Purple Style Labs stock opens ₹535, almost 7% below IPO
Business
Purple Style Labs, the company behind Pernia's Pop-Up Shop, had a pretty underwhelming stock market debut.
Shares opened at ₹535 on NSE, almost 7% below the IPO price of ₹575, and didn't fare much better on BSE.
This was a bigger drop than expected and definitely not the start investors were hoping for.
Market cap around ₹4,315.29cr
The company now sits at a market cap of around ₹4,315.29 crore after its IPO saw moderate demand.
A large part of the funds raised will go into lease payments, marketing, and other business costs.
Promoted by Abhishek Agarwal, PSL is still betting big on luxury shopping experiences across India.