Purple Style Labs, the parent company behind premium fashion platform Pernia’s Pop-Up Shop, is going to raise to ₹660 crore for the Indian primary market with an initial public offering (IPO) next week. The company attracted attention from all sectors as its investors are Bollywood and cricket stars Shah Rukh Khan, Sachin Tendulkar and Madhuri Dixit.
The premium fashion company could launch its public issue by the end of August, subject to the final regulatory and market process. Purple Style Labs is already on the way with the IPO as it has the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) as well.
According to reports, SEBI had approved the company’s IPO proposal in January of this year.
₹660 crore fresh issue, no OFS
According to the new IPO documents, Purple Style Labs plans to raise to ₹660 crore from a fresh issue of shares.
In fact, the proposed IPO does not include an offer for sale (OFS) component. The company will receive the entire amount raised through the public issue as opposed to selling the stock to existing shareholders through the IPO.
Investors will be able to use the proceeds for expansion and other corporate requirements.
How will the IPO money be used?
A large portion of the funds raised will be utilised by Purple Style Labs through its wholly owned subsidiary PSL Retail.
The company will use the proceeds to cover lease liabilities related to its Experience Centres and back-end offices in India.
Apart from this, part of the proceeds will be used for sales and promotional activities. The rest will be used for general corporate and business purposes.
Axis Capital Ltd and IIFL Capital Services Ltd have been appointed as bankers for the proposed IPO.
Who are the investors in Purple Style Labs?
Purple Style Labs has attracted investments from institutional investors as well as prominent private investors and family offices.
Abhishek Agarwal, the company’s promoter, is reported to own a 27.10% stake in the company. Other investors include Akash Bhanshali, Mukul Agarwal and Singularity, along with several private investment groups.
The company has also attracted investment from several high-profile celebrities.
Among the many names associated with the company are:
- Shah Rukh Khan
- Salman Khan and his family,
- Sachin Tendulkar,
- Madhuri Dixit,
- Mahesh Babu.
The presence of celebrities among the investors has attracted much interest before the IPO. However, celebrity backing alone should not be interpreted as an indication of the company’s shares after listing.
Madhuri Dixit was an early investor
Actress Madhuri Dixit was reported to be one of the first investors in Purple Style Labs. Her investment was made in the form of Convertible Preference Shares, which she converted into ordinary shares in 2025.
The Gauri Khan Family Trust also participated in a rights issue by the company in November 2024.
Cricket legend Sachin Tendulkar invested in Purple Style Labs through a preferential allotment in March 2025.
Such investments have helped put the company in the spotlight as it prepares to approach public-market investors.
What does Pernia’s Pop-Up Shop do?
Pernia’s Pop-Up Shop is the flagship premium fashion platform of Purple Style Labs. It focuses on luxury and designer fashion and features products from a huge range of designers.
The company’s digital platform and physical Experience Centres offer products from more than 1,300 designers, with a catalogue exceeding 2 lakh products.
The business generated a gross merchandise value (GMV) of more than ₹588 crore in FY25, according to information in the IPO documents.
The average order value was reportedly around ₹56,106, reflecting the premium nature of the products sold through the platform.
The company also reported that repeat customers accounted for around 28% of its customer base, suggesting a degree of recurring demand among shoppers.
Expanding premium fashion footprint
Purple Style Labs is also in the process of building up its retail presence in the premium fashion category.
Pernia’s Pop-Up Studio has a prominent location in Mumbai’s Fort area. The company also operates Experience Centres in Linking Road, Mumbai, and Madison Avenue in New York.
The presence in New York indicates the company’s larger goal of establishing an international presence in the luxury and designer-fashion industry.
The company is hoping to benefit from growing demand for premium fashion products among affluent consumers in India and overseas markets.
Why is the IPO coming up in the news?
The proposed Purple Style Labs IPO comes at a time when India’s premium and luxury consumption market is expanding. As luxury consumers’ disposable income increases and interest in designer and luxury products grows, so do opportunities for fashion platforms.
The company combines digital commerce with physical Experience Centres and a large designer network to provide a unique presence in the premium fashion ecosystem.
But investors will have to evaluate the company’s financial performance, profitability, valuation, competitive environment, risks and growth strategy before deciding whether the IPO is suitable for them.
And celebrity investors are not a guarantee.
The presence of Shah Rukh Khan, Sachin Tendulkar, Madhuri Dixit, and other famous people has certainly increased public interest in Purple Style Labs.
But investors need to recognize that celebrity investments do not guarantee the future performance of a company's shares.
The IPO price, valuation, financial results, business risks and general market conditions will be much more important factors in how the company performs after listing.
Purple Style Labs is expected to attract considerable attention when it enters the market with a proposed ₹660 crore fresh issue, an established premium fashion platform and a high-profile investor base.
Investors should carefully read the company’s final IPO documents, including the Red Herring Prospectus, before making any investment decision.
Comments
Please to leave a comment on this article.