Purple Style Labs Shares Make Muted Market Debut; End Over 1% Lower

New Delhi: Shares of Purple Style Labs Ltd, the parent company of Pernia’s Pop-Up Shop, on Monday ended with a discount of over 1 per cent against the issue price of Rs 575.

The stock started trading at Rs 539, a discount of 6.26 per cent from the issue price on the BSE. During the day, it hit a high of Rs 588.10, and a low of Rs 516. Shares of the firm ended at Rs 568.05, down 1.20 per cent.

At the NSE, the stock made its market debut at Rs 535, down 6.95 per cent. It finally ended at Rs 568.55, a decline of 1.12 per cent.

The company’s market valuation stood at Rs 4,547.87 crore.

The initial public offering (IPO) of Purple Style Labs received 1.29 times subscription on the final day of share sale on Wednesday.

The company’s IPO was entirely a fresh issue of equity shares aggregating up to Rs 680 crore, with no Offer-for-Sale component. The price band for the IPO was Rs 546-575 per share.

The company plans to utilise Rs 371.13 crore of IPO proceeds for investment in its wholly-owned subsidiary PSL Retail towards lease liabilities of experience centres and back-end offices in India, while Rs 138.90 crore will be used for sales and marketing expenses.

The remaining proceeds will be utilised for general corporate purposes.

Purple Style Labs, promoted by Abhishek Agarwal, operates a multi-brand luxury fashion omni-channel platform. Its publicly disclosed celebrity investors include Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit, and Mahesh Babu.

The company currently offers more than 2 lakh products from over 1,300 designers through its digital platform and 14 experience centres.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)