Purple Style Labs IPO
Purple Style Labs LtdMainboard
This IPO is now Live.
- Open date
- 31 Aug 2026
- Close date
- 2 Sep 2026
- Min. Investment
- ₹14,950
- Lot Size
- -
- Fresh Issue
- ₹680.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.06x
- Non-Institutional Investors0.13x
- Retail-Individual Investors0.93x
- Total0.24x
Schedule
- Completed: IPO open date31 Aug 2026
- Current step: IPO close date2 Sep 2026
- Upcoming: Allotment date3 Sep 2026
- Upcoming: Funds unblock or debit4 Sep 2026
- Upcoming: Tentative listing date7 Sep 2026
About
Promoter shareholding in Purple Style Labs Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Abhishek Agarwal | 1,91,00,000 | 26.09% | 1,91,00,000 | 23.86% |
| Payal Kumari Agarwal | 1,60,000 | 0.22% | 1,60,000 | 0.20% |
| Priyanka Agarwal | 20,000 | 0.03% | 20,000 | 0.02% |
Financials of Purple Style Labs IPO
| Key Performance Indicators | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 369.19 | 504.37 | 489.91 |
| Total Expenses | 423.40 | 557.74 | 682.56 |
| Profit Before Tax | - | - | - |
| Total Profit | -41.39 | -47.71 | -188.55 |
Purple Style Labs IPO Strengths & Risks
- According to the 1Lattice Report, we are one of the largest and fastest growing multi-brand luxury omni-channel fashion platform in India in terms of revenue in Financial Year ended 2025, serving customers in India and abroad.
- We have implemented an omnichannel model that seamlessly integrates our online platform with physical Experience Centers.
- We have established a strong and growing international presence, serving a diverse global customer base across multiple countries.
- We have established ourselves as a premier luxury fashion destination for Indian Designer Brands.
- We have a robust management team and an experienced Board.
- Risks Relating to the Business: The company has in the past incurred losses, negative retained earnings amounting to ?7,102.86 million as of March 31, 2026 and negative net cash flows from operating activities. If its continue to face an increase in the company losses or negative retained earnings or has negative cash flows over extended periods, it could has an adverse impact on the company results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company derive a substantial portion of Total PPUS GMV from the womenswear category (77.70%, 75.66% and 77.88% of its Total PPUS GMV in Fiscals 2026, 2025 and 2024). Any variations in demand and changes in consumer preference for the company womenswear collection could has a material adverse effect on its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: Its depend on the company Experience Centers for a significant portion of its Total PPUS GMV (the company PPUS GMV derived from its Indian Experience Centers was 74.72%, 66.41% and 56.20% of the Total PPUS GMV for Fiscals 2026, 2025 and 2024, respectively1). Any disruptions to the operations of these Experience Centers or limitations on its ability to expand and grow these Experience Centers may adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: Its depend on the company website and mobile application for its online sales (the company PPUS GMV derived from its online channels was 9.05%, 10.75% and 15.68% of the Total PPUS GMV for Fiscals 2026, 2025 and 2024, respectively2) and rely on mobile operating systems and application marketplaces to make the company applications available to participants that utilize our platform. Any disruption to its website or mobile application, including dues to technical issues, cyber-attacks, changes in consumer behavior, or adverse changes in mobile operating system policies or application marketplace placements, could adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: Changes in international trade policies, geopolitics and trade tariffs, export controls, economic or trade sanctions may materially and adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: Any inability on the company part to enhance its presence, increase the company customer base, retain existing customers, increase sales to its customers and expand the company footprint may adversely impact its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company depend on its top Designer Brands for a significant portion of the company Total PPUS GMV (Its top 10 Designer Brands contributed 30.24%, 26.54% and 23.44% of our Total PPUS GMV in Fiscals 2026, 2025 and 2024). If its fail to retain the company existing Designer Brands or add new designer brands to its portfolio in a cost-effective manner, or if the company Designer Brands fail to supply quality products, its business, financial condition, cash flows, results of operations and prospects may be adversely affected.
- Risks Relating to the Business: The company Designer Brands set their own prices for products that are sold on our online platform. Additionally, Its face contractual risks relating to the non-exclusive agreements with the company Designer Brands, which could affect its ability to respond to consumer preferences and trends.
- Risks Relating to the Business: Its may be unable to adequately maintain, protect and enforce the company intellectual property rights, and may not be able to prevent others from unauthorized use of its intellectual property and other proprietary rights, which could harm the company business and competitive position.
- Risks Relating to the Business: The company has incurred indebtedness in the past. Its inability to obtain further financing or meet the company obligations, including financial and restrictive covenants under its debt financing arrangements and to maintain a high debt service coverage ratio (the company debt service coverage ratio was 0.08, 0.37, and 0.27 for the Fiscals 2026, 2025 and 2024, respectively) could adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: Its derive a significant portion of the company Total PPUS GMV from outside India (20.29%, 28.38% and 35.07% of its Total PPUS GMV in Fiscals 2026, 2025 and 2024) which exposes it to risks inherent to operations in these foreign jurisdictions. Any adverse developments in the international markets that the company operate or intend to expand to, including but not limited to foreign currency exchange rate fluctuations, could has an adverse effect on its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The premises of all the company Experience Centers are either licensed or leased. If its fail to renew these leases on competitive terms or at all or if the company unable to manage its lease rental costs, the company business, financial condition, cash flows, results of operations and prospects would be materially and adversely affected.
- Risks Relating to the Business: The company business is highly concentrated on Indian wedding and occasion wear and vulnerable to changes in consumer preferences which could has an adverse effect on its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company Designer Brands manufacture the products that its sell through PPUS Omni-channel and any failure in their quality control processes may damage the company reputation, and adversely affect its business, financial condition, cash flows, results of operations and prospects. Its may face reputational harm or proceedings if the quality of the products does not meet the company customers' expectations.
- Risks Relating to the Business: The company has in the past faced an increase in its finance costs from Rs.407.57 million in Fiscal 2024 to Rs.529.73 million in Fiscal 2025 and further to Rs.970.87 million in Fiscal 2026. Any further increase in the company finance costs could adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company industry is competitive in both the offline and the online channels, with the potential to adversely affect its sales and the company ability to work at high margins. Its inability to compete effectively may adversely affect the company business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The wide variety of payment methods that its accept subjects it to third-party payment processing-related risks, which if materialized could adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company Statutory Auditors has included certain emphasis of matters, and observations prescribed under the Companies (Auditor's Report) Order, 2020 in the audit reports of the Company, in the Restated Consolidated Financial Information of the Company.
- Risks Relating to the Business: There are outstanding litigation involving the Company, Its Directors and Subsidiaries. An adverse outcome in any of these proceedings may affect Its reputation or standing or may impact the company future business or could has a material adverse effect on its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company dependent on its Designer Brands to maintain and enhance the popularity of their respective brands, in the absence of which, Its may suffer an adverse impact on the company business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company inability to successfully sustain its recent growth and implement the company business plan and strategies could adversely affect Its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company has in the past faced an increase in the company employee benefits expense from Rs.586.86 million in Fiscal 2024 to Rs.662.08 million in Fiscal 2025 and further to Rs.819.96 million in Fiscal 2026. Any further increase in the company employee benefits expense could adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company has in the past entered into related party transactions and will continue to does so in the future and its cannot assure you that the company could not has achieved more favorable terms if such transactions had not been entered into with related parties.
- Risks Relating to the Business: The company business depends on the growth of the online commerce industry globally and its ability to effectively respond to changing user behavior on digital platforms.
- Risks Relating to the Business: There has been delays and errors in completing certain of the company statutory and regulatory filings. Its cannot assure you that regulatory proceedings or actions will not be initiated against it in the future, and the company will not be subject to any penalty imposed by the competent regulatory authority in this regard.
- Risks Relating to the Business: If its unable to accurately identify customer preferences and trends and maintain an optimal level of inventory in the company Experience Centers, our business, financial condition, cash flows, results of operations and prospects may be adversely affected.
- Risks Relating to the Business: Its rely on certain third-party transportation providers for the transportation and delivery of the company products to its customers. Any failure on the part of such transportation providers to meet their obligations could adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company has faced attrition of its permanent employees (attrition rate of permanent employees was 46.13%, 41.52% and 46.15% for Fiscals 2026, 2025 and 2024, respectively) in the past. The company success depends in large part upon the efforts of its KMPs, SMPs and certain other employees and the company inability to attract, train and retain such persons could adversely affect its business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Its exposed to losses dues to fraud, negligence, theft or similar incidents by the company employees or customers which may has an adverse impact on its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The Company proposes to utilize the Net Proceeds towards (i) investment in the company wholly owned Subsidiary, PSL Retail for expenditure towards lease liabilities of Experience Centers, and back-end offices in India; (ii) funding towards sales and marketing expenses to be incurred by the Company; and (iii) general corporate purposes. The usage of its Net Proceeds towards these Objects will not result in the creation of any identifiable assets.
- Risks Relating to the Business: Its subject to governmental regulation and the company may incur material liabilities under, or costs in order to comply with, existing or future laws and regulation, and the company failure to comply may result in enforcements, recalls, and other adverse actions.
- Risks Relating to the Business: The company insurance coverage may not be sufficient or may not adequately protect it against risks and unexpected events, which may adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company online marketing listings or reviews may constitute internet advertisements, which subject it to laws, rules and regulations applicable to advertising, non-compliance of which could lead to additional costs and penalties which may adversely affect its business, results of operations, and cash flows.
- Risks Relating to the Business: The company has in the past undertaken impairment of goodwill of Its in-house brands such as `Hemant Trevedi' and `Wendell Rodricks'. Any future impairment of goodwill or other intangible assets may adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: There were certain instances of delays in payment of statutory dues by it. Future delays in payment of statutory dues could attract financial penalties or other regulatory actions from the respective government authorities and in turn adversely affect the company financial condition and cash flows.
- Risks Relating to the Business: Its exposed to labor shortages, strikes, work stoppages or increased wage demands or other disputes with the company employees which may adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The Company does not has any comparable listed peer companies in India and internationally for comparison of performance and therefore, investors must rely on their own examinations of accounting ratios of the Company for the purposes of investment in this Issue.
- Risks Relating to the Business: The company required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate its business, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: Certain of the company Directors, Key Managerial Personnel and members of Senior Management has interests in the Company and its Subsidiaries in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: Its cannot assure payment of dividends on the Equity Shares in the future and the company ability to pay dividends in the future will depend on its earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants of the company financing arrangements and its may not be able to pay dividends in future.
- Risks Relating to the Business: An inability to establish and maintain effective internal controls could lead to an adverse effect on its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company funding requirements and deployment of the Net Proceeds of the Issue are based on management estimates and has not been independently appraised.
- Risks Relating to the Business: Its may grow the company business through acquisitions, joint ventures, joint development or consortiums, which may prove to be difficult to integrate and manage or may not be successful.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus disclose information from the 1Lattice Report which has been prepared exclusively for the Issue and commissioned and paid for by it exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- Risks Relating to the Business: Damage to and/or malfunction of any of the company operating systems or cyber security risks could disrupt the company operations and adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company inability to effectively collect receivables and default in payment from its customers could result in the reduction of the company profits and adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior Shareholders' approval.
- Risks Relating to the Business: The company management has noted exceptional items in the company Restated Consolidated Financial Information (exceptional items - expense/(income) were Rs.1,179.28 million in Fiscal 2026 and Rs.1,227.68 million in Fiscal 2025). Any future exceptional items may lead to an increase in the company losses and adversely affect its business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the industry its operate.
