Purple Style Labs (PSL), parent of Pernia’s Pop‑Up Shop, has filed its draft red herring prospectus (DRHP) with SEBI to raise ₹660 crore via an all‑fresh issue with no OFS, targeting listings on NSE and BSE. The draft lays out a pre‑IPO placement option, detailed use of proceeds, and expanding omni‑channel plans.
Offer structure and pre‑IPO option
- Issue size: ₹660 crore, 100% fresh issue; no offer for sale.
- Pre‑IPO placement: Up to ₹130 crore may be raised before the IPO; if undertaken, the fresh issue size will be reduced accordingly.
- Lead managers/registrar: Axis Capital and IIFL Capital Services as BRLMs; KFin Technologies as registrar.
Use of proceeds
- Invest ₹363.3 crore into wholly‑owned subsidiary PSL Retail for lease liabilities of experience centres and back‑end offices across India.
- Allocate ₹128 crore for sales and marketing to drive growth; remainder for general corporate purposes.
Business snapshot and scale
- Omni‑channel luxury platform: 2.1 lakh+ SKUs from 1,300+ designer brands, with experience centres in Mumbai, Delhi, Bengaluru, Hyderabad, and London; expansion planned in New York.
- Customer reach: Served buyers in 100+ countries; FY25 unique visitors at 18.6 million.
- Financials and operating metrics: FY24 revenue around ₹508 crore; AOV rose from ₹39,499 (FY23) to ₹56,106 (FY25); EBITDA margin improved from 0.6% to 8.6% over the same period.
Ownership and funding
- Founder Abhishek Agarwal holds ~27.1%; investors include Volrado Venture Partners and Singularity Growth Opportunities Fund; raised ~$40 million Series E in March 2025.
Next steps and timelines
- SEBI review: Post‑filing review precedes RHP and price band announcement; timeline depends on regulatory observations and market conditions.
- Listing: Proposed on NSE and BSE after RHP filing and book‑build.
Bottom line: PSL’s ₹660 crore, all‑fresh issue aims to fund lease liabilities via PSL Retail and accelerate marketing for its luxury omni‑channel play; investors should review the DRHP for detailed risks, unit economics, and store‑level metrics as the IPO proceeds to the SEBI review stage.