Purple Style Labs, the parent company of Pernia’s Pop-Up Shop, has raised Rs 306 crore from anchor investors ahead of its initial public offering (IPO), giving the luxury fashion company an institutional funding boost before its public issue opens.
The company allotted 53.21 lakh equity shares to 10 anchor investors at Rs 575 per share, which is the upper end of its IPO price band. The anchor investors include mutual funds, insurance companies and global investment firms.
Institutional Investors Take Positions Before Public Issue
ICICI Prudential Mutual Fund emerged as the biggest investor in the anchor round, acquiring around 15.3 lakh shares valued at nearly Rs 88 crore. Jupiter India Fund followed with an investment of about Rs 75 crore, while Aditya Birla Sun Life Insurance Company acquired shares worth nearly Rs 68 crore.
Other investors participating in the anchor book include ITI Mutual Fund, Singularity Equity Fund I, Integrated Core Strategies, Morgan Stanley Asia and BofA Securities Europe. The allocation also included participation from The Jupiter Global Fund – Jupiter India Select.
According to the anchor allocation details, 17.39 lakh shares, or about 32.68% of the total anchor allocation, were allotted to two domestic mutual funds through three schemes.
Rs 680 Crore IPO Opens on August 31
The anchor fundraising comes ahead of Purple Style Labs’ Rs 680 crore IPO. The public issue will open for subscription on August 31 and close on September 2.
The IPO price band has been fixed at Rs 546 to Rs 575 per equity share. The issue consists entirely of a fresh issue, with no offer-for-sale component. At the upper end of the price band, the issue values the company at a market capitalisation of more than Rs 4,600 crore.
Axis Capital and IIFL Capital Services have been appointed as the book-running lead managers for the issue, while KFin Technologies is serving as the registrar.
Pernia’s Pop-Up Shop Drives Luxury Fashion Business
Purple Style Labs operates a multi-brand luxury fashion platform through Pernia’s Pop-Up Shop. The business offers designer fashion products across categories including womenswear, menswear, jewellery, accessories and kidswear, with a focus on wedding and occasion wear.
As of March 2026, the company had 14 experience centres globally, including 12 in India and one each in London and New York. Its platform sourced products from 1,109 active designer brands as of March 31, 2026.
The company follows an omnichannel model that combines physical experience centres with digital channels, including its website and mobile application. It also uses telephonic and digital sales channels, along with events and exhibitions, to reach customers.
Revenue Rises, But Losses Remain High
Purple Style Labs reported revenue from operations of Rs 558 crore in the financial year ended March 2026, up from Rs 490 crore in FY25. However, the company continued to report significant losses, with its loss for FY26 standing at Rs 285 crore.
The financial performance comes as the company prepares to enter the public markets with an issue aimed at raising fresh capital. The IPO will now move into its public subscription phase following the completion of the anchor allocation.
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