Live Status
Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Subscription · Final · Day 3 (Sep 2)1.4× overall
1×
Retail
1.7×
QIB
1.5×
NII / HNI
0.9×
Overall
1.4×
Grey Market PremiumUnofficial
₹2▲ +0.35%
Est. listing price ≈ ₹577 on issue price of ₹575
!GMP is unofficial and unregulated. Treat it as sentiment only — never a basis for a decision. Anchor investors were allotted 53,21,739 shares (45% of the issue, ~₹306 Cr) on Aug 28, with 30- and 90-day lock-ins.
Last updated: Subscription: Sep 2 (final) · GMP: Sep 4, 8:10 AM IST
Issue Details
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
Aug 31
Opens
Sep 2
Closes
Sep 3
Allotment
Sep 4
Refund/Demat
Sep 7
Listing
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹680 Cr |
| Offer for Sale | Nil |
| Market Cap | ≈ ₹4,640 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 75% |
| NII / HNI | 15% |
| Retail | 10% |
| Lead Managers | Axis Capital, IIFL Capital |
| Registrar | KFin Technologies |
Company & Financials
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 510.03 | 494.00 | 567.07 | +15% |
| EBITDA | 31.63 | 41.99 | 30.37 | -28% |
| PAT | -47.71 | -188.38 | -285.40 | loss ↑52% |
| Net Worth | 39.51 | 117.50 | -52.28 | negative |
Post-issue EPS
−₹41.83
P/E
N/A (loss)
ROE
Negative
Restated consolidated, from the RHP. FY26 = year ended Mar 31, 2026. The company is loss-making with negative net worth; P/E and ROE are not meaningful.
Valuation vs Peers
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Purple Style Labs | N/A | Neg. | -50.3% |
Loss-making, so P/E is not meaningful — the ~₹4,640 Cr market cap is roughly 8x FY26 revenue. Priced on growth/GMV potential, not earnings. Add listed lifestyle/e-commerce comparables from the RHP before publishing.
Promoters & Use of Funds
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Abhishek Agarwal |
| Pre-issue | 26.34% |
| Post-issue | ≈ 22.5% |
| Objects of Issue | |
|---|---|
| Investment in subsidiary (leases/operations) | ₹371.13 Cr |
| Sales & marketing | ₹138.90 Cr |
| General corporate purposes | ₹103.13 Cr |
Low promoter holding — the company is largely institution/PE-owned. 100% fresh issue (no OFS); post figure derived from disclosed shares.
The Balanced View
Strengths & Risks
The part most sites skip — both sides, from the RHP.
Strengths
- Well-known luxury brand — Pernia's Pop-Up Shop, ~1,109 designer labels, ~₹721 Cr GMV in FY26.
- Revenue growth resumed — total income +15% in FY26; EBITDA positive (₹30 Cr).
- Omni-channel scale — 14 Experience Centres incl. London & New York; 200,000+ annual customers.
- Strong anchor book — ~₹306 Cr (45% of issue) from institutions ahead of the open.
Risks
- Deeply loss-making — PAT −₹285 Cr in FY26, with losses widening (−48 → −188 → −285) and NEGATIVE net worth (−₹52 Cr).
- Rich valuation with no earnings — ~₹4,640 Cr market cap (~8x sales); P/E not meaningful.
- Weak demand — barely subscribed (1.36x overall; NII under 1x) and a flat grey market (~₹2).
- Rising leverage — total borrowings up to ₹371 Cr; proceeds partly fund leases/operations, not deleveraging.
- Low promoter holding (~26% pre-issue) — largely institution-owned; turnaround/execution risk.
Post-Listing Review
Did the signal hold up? Updates after Sep 7
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Listing Price
—
Listing Gain
—
Our Call
Avoid