25, and Rs 2,853.99 million in FY26. The RHP states there is no assurance of future profitability or positive operating cash flow.
- High indebtedness and weak debt-servicing metrics. The Debt Service Coverage Ratio was 0.27x in FY24, 0.37x in FY25, and 0.08x in FY26 — which the RHP says may constrain liquidity and growth.
- Heavy reliance on physical Experience Centers for GMV. They contributed 56.20% of Total (India) PPUS GMV in FY24, 66.41% in FY25, and 74.72% in FY26; disruption to these locations could hurt the business.
- Dependence on the online and mobile channel. This exposes the company to app-store policy changes, device-compatibility issues, and other platform risk.
- Revenue concentration in womenswear and top designer brands. Womenswear was 77.70% of Total PPUS GMV in FY26; the top 10 designer brands were 30.24% of Total PPUS GMV in FY26. Shifts in demand or the loss of brands could hurt results.
- A pending IP-license dispute. The company has received a notice seeking termination of a license agreement underlying certain intellectual property, and is contesting it.
The numbers as filed
| Item | As filed |
|---|---|
| Issue size | Up to Rs 680.00 crore |
| Fresh issue | Up to Rs 680.00 crore — 100% of the Issue |
| Offer for Sale | None |
| Face value | Rs 10 per equity share |
| Price band | Rs 546 to Rs 575 per equity share |
| Lot size | 26 equity shares, and multiples of 26 thereafter |
| Minimum investment (retail, 1 lot, at cap price) | Rs 14,950 |
| Retail category ceiling (13 lots, at cap price) | Rs 1,94,350 |
| Particulars (Rs million) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from operations | 5,578.38 | 4,899.09 | 5,043.73 |
| Total income | 5,670.69 | 4,940.01 | 5,100.33 |
| Loss after tax | (2,853.99) | (1,883.83) | (477.10) |
Negative retained earnings stood at Rs 7,102.86 million as of 31 March 2026. FY26 and FY25 losses each include a large non-cash exceptional item that the RHP attributes to employee share-based payment expense on ESOP grants — Rs 1,179.28 million in FY26 and Rs 1,227.68 million in FY25; FY24 had no such exceptional item. All figures are from the RHP’s Restated Consolidated Financial Information.
Who can actually sell on listing day
The anchor round closed on 28 August 2026, with 10 anchor investors allotted shares at the Rs 575 cap price, per a circular filed with the exchanges.
| Who | Locked for, per this RHP |
|---|---|
| Promoter’s minimum contribution (20% of post-Issue capital) | 18 months from Allotment |
| Promoter’s holding above that 20% | 6 months from Allotment |
| All other pre-Issue equity capital (RHP exemptions: VCF/Category I or II AIF/FVCI holdings, and ESOP 2024 shares held by employees) | 6 months from Allotment |
| Anchor investors — 50% of their allotment | 90 days from Allotment |
| Anchor investors — remaining 50% of their allotment | 30 days from Allotment |
| Step | Shares | % of post-issue capital |
|---|---|---|
| Total offer | 11,826,086 | 14.77% |
| Less: anchor allotment, locked 30/90 days | −5,321,738 | −6.65% |
| = Sellable on listing day | 6,504,348 | 8.12% |
| Locked or not offered — the rest of the register | 73,556,738 | 91.88% |
| Post-issue capital | 80,061,086 | 100.00% |
A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
Figures on this page are as filed in the RHP dated 24 August 2026 and the price-band advertisement dated 25 August 2026, both re-verified as of 30 August 2026.
Dates and mechanics
Purple Style Labs Limited will list on the Main Board of BSE Limited and National Stock Exchange of India Limited (NSE is the Designated Stock Exchange) — this is not an SME-platform issue.
| Event | Date |
|---|---|
| Anchor Investor Bidding Date | 28 August 2026 (Friday) |
| Bid/Issue Opening Date | 31 August 2026 (Monday) |
| Bid/Issue Closing Date | 2 September 2026 (Wednesday) |
| Basis of Allotment (on or about) | 3 September 2026 (Thursday) |
| Refunds / unblocking of application funds (on or about) | 4 September 2026 (Friday) |
| Credit of Equity Shares to demat accounts (on or about) | 4 September 2026 (Friday) |
| Listing — commencement of trading (on or about, indicative) | 7 September 2026 (Monday) |
| Investor category | Share of the Issue |
|---|---|
| Qualified Institutional Buyers (QIB) | Not less than 75% |
| Non-Institutional Investors (NII) | Not more than 15% — one-third for bid sizes over Rs 2 lakh and up to Rs 10 lakh; two-thirds for bid sizes over Rs 10 lakh |
| Retail Individual Investors | Not more than 10% |
Book Running Lead Managers: Axis Capital Limited (SEBI Reg. INM000012029) and IIFL Capital Services Limited, formerly IIFL Securities Limited (SEBI Reg. INM000010940).
Registrar: KFin Technologies Limited (SEBI Reg. INR000000221).
Information as of 27 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- Red Herring Prospectus, dated 2026-08-24 (company-hosted, Purple Style Labs Limited) -- re-fetched and re-extracted (PyMuPDF, 448 pages) this session →
- Corrigendum to RHP and Pre-Issue and Price Band Advertisement, dated 2026-08-25 (BRLM Axis Capital-hosted) -- re-fetched and re-extracted (PyMuPDF, 4 pages) this session →
- Free Press Journal -- price band and open-date report →
- Business Standard -- price band and valuation report →
- Business Today -- lot size and investor-category report →
- Business Standard + Inc42 — anchor allocation, 10 investors, Rs 575/share, ~Rs 306cr (secondary, reconciled to RHP max-anchor scenario; no exchange filing directly fetchable) →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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