Purple Style Labs Files DHRP With SEBI For Rs.660 Crore IPO
Purple Style Labs Files DHRP With SEBI For Rs.660 Crore IPO
The company plans to utilize the proceeds to invest in its wholly-owned subsidiary, PSL Retail
Mumbai-based company, Purple Style Labs, the parent firm of luxury fashion platform Pernia's Pop-Up Shop, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board (SEBI) to raise Rs.660 crore through an initial public offering (IPO).
The proposed IPO is a fresh issue of equity shares with no offer for sale (OFS) component. It will garner Rs.130 crore in a pre-IPO placement round, and if undertaken, the fresh issue would be reduced.
Axis Capital and IIFL Capital Services have been appointed as lead merchant bankers to manage the public issue.
The company plans to utilize the IPO proceeds of Rs 363.3 crore to invest in its wholly-owned subsidiary, PSL Retail, for lease liabilities related to experience centres and back-end offices in India. It will deploy Rs.128 crore for sales and marketing, and the rest will go towards general corporate purposes.
With a portfolio of 2.12 SKUs across women's, men's and kids wear, fine jewelry, fashion jewelry and accessories, Purple Style curates products from over 1,312 designer brands.
The company has demonstrated strong financial and operational progress. Its average order value grew from Rs.39,499 in FY 2023 to Rs.56,106 in FY 2025.
The strategic cost discipline has reduced sales and marketing expenses from 12.88 percent of revenue in FY 2023 to 6.77 percent in FY 2025. Its customer quality has also strengthened, with average GMV (gross merchandise value) per customer rising from Rs.59,023 in FY 2023 to Rs.83,270 in FY 2025.
The firm catered to customers of over 100 countries in FY 2025 through its online channels and flagship experience centre in the UK. It has also built a significant foothold in the US and the Middle East.
