Purple Style Labs shares debut at discount following IPO

Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop-Up Shop, made a subdued market debut on Monday. The company’s shares listed at a discount to its initial public offering (IPO) price.

On the National Stock Exchange (NSE), shares opened at ₹535, representing a 6.96% discount from the issue price of ₹575. On the Bombay Stock Exchange (BSE), the stock listed at ₹539, a 6.26% discount. At the BSE opening price, the company’s market capitalization was approximately ₹4,315 crore.

The ₹680 crore IPO saw muted demand, closing with an overall subscription of 1.29x. Retail investors subscribed 1.58x, while qualified institutional buyers (QIBs) subscribed 1.43x. The non-institutional investor quota was 84% subscribed. The IPO consisted entirely of a fresh issue of shares.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs operates an omnichannel model including online platforms and physical experience centers. The company manages over 1,100 designer brands and owns labels such as Wendell Rodricks and Hemant Trivedi.