Purple Style Labs Ltd (PSLL), the company behind the luxury fashion omnichannel platform Pernia's Pop-Up Shop, is preparing to launch its Initial Public Offering (IPO) on August 31, seeking to raise $680 million. The three-day offering will conclude on September 2, with bidding for anchor investors opening a day earlier on August 28. This IPO is entirely a fresh issue of equity shares, meaning all proceeds will go directly to the company, rather than existing shareholders selling their stakes.
The company plans to allocate a significant portion of the IPO proceeds, $371.13 million, to its wholly-owned subsidiary, PSL Retail, to cover lease liabilities for Experience Centers and back-end offices in India. An additional $138.90 million is earmarked for sales and marketing expenses, with the remaining balance designated for general corporate purposes. This strategic allocation aims to support the company's existing retail footprint and enhance brand visibility in the competitive luxury fashion market, particularly as the Indian wedding and luxury consumption markets are experiencing robust growth.
Purple Style Labs is promoted by Abhishek Agarwal, who holds a 27.10% stake, and is notably backed by a roster of celebrity investors including Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit, and Mahesh Babu. The company operates a digital platform and 14 experience centers, offering over 200,000 products from more than 1,300 designers. It reported a significant increase in revenue, from $45 million in FY20 to $508 million in FY24, achieving an approximate 83% compound annual growth rate. The company also recorded a gross merchandise value (GMV) exceeding $588 million in FY25, with an average order value of $56,106.
