Purple Style Labs, the parent company of the luxury fashion platform Pernia’s Pop-Up Shop, has submitted preliminary documentation to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise ₹660 crore. The proposed IPO will consist entirely of a fresh issue of equity shares, with no offer for sale (OFS) component included, as outlined in the draft red herring prospectus (DRHP) filed on Monday.
The Mumbai-based firm aims to secure ₹130 crore through a pre-IPO placement round, which would proportionately decrease the size of the fresh issue if executed. The proceeds from the IPO are expected to be allocated as follows: approximately ₹363.3 crore will be used to invest in its wholly-owned subsidiary, PSL Retail, to cover lease liabilities associated with experience centers and back-end offices in India. An additional ₹128 crore is earmarked for sales and marketing efforts, while the remaining funds will be allocated for general corporate purposes.
Purple Style Labs boasts a diverse portfolio of roughly 2.12 lakh stock-keeping units (SKUs) across categories including women’s and men’s wear, fine and fashion jewellery, kids’ wear, and accessories, curating offerings from over 1,312 active designer brands.
The company has reported notable financial and operational growth over recent years, with its average order value increasing from ₹39,499 in FY23 to ₹56,106 in FY25. Strategic cost management has reduced sales and marketing expenses from 12.88% of revenue in FY23 to 6.77% in FY25. Customer metrics have also improved, as reflected by the average gross merchandise value (GMV) per customer rising from ₹59,023 in FY23 to ₹83,270 in FY25.
In FY25, Purple Style Labs served customers from over 100 countries via its online platforms and a flagship experience center located in the UK, establishing a strong presence in markets such as the United States, the United Kingdom, and the Middle East.
Axis Capital and IIFL Capital Services are serving as lead merchant bankers to manage the public offering.
Published on September 23, 2025.
