Purple Style Labs Backed by Sachin Tendulkar, Shah Rukh Khan, and Madhuri Dixit Files for ₹660 Crore IPO

India's booming primary market is set to welcome another high-profile public offering as Purple Style Company, the parent entity behind the luxury fashion omni-channel platform Pernia's Pop-Up Shop, prepares to launch its Initial Public Offering (IPO). Valued at ₹660 crore, the upcoming public issue has garnered massive media attention due to its star-studded shareholder roster, which includes cricketing legend Sachin Tendulkar, Bollywood megastar Shah Rukh Khan, iconic actress Madhuri Dixit, and Tollywood star Mahesh Babu. Having previously secured clearance from the Securities and Exchange Board of India (SEBI) in January, the company has now updated and submitted its Red Herring Prospectus (RHP), with the subscription window slated to open before the end of August 2026.Structure of the ₹660 Crore IPO and Fund AllocationAccording to the draft red herring prospectus (DRHP), the ₹660 crore public offering consists entirely of a fresh issue of shares, meaning there is no Offer for Sale (OFS) component, allowing existing stakeholders to retain their holdings. The company previously raised ₹402 crore, commanding a strong valuation of ₹3,662 crore. Purple Style Company has announced that the net proceeds generated from the IPO will be strategically utilized to clear existing debt obligations of its subsidiary, PSL Retail, fund nationwide back-end infrastructure expansion, amplify marketing and sales initiatives, and support general corporate requirements. Prominent financial institutions Axis Capital Limited and IIFL Capital Services Limited have been appointed as the book-running lead managers for the issue.A Star-Studded Cap Table and Rapid Financial GrowthThe luxury retailer boasts an impressive capitalization table featuring prominent celebrity investors and marquee financial backers. Promoter Abhishek Agarwal holds a commanding 27.10 percent stake, alongside investments from prominent market names like Akash Bhansali and Mukul Agarwal. Notably, Madhuri Dixit entered early as an investor, while the Gauri Khan Family Trust joined in November 2024, and cricket icon Sachin Tendulkar invested through preferential allotment in March 2025. This stellar backing mirrors the company's phenomenal financial trajectory; from registering a revenue of ₹45 crore in FY2020, Purple Style scaled its top line to an impressive ₹508 crore by FY2024, reflecting an eleven-fold growth. Operating across both digital and physical retail channels with over 14 luxury experience centers, Pernia's Pop-Up Shop currently showcases more than 1,300 designers and over 200,000 products, capping off a robust gross merchandise value of ₹588 crore in FY2025.