Purple Style Labs, the operator of Pernia's Pop-Up Shop, will sell shares in an initial public offering in India next week, seeking to tap the demand for elaborate weddings and occasion wear in the world's most populous nation.
The multibrand luxury fashion retailer backed by Bollywood stars Shah Rukh Khan and Salman Khan plans to sell as much as 6.8 billion rupees ($71.3 million) of new shares in the IPO, according to its prospectus. The shares will be sold in a price range of 546 rupees to 575 rupees apiece.
Purple Style has built its business around India's appetite for big fat weddings and occasion wear, selling designer clothing and accessories online and through stores from New Delhi and Mumbai to New York. India's wedding and occasion-wear market is expected to nearly double to $36 billion by 2030, according to research by 1Lattice.
The IPO, which will be open for subscription Aug. 31 to Sept. 2, will test investor appetite for a luxury retailer trying to turn India's wedding spending into repeatable growth, as branded designers compete with a still-fragmented market of boutiques and independent sellers.
Indian investment banks Axis Capital and IIFL Capital are managing the share sale.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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