Purple Style Labs Limited, the company behind luxury fashion platform Pernia's Pop-Up Shop (PPUS), is set to open its IPO for sebscription from August 31 to September 2, 2026. The anchor investor window opens on August 28, 2026. The IPO is a pure fresh issue of equity shares of face value Rs 10 each, aggregating up to Rs 680 crore.
There is no offer for sale - no existing investor or promoter is selling shares. All proceeds go to the company. The price band has been fixed at Rs 546-Rs 575 per share. At the cap price, the company's post-issue implied market capitalisation is estimated at Rs 4,604 crore.
Of the total issue, 75% is reserved for qualified institutional buyers (QIBs), of which up to 60% may be allocated to anchor investors. Non-institutional investors get 15% and retail individual bidders get 10%.
The shares will list on BSE and NSE, with NSE as the designated stock exchange. BRLMs are Axis Capital and IIFL Capital Services. Registrar is KFin Technologies.
Here are ten things to know from the Red Herring prospectus before the IPO opens to the public.
Revenue Recovered In FY26 - But EBITDA Fell
Revenue from operations grew 13.87% to Rs 557.84 crore in FY26, recovering from a 2.9% decline in FY25. However, EBITDA fell from Rs 41.99 crore (8.57% margin) in FY25 to Rs 30.37 crore (5.44% margin) in FY26 - margin compression despite the revenue rebound, as costs grew faster. The three-year revenue picture: Rs 504.37 crore (FY24), Rs 489.91 crore (FY25), Rs 557.84 crore (FY26).
Losses Are Widening, Not Narrowing
Net loss after tax was Rs 285.40 crore in FY26, up from Rs 188.38 crore in FY25 and Rs 47.71 crore in FY24. The company carries accumulated losses of Rs 710.29 crore as of March 31, 2026. FY26's loss includes an exceptional item of Rs 117.93 crore related to employee share-based payment expense from ESOP grants.
Stripping that out, the operating loss still widened. Loss per share was Rs 41.98 in FY26 (Rs 29 in FY25, Rs 7.46 in FY24). The company is filing under Regulation 6(2) - the SEBI route for companies that do not meet standard profitability requirements.
The Promoter's Salary Cap Was Raised 50% - Eleven Days Before The RHP Was Filed
Abhishek Agarwal's maximum annual remuneration was increased from Rs 1 crore to Rs 1.5 crore per annum for FY27-FY29, approved by the board on June 17, 2026 and by shareholders on August 13, 2026. Investors have no way to vote against this pre-IPO remuneration structure after listing.
The wider KMP remuneration picture adds context: total remuneration paid to directors and KMPs jumped 186% from Rs 1.65 crore in FY25 to Rs 4.72 crore in FY26 - the same year the company posted its worst-ever net loss of Rs 285.40 crore.
Net Worth Is Now Negative
Return on net worth for FY26 is listed as "N/A" in the RHP - because the company's net worth is negative. The filing states this explicitly. FY25 return on net worth was -160.33%; FY24 was -120.75%. The weighted average across the three years is -147.14%.
Over Half The IPO Proceeds Go Toward Paying Rent - Until 2030
Of the net proceeds, Rs 371.13 crore is earmarked as investment in subsidiary PSL Retail toward lease liabilities on Experience Centers and back-end offices. The RHP breaks this down across four fiscal years: Rs 57.15 crore in the remainder of FY27, Rs 117.21 crore in FY28, Rs 113.52 crore in FY29 and Rs 83.25 crore in FY30. A further Rs 138.90 crore goes toward sales and marketing. The company is using IPO proceeds to fund operating costs over four years, not to build new assets.
The Company Has Deliberately Shrunk Its Designer Brand Count
Active Designer Brands on the platform fell from 1,312 in the DRHP (as of March 31, 2025) to 1,109 as of March 31, 2026 - a reduction of 203 brands.
The RHP explains this as a deliberate strategy; the company is weeding out lower-value designers to focus on premium brands that drive higher average order values. The RHP acknowledges this has led to a decline in customer numbers and could cause further declines.
The New York Store Opened - But International GMV Is Declining As A Share
The company opened its Experience Center in New York in February 2026, taking its global footprint to 15 centers (13 in India, one in London, one in New York).
Despite the international expansion, international GMV as a percentage of total GMV fell from 28.38% in FY25 to 20.29% in FY26. India Experience Centers contributed 74.72% of total PPUS GMV in FY26.
There Is No Listed Comparable Anywhere In The World
The RHP states plainly that there are "no other companies in India or globally with similar or comparable size, scale and business model as ours that are listed in India or outside."
This means there is no peer P/E ratio to benchmark the valuation against. Investors have no listed comparable to reference for pricing.
Employees Grew, Costs Rose
Employee count grew from 994 (FY24) to 1,058 (FY25) to 1,266 (FY26), primarily driven by expansion of large-format Experience Centers. Employee benefits expense rose from Rs 58.69 crore in FY24 to Rs 66.21 crore in FY25 to Rs 81.99 crore in FY26. The headcount expansion contributes to the EBITDA margin compression in FY26 even as revenue recovered.
Two Non-Executive Directors Appear In The CIBIL Defaulter Database
Rahul Garg and Harminder Sahni, both non-executive directors of Purple Style Labs, appear in the CIBIL defaulter list - in relation to companies where they served in non-executive capacities. Both have formally requested their names be removed from the database. The RHP flags this could affect their ability to continue on the board if adverse proceedings arise.
Separately, there are four criminal proceedings and five material civil litigations pending against the company's directors, with aggregate amounts involved of Rs 76.03 crore - relating to their associations with other companies rather than Purple Style Labs directly.
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