Purple Style Labs shares list at discount on Dalal Street; stock opens 7% below IPO price

Shares of Purple Style Labs

, the parent company of luxury fashion platform Pernia’s Pop-Up Shop, made a weak debut on Dalal Street on Monday, September 7.

The stock opened at ₹535 on the NSE, marking a 6.96% discount to its issue price of ₹575 per share. On the BSE, shares opened at ₹539, a 6.26% discount to the issue price.

In the grey market, the stock was trading at a 2% discount to the issue price ahead of its listing.

The public issue received an overall subscription of 1.29 times, with investors bidding for around 88.66 lakh shares against 68.49 lakh shares on offer. Retail investors led the subscription at 1.58 times, followed by qualified institutional buyers (QIBs) at 1.43 times. The non-institutional investor (NII) portion was subscribed 84%.

The ₹680-crore issue was open for subscription from August 31 to September 2. The price band was fixed at ₹546-575 per share and the issue comprised entirely a fresh issue of 1.18 crore equity shares, with no offer-for-sale component.

Ahead of the issue, Purple Style Labs raised ₹306 crore from anchor investors on August 28. The company allotted 53.21 lakh shares at ₹575 apiece to 10 anchor investors.

The anchor book included Morgan Stanley Asia, BofA Securities Europe, Integrated Core Strategies, ICICI Prudential Mutual Fund, Jupiter India Fund, Aditya Birla Sun Life Insurance Company, ITI Mutual Fund and Singularity Equity Fund I.

The company plans to use a large portion of the fresh issue proceeds for its subsidiary, PSL Retail. According to its IPO documents, the funds will be used to meet lease liabilities for Experience Centers and back-end offices in India, as well as sales and marketing expenses and general corporate purposes.

On the financial front, Purple Style Labs reported revenue from operations of around ₹557.8 crore in FY26, up from ₹489.9 crore in FY25. However, its net loss widened significantly to around ₹285.3 crore in FY26, compared with ₹188.3 crore in the previous fiscal.

Promoted by Abhishek Agarwal, Purple Style Labs operates Pernia’s Pop-Up Shop, a multi-brand luxury fashion platform offering designer products across categories such as women’s wear, men’s wear, jewellery and accessories through its digital platform and physical Experience Centers.

The company currently operates 14 Experience Centers, including 12 across metropolitan cities in India. It also reaches customers through its online channels, events and exhibitions.