Purple Style Labs IPO: Pernia's Pop-Up Shop Parent Lists Below Issue Price

Purple Style Labs IPO Listing Performance

Purple Style Labs shares debuted on the NSE at ₹535 and on the BSE at ₹539 on 7 September 2026, marking a 6.96% and 6.26% discount, respectively, to the IPO issue price of ₹575.

The grey market had signalled almost no premium before listing, and the discount on debut confirmed the lukewarm demand for a loss-making luxury fashion platform at this price.

About Purple Style Labs IPO

Incorporated in August 2015, Purple Style Labs operates Pernia’s Pop-Up Shop, a multi-brand luxury fashion platform offering designer wear, jewellery, accessories and kidswear, mainly for weddings and special occasions. As of March 31, 2026, it sourced products from 1,109 active designer brands.

The company follows an omni-channel model through its website, app, Experience Centers, digital sales, events and exhibitions. It had 14 Experience Centers as of March 31, 2026, including 12 in India, one in London and one in New York. Between FY24 and FY26.

Purple Style Labs serves customers in India and international markets, including US, UK, Middle East and Australia. Its platform helps customers access Indian luxury fashion while giving designers a wider market without having to build their own retail network. As of March 31, 2026, the company had 1,266 permanent employees.

Strengths 

• Large curated designer network — 1,109 active designer brands (as of March 2026) under the Pernia's Pop-Up Shop platform
• Omni-channel model — digital reach plus expanding physical "Experience Centers" (20,000-60,000 sq ft), including one in New York
• Strong customer economics — high average order value (Rs 56,106) in a large, fragmented luxury wedding-fashion market
• Back-order model using customer advances to reduce inventory risk

Risk Factors 

• Widening losses — consolidated loss grew from Rs 47.71 cr (FY24) to Rs 188.38 cr (FY25) to Rs 285.40 cr (FY26)
• Rising debt — total borrowings climbed from Rs 112.79 cr (FY25) to Rs 371.40 cr (FY26)
• Heavy category concentration — womenswear alone was 77.7% of GMV in FY26
• The RHP discloses a notice from Pernia Qureshi (the platform's original founder) and a seller seeking termination of a licence agreement tied to rights in the "Pernia's Pop-Up Shop" brand name itself

Purple Style Labs IPO Reservation

For Purple Style Labs IPO, 10% of the issue has been reserved for retail investors. The table below shows the allocation across different investor categories.