Pernia's Pop-Up Shop parent raises ₹306 crore in anchor round ahead of IPO

Purple Style Labs Ltd, the parent company of the online fashion marketplace Pernia's Pop-Up Shop, has raised ₹306 crore from anchor investors ahead of its much-awaited initial public offering. The company allotted 53.22 lakh equity shares to 10 anchor investors at ₹575 per share, according to regulatory filings with the BSE.

The anchor investor roster includes marquee names such as ICICI Prudential Mutual Fund, Jupiter India Fund, Aditya Birla Sun Life Insurance Company Ltd, and ITI Mutual Fund. International investors participating in the anchor round include Singularity Equity Fund I, Integrated Core Strategies (Asia) Pte Ltd, Morgan Stanley Asia (Singapore) Pte, and BoFA Securities Europe SA ODI.

The ₹680-crore IPO is entirely a fresh issue of equity shares, with no offer-for-sale component from existing shareholders. The company has fixed the price band at ₹546-575 per share for the offering. Retail and qualified institutional investors can subscribe to the IPO between August 31 and September 2, with the allotment expected shortly thereafter.

The IPO will help Purple Style Labs strengthen its position in the fast-growing online fashion retail segment. The company operates Pernia's Pop-Up Shop, a curated digital platform for contemporary Indian fashion, serving as a marketplace for emerging designers and established brands targeting affluent consumers across India.