Pernia’s Pop Up Shop (Purple Style Labs Limited) has raised ₹680 crore from an initial public offering of equity shares, with Cyril Amarchand Mangaldas, Khaitan & Co, and A&O Shearman advising on the transaction. The deal marks a significant capital markets milestone for one of India’s prominent luxury designer fashion platforms.
Introduction
Purple Style Labs Limited, the operator of luxury fashion platform Pernia’s Pop Up Shop, opened its ₹680 crore initial public offering for subscription on August 31, comprising entirely a fresh issue of up to 1.18 crore equity shares, with no offer-for-sale component. The company fixed the price band at ₹546–575 per share.
Khaitan & Co acted as legal counsel to the book running lead managers, Axis Capital Limited and IIFL Capital Services Limited, on this IPO. A&O Shearman served as international counsel for the book running lead managers.
Promoted by Abhishek Agarwal, who holds a 27.10 per cent stake in the company, Purple Style Labs is backed by institutional investors, family offices, and private investors. Pernia’s Pop Up Shop currently offers more than 2 lakh products from over 1,300 designers through its digital platform and 14 experience centres.
Deal Value
Pernia’s Pop Up Shop (Purple Style Labs Limited) raised ₹680 crore from the initial public offering of equity shares. The IPO is entirely a fresh issue of equity shares with no offer-for-sale component; the company plans to utilise ₹371.13 crore of the proceeds for investment in its wholly-owned subsidiary, PSL Retail, for lease liabilities of Experience Centers and back-end offices in India. A further ₹138.9 crore has been earmarked for sales and marketing, with the remaining proceeds allocated towards general corporate purposes.
Legal Teams Involved
Cyril Amarchand Mangaldas — Counsel to Pernia’s Pop Up Shop (Purple Style Labs Limited)
Cyril Amarchand Mangaldas advised Pernia’s Pop Up Shop on this IPO. The transaction was led by Manan Lahoty (Partner, Head – Capital Markets) and Priyadarshini Rao (Partner), with support from Radhika Pandey (Principal Associate), Anomitra Debnath (Associate), Khushi Parekh, and Nikshetaa Jain.
- Manan Lahoty — Partner, Head – Capital Markets
- Priyadarshini Rao — Partner
- Radhika Pandey — Principal Associate
- Anomitra Debnath — Associate
- Khushi Parekh
- Nikshetaa Jain
Khaitan & Co — Counsel to Book Running Lead Managers (Axis Capital Limited and IIFL Capital Services Limited)
Khaitan & Co acted as legal counsel to the book running lead managers Axis Capital Limited and IIFL Capital Services Limited. The transaction team consisted of Subhayu Sen (Partner), Aparna Bagree (Partner), Ira Pandya (Senior Associate), Aayush Virani (Senior Associate), Ria Chaudhary (Associats), and Aayushi Poddar (Associate).
- Subhayu Sen — Partner
- Aparna Bagree — Partner
- Ira Pandya — Senior Associate
- Aayush Virani — Senior Associate
- Ria Chaudhary — Associats
- Aayushi Poddar — Associate
A&O Shearman — International Counsel to the BRLMs
A&O Shearman acted as international counsel for the BRLMs. The transaction was led by Pallavi Gopinath Aney (Partner), along with Serena Upadhyay (Senior Associate).
- Pallavi Gopinath Aney — Partner
- Serena Upadhyay — Senior Associate
Significance and Impact
Purple Style Labs Limited opened its ₹680 crore IPO for subscription on August 31, bringing the luxury fashion platform to the public markets after building the business across online and offline channels. The transaction is notable for attracting a three-firm legal line-up spanning Indian domestic counsel and international advisory — a structure typically reserved for high-profile or cross-border capital markets transactions.
The IPO is entirely a fresh issue of equity shares with no offer-for-sale component, meaning the entirety of the funds raised flows directly to the company for operational and expansion purposes. The company has created a recognisable luxury platform, raised order values, and assembled designers, affluent consumers, and physical experiences under one increasingly valuable brand.
The company had raised ₹306 crore from anchor investors on August 28, ahead of the IPO, allotting 53.22 lakh equity shares to 10 anchor investors at ₹575 per share. The strong anchor response underscored institutional confidence in the platform ahead of the public subscription window.
The Pernia’s Pop Up Shop ₹680 crore IPO represents a significant event in India’s luxury fashion and capital markets landscape, with Cyril Amarchand Mangaldas, Khaitan & Co, and A&O Shearman collectively providing domestic and international legal coverage across issuer and banker mandates. For a running record of law firm deal activity, see the Deal Meter.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
