Minerva Capital Research Solutions

Purple Style Labs

ListedListed 7 Sep 2026MainboardNSE: PERNIASPOPCheck allotment
Current price₹ 501.7−12.75% since issue
Listing day−6.96%
Issue price
₹ 575
Issue size
₹ 680 Cr.
Min. investment
₹ 14,950
Listing price
₹ 535
Subscribed
1.29x
Lot size
26 shares
P/E
-ve
RoNW
-160.33%
RoCE
-23.56%
PAT margin
-51.16%
EBITDA margin
5.44%
RoE
-160.33%
EPS
₹ -ve
NAV
₹ -7.69

About

Purple Style Labs Limited was started in August 2015. It runs a multi brand luxury fashion platform under the name Pernia's Pop-Up Shop, usually shortened to PPUS. It sells womenswear, menswear, jewellery, accessories and kidswear, with the main focus on wedding and occasion wear. The company does not make the clothes itself. It brings designers and customers together. As on 31 March 2026 it sourced from 1,109 active designer brands, including names such as Seema Gujral, Anushree Reddy, Amit Aggarwal and Rohit Gandhi & Rahul Khanna. For the designers, the platform is a way to reach buyers in India and abroad without setting up their own shops and distribution. It sells through several channels together, which it calls an omni-channel model. These are its Experience Centers, its website, its mobile application, telephone and digital sales, and events and exhibitions. As on 31 March 2026 it had 14 Experience Centers, of which 12 were in India and one each in London and New York. Between FY2024 and FY2026 it served more than 2,00,000 different customers, and in FY2026 the platform recorded gross merchandise value of about Rs 721.56 crore with an average order value of Rs 75,504.88. It sells to customers in India, the United States, the United Kingdom, the Middle East and Australia. As on 31 March 2026 it had 1,266 permanent employees.

Timeline

  1. Opens
    31 Aug
    done
  2. Closes
    2 Sep
    done
  3. Allotment
    3 Sep
    done
  4. Refunds
    4 Sep
    done
  5. Demat credit
    4 Sep
    done
  6. Listing
    7 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 34 on 29 Aug 2026
Lowest
₹ −10 on 6 Sep 2026
First quoted
₹ 30 on 28 Aug 2026

Subscription

How many times each investor group bid for its share, as of 05 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)126₹ 14,950
Retail (Max)13338₹ 1,94,350
S-HNI (Min)14364₹ 2,09,300
B-HNI (Min)671,742₹ 10,01,650

Company overview

Financials

Financials by year
Assets829.6497.05458.39
Total Income567.07494510.03
Profit After Tax−285.4−188.38−47.71
EBITDA30.3741.9931.63
NET Worth−52.28117.539.51
Reserves and Surplus−116.4118.0139.34
Total Borrowing371.4112.79116.33

Strengths

  • Sales grew 15% in FY2026, from Rs 494.00 crore to Rs 567.07 crore.
  • The platform is operating at a good size, with gross merchandise value of about Rs 721.56 crore in FY2026 and an average order value of Rs 75,504.88.
  • It has a wide designer base of 1,109 active brands as on 31 March 2026, which is hard for a new competitor to build quickly.
  • At the operating level the business makes money. EBITDA was Rs 30.37 crore in FY2026.
  • It has a real international presence, with Experience Centers in London and New York alongside 12 in India, and customers in the US, UK, Middle East and Australia.
  • More than 2,00,000 different customers were served between FY2024 and FY2026.
  • It does not manufacture, so it carries designer inventory and curation rather than factories, and designers get reach without their own retail network.
  • The whole issue is fresh capital with no offer for sale.

Risks

  • The company is making large and growing losses. Loss after tax was Rs 47.71 crore in FY2024, Rs 188.38 crore in FY2025 and Rs 285.40 crore in FY2026.
  • Net worth has turned negative, at minus Rs 52.28 crore as on 31 March 2026, with reserves at minus Rs 116.40 crore. In plain terms the accumulated losses have wiped out the shareholders funds.
  • Borrowing more than tripled in one year, from Rs 112.79 crore to Rs 371.40 crore, and that is against negative net worth.
  • There is no P/E to judge the issue on. EPS is negative and RoNW is minus 160.33%.
  • EBITDA was positive at Rs 30.37 crore but the net loss was Rs 285.40 crore. The gap between the two is very large and comes from costs below the operating line, which needs to be understood from the RHP before investing.
  • Sales are not growing steadily. Total income actually fell from Rs 510.03 crore in FY2024 to Rs 494.00 crore in FY2025 before rising to Rs 567.07 crore in FY2026.
  • The objects of the issue are not stated in the data available to us, so how the Rs 680 crore will be used is not clear from here and must be read in the RHP.
  • Luxury wedding wear is a discretionary purchase with a high ticket size. Demand falls quickly when consumer sentiment weakens.
  • Running 14 Experience Centers, including two overseas, carries heavy fixed cost in rent and staff whether or not sales come.
  • Retail investors get only up to 10% of this issue, as not less than 75% is reserved for QIB.

What the money is for

Objects of the issue
Investment in wholly owned Subsidiary, PSL Retail for expenditure towards lease liabilities of Experience Centers, and back-end offices in India371.13
Funding towards sales and marketing expenses to be incurred by the Company138.9
General Corporate Purposes—

Promoters

  • Abhishek Agarwal
Promoter holding26.34%→—before → after the issue

Anchor investors

10 anchors put in ₹ 306 Cr., including 3 mutual funds.

Anchor investors
ICICI PRUDENTIAL SMALLCAP FUND15,30,4128828.76%
JUPITER INDIA FUND8,63,74649.6716.23%
JUPITER GLOBAL FUND,THE-JUPITER INDIA SELECT4,40,59625.338.28%
ADITYA BIRLA SUN LIFE INSURANCE CO.LTD.11,82,5846822.22%
ITI MULTI CAP FUND1,04,39061.96%
ITI FLEXI CAP FUND1,04,39061.96%
SINGULARITY EQUITY FUND I1,73,895103.27%
INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD.2,60,858154.9%
MORGAN STANLEY ASIA (SINGAPORE) PTE.1,73,914103.27%
BOFA SECURITIES EUROPE SA-ODI4,86,954289.15%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Lead managers
Axis Capital, IIFL Capital Services Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.