Purple Style Labs Sets IPO Price Band At ₹546-575 per Share, Issue To Open On August 31

New Delhi: Purple Style Labs Ltd, the parent company of Pernia's Pop-Up Shop, on Wednesday fixed the price band of Rs 546-575 per share for its Rs 680 crore Initial Public Offering (IPO), which will open for subscription on August 31.

At the upper end of the price band, the issue implies a market capitalisation of over Rs 4,600 crore.

The three-day public issue will close on September 2, while bidding by anchor investors will take place on August 28, the company said in a public announcement.

The IPO comprises a fresh issue of equity shares aggregating up to Rs 680 crore with no Offer For Sale (OFS) component.

The company, which operates a multi-brand luxury fashion omni-channel platform, plans to utilise the IPO proceeds to the tune of Rs 371.13 crore 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, 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 and IIFL Capital Services are the book-running lead managers to the issue, while KFin Technologies is the registrar.

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