Purple Style Labs, the parent company of Pernia’s Pop-Up Shop, has raised Rs 306 crore from anchor investors ahead of its initial public offering (IPO), securing institutional participation just days before the company’s public issue opens for subscription.
The company has allotted 53.21 lakh equity shares to 10 anchor investors at Rs 575 per share, which is the upper end of the IPO price band. The anchor investors comprise mutual funds, insurance companies and global investment firms.
ICICI Prudential Mutual Fund emerged as the largest investor in the anchor round, acquiring around 15.3 lakh shares worth nearly Rs 88 crore. Jupiter India Fund followed with an investment of Rs 75 crore, while Aditya Birla Sun Life Insurance acquired shares worth nearly Rs 68 crore.
The anchor book also included participation from ITI Mutual Fund, Singularity Equity Fund I, Integrated Core Strategies, Morgan Stanley Asia and BofA Securities Europe, adding a mix of domestic and international institutional investors to the pre-IPO round.
The anchor investment comes ahead of Purple Style Labs’ proposed Rs 680 crore IPO, which is scheduled to open for public subscription on August 31, 2026, and close on September 2, 2026. The company has set the IPO price band at Rs 546 to Rs 575 per share. The public issue comprises entirely a fresh issue of shares, according to the company’s IPO details.
Purple Style Labs has appointed Axis Capital and IIFL Capital Services as the book-running lead managers for the issue, while KFin Technologies has been appointed as the registrar.
The company operates in the luxury fashion segment through Pernia’s Pop-Up Shop, a platform focused on designer wear and luxury fashion products. Purple Style Labs has been expanding its presence across both Indian and international markets as it builds its luxury fashion business.
The latest anchor round provides institutional investors with an opportunity to participate ahead of the public offering and comes at a price of Rs 575 per share, the upper limit of the IPO’s price band. The participation of mutual funds, insurance companies and global investment firms gives the upcoming issue a broad institutional investor base.
On the financial front, Purple Style Labs reported revenue from operations of Rs 558 crore in FY26, compared with Rs 490 crore in the previous fiscal year. However, the company reported a loss of Rs 285 crore for the financial year ended March 2026.
The IPO will therefore take place against the backdrop of the company’s continued expansion in the luxury fashion market, alongside its reported increase in operating revenue and continuing losses.
The anchor investment is also an important step in the company’s transition towards the public markets. With the Rs 306 crore anchor allocation completed, Purple Style Labs is now set to open its Rs 680 crore IPO to other investors from August 31.
The company’s business is centred on Pernia’s Pop-Up Shop, through which it sells designer and luxury fashion products. Its expansion across India and international markets remains a key part of its business strategy.
As the IPO approaches, investor attention will now shift towards the public subscription period, which will run for three days from August 31 to September 2. The company has priced its shares between Rs 546 and Rs 575, with the anchor allocation already completed at the upper end of that range.
