Purple Style Labs: Rs 680 crore all-fresh-issue IPO

Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop Up Shop, has filed its red herring prospectus for an IPO of Rs 680 crore, raised from the Rs 660 crore it initially proposed, Inc42 reported on 25 August. The issue is entirely a fresh issue with no offer for sale component, so the proceeds go to the company and no existing shareholder is selling into the listing.

Anchor bidding is set for 28 August, with the subscription window opening on 31 August and closing on 2 September. Purple Style Labs filed its draft papers in September 2025 and received SEBI approval in January 2026, and it raised Rs 162 crore of debt across multiple tranches after that approval, which we covered at the time.

The use of proceeds is where this filing says something. Rs 371.1 crore, the largest slice, goes towards lease liabilities for the experience centre networks. Rs 138.9 crore goes towards sales and marketing expenses through FY30. The remainder is for general corporate purposes, and the article does not state that amount.

FY26 revenue from operations was Rs 557.8 crore, up 14% year on year from Rs 489.9 crore in FY25. Net loss for FY26 was Rs 285.4 crore, up 51% year on year from Rs 188.4 crore in FY25. Average order value on Pernia’s Pop Up Shop was Rs 75,504.9 in FY26, across approximately 1,109 designer brands.

For an operator, the allocation is the signal worth reading. A platform clearing an average order of more than Rs 75,000 is putting the majority of its IPO money into physical lease obligations rather than into technology or inventory. That is a statement about how high-ticket fashion actually converts in India: the customer at that price wants to see the piece, be fitted and be sold to in a room, and the site works as discovery and booking ahead of that. If your average order value sits far above the marketplace norm, budget for the close to happen offline, and carry rent as a customer acquisition line rather than filing it under overhead.