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The public issue will remain open for subscription until September 2, while anchor investors will be able to participate in a one-day bidding process on August 28.
The luxury fashion retailer, which operates an omnichannel platform connecting consumers with designer brands, has already secured approval from the Securities and Exchange Board of India (SEBI) earlier this year after filing its Updated Draft Red Herring Prospectus (UDRHP).
Notably, the IPO consists entirely of a fresh issue of equity shares, with no Offer For Sale (OFS) component. This means the proceeds raised through the issue will be directed toward the company’s business operations and expansion initiatives.
Purple Style Labs plans to allocate Rs 371.13 crore from the net proceeds to its wholly owned subsidiary, PSL Retail. The funds will primarily be used to meet lease liabilities associated with its experience centres and backend office infrastructure across India. In addition, Rs 138.90 crore has been earmarked for sales and marketing activities aimed at strengthening brand visibility and customer acquisition. The remaining funds will be used for general corporate purposes.
The upcoming IPO comes at a time when India’s wedding and luxury retail sectors are witnessing robust growth. Industry estimates suggest that the Indian wedding market has surpassed Rs 10 lakh crore, while the wedding-wear category is projected to reach Rs 3.4 lakh crore by FY30. At the same time, India’s personal luxury goods market is expected to grow to Rs 2.31 lakh crore, creating significant opportunities for premium fashion retailers.
Founded and promoted by Abhishek Agarwal, who currently holds a 27.10 percent stake in the company, Purple Style Labs has emerged as a prominent player in India’s designer fashion ecosystem. The company has attracted investments from institutional investors, family offices and private investors over the years.
The company’s investor roster also includes several high-profile personalities from the entertainment and sports industries. Publicly disclosed investors include Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit, and Mahesh Babu.
Purple Style Labs continues to expand its physical retail footprint alongside its digital operations. Recent additions include the flagship Pernia’s Pop-Up Studio in Mumbai’s Fort district, an experience centre on Linking Road in Mumbai, and an international location on Madison Avenue in New York.
