In a weak debut, shares of Pernia's Pop-Up Shop-parent Purple Style Labs Ltd. have listed with a discount on the exchanges despite getting fully subscribed during the three-day bidding window.
The stock listed with a 7% discount to its Rs 575 issue price on the NSE at Rs 535, while it listed with a 6.3% discount at Rs 539 on the BSE.
The public issue received an overall subscription of 1.29 times, with investors bidding for around 88.66 lakh shares against 68.49 lakh shares on offer.
The bidding was led by retail investors and was subscribed 1.58 times, followed by qualified institutional buyers (QIBs) at 1.43 times. The non-institutional investor (NII) portion was subscribed 84%, indicating lesser NII interest.
Purple Style Labs was a 680-crore issue which opened for subscription from August 31 and closed on September 2. The price band was fixed between Rs 546 and Rs 575 per share and the issue comprised entirely a fresh issue of 1.18 crore equity shares, with no offer-for-sale component.
Ahead of the issue, Purple Style Labs garnered Rs 306 crore from anchor investors on August 28. The company allotted 53.21 lakh shares at Rs 575 apiece to 10 anchor investors.
The anchor book included Morgan Stanley Asia, BofA Securities Europe, Integrated Core Strategies, ICICI Prudential Mutual Fund, Jupiter India Fund, Aditya Birla Sun Life Insurance Company, ITI Mutual Fund and Singularity Equity Fund I.
The company is aiming to use a large portion of the fresh issue proceeds for its subsidiary, PSL Retail. According to its red herring prospectus (RHP), the funds will be used to meet lease liabilities for Experience Centers and back-end offices in India, as well as sales and marketing expenses and general corporate purposes.
On the financial front, the Pernia's Pop up parent reported revenue from operations of around Rs 557.8 crore in FY26, up from Rs 489.9 crore in FY25.
However, its net loss widened significantly to around Rs 285.3 crore in FY26, compared with Rs 188.3 crore in the previous fiscal.
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