The company, which operates a multi-brand luxury fashion omni-channel platform, has filed its updated draft red herring prospectus (UDRHP) with markets regulator Sebi. It received Sebi’s approval for the IPO in January this year.
Purple Style Labs plans to use the IPO proceeds to invest in its wholly-owned subsidiary, PSL Retail, towards lease liabilities for experience centres and back-end offices in India. A portion will be deployed towards sales and marketing, while the remaining proceeds will be used for general corporate purposes.
The proposed IPO will mark Purple Style Labs’ debut in the public markets.
The issue comes at a time when the country’s wedding and luxury consumption markets are witnessing strong growth.
The country’s wedding industry has crossed Rs 10 lakh crore, while the wedding-wear segment is projected to reach Rs 3.4 lakh crore by FY30.
India’s personal luxury market is also expected to touch Rs 2.31 lakh crore.
Promoted by Abhishek Agarwal, who holds a 27.10 per cent stake in the company, Purple Style Labs is backed by institutional investors, family offices and private investors.
Its publicly disclosed celebrity investors include Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit and Mahesh Babu.
The company is also expanding its retail presence, including its flagship Pernia’s Pop-Up Studio at Fort in Mumbai, an experience centre on Linking Road in Mumbai and another outlet on Madison Avenue in New York.
On the financial front, the company reported more than an 11-fold rise in revenue, from Rs 45 crore in FY20 to Rs 508 crore in FY24, translating into an approximately 83 per cent compound annual growth rate.
Pernia’s Pop-Up Shop currently offers more than 2 lakh products from over 1,300 designers through its digital platform and 14 experience centres.
The platform recorded a gross merchandise value (GMV) of more than Rs 588 crore in FY25, with an average order value of Rs 56,106.
Axis Capital Ltd and IIFL Capital Services Ltd are the bankers to the issue.