Purple Style Labs opens IPO at ₹575 cap price, targets ₹680 crore fresh issue

(From left to Right)
Shantanu Sinha, Managing Director, Investment Banking, Axis Capital Limited
Umesh Pawan Choudhary, Chief Financial Officer, Purple Style Labs Limited
Abhishek Agarwal, Whole-time director and Chief Executive Officer, Purple Style Labs Limited
Abhinav Agarwal, Whole-Time Director and Chief Business Officer, Purple Style Labs Limited
Nivesh Pandey, Chief Strategy Officer, Purple Style Labs Limited
Harshvardhan Jain, Vice President, ECM, Investment Banking, IIFL Capital Services Limited

Purple Style Labs Limited, the parent company of Pernia’s Pop-Up Shop, will open its initial public offering on August 31, 2026, with a price band of ₹546 to ₹575 per equity share, valuing the company at approximately ₹4,603 crore at the upper end of the band.

The offer, which closes on September 2, 2026, is entirely a fresh issue of equity shares aggregating up to ₹680 crore, with no offer for sale component. Bids can be made for a minimum of 26 equity shares and in multiples thereof. Axis Capital Limited and IIFL Capital Services Limited are the book running lead managers to the issue.

Abhishek Agarwal, Whole-time Director and CEO of Purple Style Labs, said the decision to go public was driven by the company’s growth trajectory. …”once we cross 500 crore revenue we were clear that there is lot of headroom in terms of the industry growth and the market share growth potentially…”

Agarwal founded the parent company in 2015 and acquired Pernia’s Pop-Up Shop in February 2018, when it was primarily an online platform. The company has since expanded to 14 physical experience centers, 12 across India, one in London, and one in New York, which became operational in March 2026. The company said the luxury wedding and occasion wear market is expected to grow at 25 per cent, while Purple Style Labs itself has grown at approximately 60 per cent over the last five years, or roughly 11 to 12 times since acquisition.

A significant portion of IPO proceeds will be deployed towards lease liabilities for experience centers and back-end offices. Agarwal explained the rationale, saying …”if we are using the capital for the payment of lease liabilities which would ensure that it is getting spent towards the growth. And if it is able to generate free cash flow then it throws money back into the company…”

The company reported a net loss of ₹285 crore for FY26. However, Agarwal noted that stripping out ESOP costs and debt servicing costs, the operating cash flow before working capital changes was positive, with the figure after working capital changes standing at minus ₹31 crore. …”we always advise our investors to not look at the P&L in isolation, it should be linked to the balance sheet and cash flow statement as well…”

On profitability timelines, Agarwal declined to give a specific date. …”we have done all the expansions last year, this is the first full year run. So we will wait for this first full year run to happen to be able to predict that better…”

The company’s online platform recorded over 1.9 crore unique visitors in FY26 against an active customer base of 65,000, of whom the top 10,000 customers contributed approximately ₹400 crore of the ₹720 crore in total sales. Experience centers generate significantly higher average order values, ₹90,000 compared to ₹38,000 for online transactions in India. International revenue, which once comprised 40 per cent of gross sales, has declined to 20 per cent following domestic expansion, though the company expects that figure to rise with the New York store now operational.

Notably, the IPO carries no offer for sale, meaning existing investors, including marquee names such as Madhusudhan Kela, Mukul Mahaveer Agarwal, and Akash Bhansali, are not exiting. …”our existing investors… that is why you do not see an OFS on the IPO and it is purely a capital raise in the market…”

The anchor investor bidding date is Friday, August 28, 2026. The designated stock exchange for listing is NSE.

Published on August 26, 2026