Purple Style Labs opens Rs 680-crore IPO

Purple Style Labs, the parent company of Pernia’s Pop-Up Shop, has opened its Rs 680-crore initial public offering (IPO) for subscription. The issue consists entirely of fresh shares with a price band set between Rs 546 and Rs 575 per share. The bidding window is scheduled to remain open until September 2, with a tentative listing on the NSE and BSE around September 7.

The company has secured Rs 306 crore from anchor investors, including Morgan Stanley Asia (Singapore) Pte and BoFA Securities Europe SA ODI. Its investor lineup includes high-profile figures such as Sachin Tendulkar and Shah Rukh Khan.

However, the company’s red herring prospectus highlights several financial and operational risks. Purple Style Labs reported widening consolidated losses, reaching Rs 285.40 crore in FY26, alongside a sharp increase in total borrowings to Rs 371.40 crore. Additionally, the business faces a heavy reliance on womenswear, which accounted for 77.7 per cent of Pernia’s Pop-Up Shop GMV in FY26. Other risks include intellectual property disputes regarding the Pernia’s Pop-Up Shop brand and execution risks related to international expansion.