This SRK-backed company wants to raise ₹660cr via IPO
What's the story
Purple Style Labs, the parent company of Pernia's Pop-Up Shop and backed by Shah Rukh Khan and Sachin Tendulkar, is gearing up to launch a ₹660 crore initial public offering (IPO) by the end of August. The company has filed its updated draft red herring prospectus (UDRHP) with market regulator SEBI.
IPO details
Fresh issue of shares
The upcoming IPO will be a fresh issue of up to ₹660 crore, with no offer-for-sale component.
This comes after the company raised around ₹402 crore through private primary funding in eight rounds from investors such as Binny Bansal and Akash Bhansali.
The latest round valued the company at ₹3,662 crore post-money.
Fund allocation
Proceeds to fund lease liabilities, sales and marketing activities
The proceeds from the IPO will be used to fund PSL Retail, a wholly-owned subsidiary of Purple Style Labs, toward lease liabilities for experience centers and back-end offices across India.
A part of the funds will also be used for sales and marketing activities while the rest will go toward general corporate purposes.
Investor profile
Diverse investor base with celebrity backing
Promoted by Abhishek Agarwal, who holds a 27.10% stake in the company, Purple Style Labs has a diverse investor base.
This includes institutional investors like Bhanshali and Mukul Agarwal, family offices, private investors as well as publicly disclosed celebrity investors such as Khan, Salman Khan and his family, Tendulkar, Madhuri Dixit and Mahesh Babu.