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Purple Style Labs (PSL), the parent company of luxury fashion platform Pernia’s Pop-Up Shop (PPUS), has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise nearly $75 million (Rs 660 crore) through an initial public offering (IPO).
According to the draft red herring prospectus (DRHP), the company is eyeing a listing on both NSE (National Stock Exchange) and BSE (Bombay Stock Exchange). The company may also consider a pre-IPO placement of up to Rs 130 crore, in which case the fresh issue size would be reduced accordingly.
Axis Capital Ltd. and IIFL Capital Services Ltd. are the book-running lead managers for the issue, and Kfin Technologies Ltd. will be the registrar of the issue.
Purple Style Labs (PSL) plans to utilise Rs 363.3 crore from the net proceeds of the fresh issue to invest in its wholly-owned subsidiary, PSL Retail, specifically for covering lease liabilities related to its experience centres and back-end offices across India. An additional Rs 128 crore has been allocated towards funding sales and marketing initiatives. The remaining funds will be used for general corporate purposes.
As per the DRHP, founder Abhishek Agarwal holds 27.1% in the company, while other investors include Volrado Venture Partners (2.9%), Abhinav Agarwal (2.25%), and Singularity Growth Opportunities Fund (1.93%).
Earlier this year, PSL secured around $40 million in Series E funding to expand in India and overseas. The round was led by SageOne Flagship Growth OE Fund, Alchemy Long Term Ventures Fund, Bajaj Holdings & Investment, and Minerva Ventures Fund.
Other participants in the round included S Four Capital, Sopariwala Exports, Kemfin Family Office, Cordelia Family Trust, and Weikfield Family Office, among others. Existing investors like Singularity Growth Opportunities Fund I, Pidilite Family Office, Signet Family Office, and others also joined the round.
PSL’s revenue from operations stood at nearly $490 million in FY25 as against Rs 504 crore in FY24. However, its losses widened to nearly Rs 188.5 crore in FY25 from Rs 47.7 crore in FY24.
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