Purple Style Labs IPO Faces Cautious Grey-Market Sentiment on Day 2
The grey-market premium for Purple Style Labs’ initial public offering has dropped sharply as the ₹680 crore issue enters its second day of bidding, pointing to a more cautious market mood ahead of the company’s proposed stock-market debut.
The latest grey-market indications put the premium at around ₹7 per share, or about 1.2% over the IPO’s upper price band of ₹575. Another market tracker reported a GMP of ₹10, equivalent to about 1.7%. At those levels, the implied listing price would be around ₹582–₹585, assuming the unofficial premium translates fully into the listing price.
That is a marked change from the pre-IPO period, when Purple Style Labs was reported to be commanding premiums in the ₹28–₹34 range. The GMP is unofficial and can change quickly, so it should not be treated as a forecast of the actual listing price.
IPO opened on August 31
Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop-Up Shop, opened its IPO for subscription on August 31. The issue will remain open until September 2.
The company has fixed a price band of ₹546 to ₹575 per equity share. The issue consists entirely of a fresh issue of about 1.18 crore shares, with no offer-for-sale component, and is aimed at raising ₹680 crore.
Retail investors need to bid for a minimum of 26 shares, requiring ₹14,950 at the upper end of the price band.
The shares are scheduled to list on the NSE and BSE, with September 7 currently indicated as the listing date by IPO tracking sources.
Subscription remains subdued
Investor demand has also been relatively restrained.
The latest available subscription trackers show the issue at around 0.12 times subscribed, with the retail portion at roughly 0.53 times and the QIB portion at only around 0.01 times in the latest reported figures. Subscription data can change materially during the trading day as bids accumulate.
At the close of the first bidding day, the IPO had received limited overall demand, with retail investors showing more interest than institutional bidders. The subdued response contrasts with several other mainboard IPOs currently in the market that have attracted much stronger subscription levels.
What the IPO proceeds will fund
Purple Style Labs plans to use a substantial portion of the proceeds to support its retail infrastructure.
According to the issue documents, about ₹371.13 crore is earmarked for investment in its wholly owned subsidiary, PSL Retail, for expenditure related to lease liabilities for Experience Centers and back-end offices in India.
A further ₹138.90 crore is intended for sales and marketing expenses, with the remaining amount allocated toward general corporate purposes.
The company operates an omnichannel luxury-fashion business through Pernia’s Pop-Up Shop, selling designer apparel, jewellery, accessories and other luxury products through physical stores and digital channels.
As of March 2026, the company had 14 Experience Centers globally, including locations in India, London and New York. It sourced products from more than 1,100 active designer brands, according to company and IPO-related disclosures.
Revenue has grown, but losses remain a concern
The company’s financial performance presents a mixed picture.
Purple Style Labs reported ₹567.07 crore in total income for FY2026, compared with ₹494 crore in FY2025. However, its loss after tax widened substantially to about ₹285.40 crore, from ₹188.38 crore a year earlier.
EBITDA also declined from ₹41.99 crore in FY2025 to ₹30.37 crore in FY2026. The company reported negative net worth of about ₹52.28 crore at the end of FY2026 in its restated consolidated financial statements.
That combination of revenue growth and continued losses is one of the key factors investors are weighing as the IPO moves through its subscription period.
Anchor investors put ₹306 crore into the issue
Purple Style Labs secured ₹306 crore from anchor investors before the IPO opened.
The company allotted approximately 53.21 lakh shares at ₹575 each to 10 anchor investors. The list included institutional names such as ICICI Prudential Mutual Fund, Jupiter India Fund, Aditya Birla Sun Life Insurance, Morgan Stanley Asia and Bank of America Securities Europe.
The anchor allocation gave the issue an institutional base before public bidding began, although it has not translated into strong broad-based subscription demand so far.
GMP is only an unofficial indicator
Grey-market premium figures are not published by the NSE or BSE and are not official market prices.
The GMP reflects informal trading sentiment around an IPO before listing, but it can move substantially during the subscription period and does not guarantee that the stock will list at the implied price.
For Purple Style Labs, the fall from the ₹28–₹34 range seen before the IPO to roughly ₹7–₹10 on September 1 represents a notable cooling in that unofficial sentiment.
The actual listing price will ultimately be determined by demand and price discovery on the stock exchanges rather than the grey market.
What happens next
Purple Style Labs’ IPO remains open through September 2. Investors will continue to watch subscription numbers, particularly QIB participation, along with further movement in the unofficial GMP.
The tentative timetable calls for allotment around September 3 and listing on September 7, subject to the final issue process and exchange requirements.
For now, the combination of a sharply lower GMP, modest subscription demand and continuing losses makes the IPO a closely watched issue in India’s primary market.
