Archive · 7 Sep 2026
Purple Style Labs Shares Make Weak Debut Below IPO Price
Purple Style Labs, which runs Pernia’s Pop-Up Shop, started trading its shares on Indian stock exchanges.
The shares opened below the ₹575 price set in the IPO.
They opened at ₹535 on the NSE and ₹539 on the BSE.
The stock later fell further during early trading.
The company’s IPO was subscribed slightly more than once, but demand was described as muted.
Purple Style Labs’ losses grew to ₹285.4 crore in FY26.
Its borrowings also increased sharply, although operating revenue rose to ₹557.8 crore.
The company plans to use much of the IPO money for lease payments and sales and marketing.
Purple Style Labs shares opened at ₹535 on the NSE, 6.96% below the ₹575 issue price.
The shares opened at ₹539 on the BSE, down 6.26% from the issue price.
The stock later fell to intraday lows of ₹515.85 on the NSE and ₹516 on the BSE.
The ₹680 crore IPO was subscribed 1.29 times, receiving bids for 88.54 lakh shares against 68.49 lakh shares offered.
The company reported a ₹285.4 crore FY26 net loss, while borrowings rose to ₹371.4 crore.
- Who
- Purple Style Labs, the parent company of Pernia’s Pop-Up Shop and a luxury fashion platform founded by Abhishek Agarwal.
- What
- The company’s shares made a weak stock-market debut below their ₹575 IPO issue price.
- When
- On Monday, during the company’s stock-market listing and early trading session.
- Where
- On the Bombay Stock Exchange and the National Stock Exchange in India.
- Why
- The weak debut followed muted IPO demand and concerns including widening losses, higher borrowings and business risks identified in the prospectus.
Investor Concerns
Business Growth Case
Financial performance
Investor Concerns
The company’s net loss widened to ₹285.4 crore in FY26, EBITDA declined, and borrowings increased substantially.
Business Growth Case
Operating revenue rose nearly 14% to ₹557.8 crore, and the IPO provides capital for expansion-related needs.
Business concentration
Investor Concerns
Womenswear represented 77.7% of Pernia’s Pop-Up Shop’s gross merchandise value, creating exposure to changing customer preferences and fashion trends.
Business Growth Case
The company offers products across womenswear, menswear, jewellery, accessories and kidswear and works with more than 1,100 active designer brands.
Expansion strategy
Investor Concerns
Expansion into new stores, international markets and premium brands carries execution risks, while non-exclusive designer agreements may limit pricing flexibility.
Business Growth Case
Purple Style Labs has expanded Pernia’s primarily online business into an omnichannel model with online operations and physical experience centres.
- IPO size
- ₹680 crore
- IPO price band
- ₹546-₹575 per share
- NSE opening price
- ₹535, down 6.96% from the issue price
- BSE opening price
- ₹539, down 6.26% from the issue price
- BSE opening market capitalisation
- ₹4,315.29 crore, approximately $456.7 million
- IPO subscription
- 1.29 times; 88.54 lakh shares were bid for against 68.49 lakh offered
- FY26 financials
- Net loss of ₹285.4 crore and operating revenue of ₹557.8 crore
- FY26 borrowings
- ₹371.4 crore, compared with ₹112.79 crore a year earlier
