Purple Style Labs IPO raises ₹306 crore
Purple Style Labs, parent of Pernia's Pop-Up Shop, has raised ₹306 crore from anchor investors ahead of its ₹680 crore IPO opening August 31.
Purple Style Labs Ltd has raised ₹306 crore from anchor investors. The company's initial public offering (IPO) will open for subscription on August 31, according to a report from Business Standard.
The parent company of Pernia's Pop-Up Shop allotted 53.22 lakh equity shares to ten anchor investors at ₹575 per share. The IPO itself comprises a fresh issue of equity shares aggregating up to ₹680 crore, with no offer-for-sale component.
Anchor Investors and Price Band
Major investors in the anchor book included ICICI Prudential Mutual Fund, Jupiter India Fund, and Aditya Birla Sun Life Insurance Company Ltd. Other participants were ITI Mutual Fund, Singularity Equity Fund I, Integrated Core Strategies (Asia) Pte Ltd, Morgan Stanley Asia (Singapore) Pte, and BoFA Securities Europe SA ODI.
The price band for the public issue has been fixed at ₹546 to ₹575 per share. At the upper end of this band, the issue values Purple Style Labs at a market capitalisation of over ₹4,600 crore.
Use of Proceeds and Company Operations
The company plans to use the IPO proceeds for specific purposes. A significant portion, ₹371.13 crore, is earmarked for investment in its wholly-owned subsidiary PSL Retail. This investment will go towards lease liabilities for experience centres and back-end offices in India.
Another ₹138.90 crore will be allocated for sales and marketing expenses. The remaining proceeds from the offering will be used for general corporate purposes.
Purple Style Labs operates a multi-brand luxury fashion omni-channel platform. It is promoted by Abhishek Agarwal. The company's publicly disclosed celebrity investors include Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit, and Mahesh Babu.
Business Scale and IPO Details
| Aspect | Detail |
|---|---|
| IPO Size | ₹680 crore (fresh issue) |
| Anchor Investment Raised | ₹306 crore |
| Anchor Share Price | ₹575 per share |
| Shares Allotted to Anchors | 53.22 lakh equity shares |
| Price Band | ₹546 - ₹575 per share |
| Market Cap at Upper Band | Over ₹4,600 crore |
| IPO Open Date | August 31 |
| IPO Close Date | September 2 |
The company currently offers more than 2 lakh products from over 1,300 designers. These are available through its digital platform and a network of 14 experience centres.
Axis Capital and IIFL Capital Services are the book-running lead managers for the issue. KFin Technologies is the registrar.
