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Purple Style plans up to ₹660 crore IPO by end of August
The IPO will be a fresh issue with no offer-for-sale component, and proceeds are earmarked for lease liabilities at PSL Retail experience centers and back-end offices.
LiveMint Markets reports that Purple Style Labs, the parent of Pernia’s Pop-Up Shop, is preparing an initial public offering expected to reach the primary market by the end of August after submitting an updated draft red herring prospectus to India’s market regulator Sebi.
According to the DRHP, the proposed IPO size is up to ₹660 crore as a fresh issue, with no offer-for-sale portion.
The company raised about ₹402 crore through private primary funding across eight rounds, and the latest private round valued it at ₹3,662 crore on a post-money basis.
Purple Style Labs said it plans to use IPO proceeds to fund its wholly owned subsidiary PSL Retail for lease liabilities related to experience centres and back-end offices across India, with part of the funds also directed to sales and marketing and the remainder for general corporate purposes.