Weak listing! Purple Style shares debut at 7% discount to IPO price

Purple Style shares made a weak debut on the exchanges on Monday as they listed at a discount of 7 per cent, lower than the grey market expectations.

Purple Style shares listed at ₹539 on the BSE, a discount of 6.26 per cent against the offer price of ₹575. Meanwhile, on the National Stock Exchange, it debuted at ₹535, down 6.96 per cent.

Ahead of the debut, Purple Style IPO’s grey market premium (GMP) was trading at a discount. The estimated listing price for Purple Style Labs IPO at the GMP was ₹565, lower than IPO price of  ₹575

The offer received bids for 88.66 lakh shares as against 68.49 lakh shares on offer. The issue was subscribed 1.29 times.

The qualified institutional buyers’ (QIB) portion was subscribed 1.43 times, while the non-institutional investors’ (NII) category was subscribed 0.84 times. The retail individual investors’ (RII) segment was subscribed 1.58 times.

Purple Style IPO Details

The price band for the issue was fixed at ₹546-575 per share. The ₹680 crore IPO comprises a fresh issue of equity shares aggregating up to ₹680 crore, with no offer-for-sale 

At the upper end of the price band, the issue values Purple Style Labs at a market capitalisation of over ₹4,600 crore.

Purple Style Labs has plans to utilise ₹371.13 crore of the IPO proceeds for investment in its wholly-owned subsidiary PSL Retail towards lease liabilities of experience centres and back-end offices in India, while ₹138.90 crore will be used for sales and marketing expenses. The remaining proceeds will be used for general corporate purposes.

Ahead of the IPO, Purple Style Labs (PSL) on Friday, 28 August 2026, raised 305.99 crore from anchor investors. The board allotted 53.21 lakh shares at Rs 575 each to 10 anchor investors.

Purple Style Labs, founded in 2015, operates a multi-brand luxury fashion omnichannel platform and is promoted by Abhishek Agarwal, operating under Pernia’s Pop-Up Shop (PPUS), offering a curated portfolio of luxury fashion products across womenswear, menswear, jewellery, accessories, and kidswear, with a focus on wedding and occasion wear. It currently offers more than 2 lakh products from over 1,300 designers through its digital platform and 14 experience centres.