Pernia’s Pop-Up Shop Parent Purple Style Labs To Launch ₹680 Crore IPO On August 31

New Delhi: Purple Style Labs Ltd (PSLL), the parent company of Pernia's Pop-Up Shop, is gearing up to launch its Rs 680 crore Initial Public Offering (IPO) on August 31.

The three-day offering will conclude on September 2, while the bidding for anchor investors will open for a day on August 28, according to the Red Herring Prospectus (RHP).

The company, which operates a multi-brand luxury fashion omnichannel platform, has filed its Updated Draft Red Herring Prospectus (UDRHP) with markets regulator Sebi. It received Sebi's approval for the IPO in January this year.

Purple Style Labs' IPO is entirely a fresh issue of equity shares with no Offer For Sale (OFS) component.

The company plans to utilise Rs 371.13 crore of the IPO proceeds for investment in its wholly-owned subsidiary, PSL Retail, for lease liabilities of Experience Centers and back-end offices in India; and Rs 138.90 crore towards sales and marketing expenses, with the balance towards general corporate purposes.

The proposed IPO will mark Purple Style Labs' debut in the public markets. The issue comes at a time when the country's wedding and luxury consumption markets are witnessing strong growth.

According to industry estimates, the country's wedding industry has crossed Rs 10 lakh crore, while the wedding-wear segment is projected to reach Rs 3.4 lakh crore by FY30. India's personal luxury market is also expected to touch Rs 2.31 lakh crore.

Promoted by Abhishek Agarwal, who holds a 27.10 per cent stake in the company, Purple Style Labs is backed by institutional investors, family offices and private investors.

Its publicly disclosed celebrity investors include Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit and Mahesh Babu.

The company is also expanding its retail presence, including its flagship Pernia's Pop-Up Studio at Fort in Mumbai, an experience centre on Linking Road in Mumbai and another outlet on Madison Avenue in New York.

Pernia's Pop-Up Shop currently offers more than 2 lakh products from over 1,300 designers through its digital platform and 14 experience centres.

Axis Capital Ltd and IIFL Capital Services Ltd are the bankers to the issue.

(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)