Purple Style Labs Raises ₹306 Cr Ahead of ₹680 Cr IPO
By ThePip Desk
Purple Style Labs, parent of Pernia’s Pop-Up Shop, secures ₹306 Cr from anchor investors for its ₹680 Cr IPO. Details on IPO dates, price band, and investors.
Purple Style Labs Ltd, the parent company of Pernia’s Pop-Up Shop, just secured ₹306 crore from anchor investors. This move comes ahead of its Initial Public Offering (IPO), targeting ₹680 crore overall.
IPO Snapshot
- Anchor Investor Funding: ₹306 crore
- Total IPO Size: ₹680 crore
- IPO Open Date: August 31
- IPO Close Date: September 2
- Equity Shares Allocated to Anchors: 53.22 lakh
- Price Per Share (Anchor): ₹575
- Number of Anchor Investors: 10
- Upper End Valuation: Over ₹4,600 crore
The company allocated 53.22 lakh equity shares to these 10 anchor investors at ₹575 per share. The IPO itself will open on August 31 and conclude on September 2, with a price band set between ₹546 and ₹575 per share.
Anchor Investor Lineup
- ICICI Prudential Mutual Fund
- Jupiter India Fund
- Aditya Birla Sun Life Insurance Company Ltd
- ITI Mutual Fund
- Singularity Equity Fund I
- Integrated Core Strategies (Asia) Pte Ltd
- Morgan Stanley Asia (Singapore) Pte
- BoFA Securities Europe SA ODI
This IPO is structured as a fresh issue of equity shares, with no offer-for-sale component. At the upper end of its price band, Purple Style Labs is valued at over ₹4,600 crore.
Fund Allocation Strategy
- ₹371.13 crore: To PSL Retail, its wholly-owned subsidiary, for lease liabilities on experience centers and back-end offices in India.
- ₹138.90 crore: Designated for sales and marketing expenses.
- Remaining Funds: Allocated for general corporate purposes.
Purple Style Labs operates an omni-channel platform for multi-brand luxury fashion. Promoted by Abhishek Agarwal, the company offers more than 2 lakh products from over 1,300 designers via its digital platform and 14 physical experience centers.
The company also boasts celebrity investors including Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit, and Mahesh Babu.
Axis Capital and IIFL Capital Services are the book-running lead managers for this issue, with KFin Technologies serving as the registrar.