Purple Style Labs Ltd. IPO

Purple Style Labs

• Purple Style Labs is coming out with a 100% book building; initial public offering (IPO) of 1,24,54,212 shares of face value Rs 10 each in a price band Rs 546 - 575 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on August 31, 2026 and will close on September 2, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 54.60 times of its face value on the lower side and 57.50 times on the higher side.
• Book running lead managers to the issue are Axis Capital and IIFL Capital Services.
• Compliance officer for the issue is Gulshan Mumtaz Khan. 

Profile of the company

Purple Style Labs, together with its subsidiaries, is primarily engaged in the retail of apparel, jewellery, accessories, and other lifestyle products from various designer brands. The company provides a one stop solution to all shopping and styling needs of customers under the brand name, Pernia’s Pop-Up Shop (PPUS) through its online presence (i.e. www.perniaspopupshop.com and a mobile application) and physical stores in the name and style of Pernia’s Pop-Up Studio. It also owns and operates apparel and lifestyle brands and provides technical and other value-added services to third party designer/ fashion brands.

Pernia’s Pop-Up Shop is one of the largest and fastest growing multi-brand luxury omni-channel fashion platform in India, serving customers in India and abroad. Its omni-channel platform includes Experience Centers, the online platforms of Pernia’s Pop-Up Shop including website, mobile application, other telephonic and digital sales channels and events and exhibitions, among others. It offers Indian luxury Designer Brands visibility and access to a large, global customer base, while providing control over brand image and pricing integrity. Furthermore, its platform addresses key challenges faced by Designer Brands in the luxury fashion industry, particularly around visibility, distribution, and access to premium retail environments.

Proceed is being used for: 

• Investment in its wholly owned subsidiary, PSL Retail for expenditure towards lease liabilities of experience centers, and back-end offices in India
• Funding towards sales and marketing expenses to be incurred by the company
• General corporate purposes

Industry overview

The Indian retail market stands between Rs 110 to Rs 115 trillion in FY 2026 and has grown at a CAGR of 9% from Rs  67 trillion in FY 2020. It is further projected to expand at a CAGR of 8% to reach Rs 165 to 170 trillion in FY 2030. This growth is being fuelled by rising disposable incomes, an expanding middle class, and increasing urbanization across the country. Consumers are increasingly aspirational, digitally engaged, and conscious of brands and quality. The rapid rise of e-commerce, the spread of modern retail formats, and deeper brand penetration into Tier 1 plus cities are also driving momentum. Furthermore, improvements in infrastructure, greater access to financing, and supportive government initiatives aimed at boosting retail and entrepreneurship are creating a more conducive environment for sustained growth across the sector. The Indian retail market is dominated by food and non-alcoholic beverages, which account for 60.5% of the total market size. However, clothing and footwear stand out as the second-largest retail segment, contributing 10% to the overall market.

The Indian apparel market is at Rs 10.3 trillion in FY 2026, growing at a CAGR of 11% from Rs 5.6 trillion in FY 2020. It is further projected to expand to Rs 15.3 trillion by FY 2031, at a CAGR of 8%. This strong growth trajectory reflects evolving consumer lifestyles, increasing fashion consciousness, and the rising influence of global trends. Menswear holds the largest share of the Indian apparel market in FY 2026, accounting for 42%, followed by womenswear at 37% and kids wear at 21%. The Indian luxury apparel market is projected to grow at a CAGR of 11% from Rs 645 billion in FY 2026 to Rs 1,096 billion by FY 2031. Within this market, the premium segment forms the largest share, expected to grow at a CAGR of 12%, followed by the bridge-to-luxury and luxury segments, both growing steadily at 11% CAGR. This growth is being fuelled by increasing aspirations among affluent consumers, greater brand awareness, and exposure to global fashion trends. The rise of high-income households, expanding urban affluence, and a growing desire for exclusivity and experiential purchases are further driving the uptake of luxury fashion in India.

India’s luxury market continues to be concentrated in its major metropolitan hubs, with Delhi NCR, Mumbai, Bangalore, Chennai, and Hyderabad accounting for 65-70% of the total market in FY 2020, moderating to around 60-65% by FY 2026. These cities have long been the epicentres of luxury consumption, supported by mature retail infrastructure, high-income consumer bases, and established brand presence. However, the landscape is gradually shifting. The share of mini metros and Tier 1 plus cities is expected to increase from 30-35% in FY 2020 to 35-40% by FY 2026. While mini metros are contributing, the primary driver of this growth is Tier 1 plus cities, emerging urban centres witnessing rising disposable incomes and lifestyle aspirations. This shift is being accelerated by the influence of social media and digital platforms, which have played a pivotal role in shaping consumer aspirations beyond the metros.

Pros and strengths 

Multi-brand omni-channel luxury platform with wide portfolio of products: The company is one of the largest and fastest growing multi-brand luxury omni-channel fashion platform in India, serving customers in India and abroad. It has 208,490 SKUs representing products from 1,109 Active Designer Brands available on its platform. Its platform offers an extensive range of products across various categories, including womenswear, menswear, and others such as jewelry, accessories and kidswear. This wide product portfolio ensures that customers have access to a diverse selection of quality products, catering to different tastes and preferences. It has successfully diversified its product portfolio across categories. Additionally, it has also introduced real jewelry to its portfolio in 2024. By diversifying its product portfolio, it is better able to meet the evolving needs of its customers while also reducing its reliance on any single category and capturing new growth opportunities across the market.

Omni-channel business model with focus on operational efficiency: The company has implemented an omni-channel model that seamlessly integrates its online platform with physical Experience Centers. This integration ensures a consistent and cohesive shopping experience for customers, whether they choose to shop online or in-store. This approach helps it caters to customers’ preferences and convenience and helps to ensure that shopping with the company is a personalized experience. Its platform’s robust online presence, which garnered 19.14 million Unique Visitors in Fiscal 2026, combined with strategically located Experience Centers in key cities such as Mumbai, Delhi, Bengaluru, and Hyderabad in India, London in the UK and New York in the US, enhance customer convenience and engagement. Its Experience Centers provide customers with the opportunity to interact with products physically, try on apparel, and receive personalized styling advice from in-store personnel. This personalized shopping experience is complemented by the convenience of online shopping, where customers can explore a wide product portfolio, view detailed product descriptions, and make seamless payments. The omni-channel model enables its customers to browse collections at their convenience, after which they can visit its Experience Centers to try on apparel, enhancing their overall shopping experience.

Powerful network effects resulting in robust customer retention and high monetization: The company has established itself as a premier luxury fashion destination for Indian Designer Brands. Its brand presence attracts both Designer Brands and customers, creating a cycle of growth and engagement. Its platform has 1,109 Active Designer Brands as of March 31, 2026, and its product categories span womenswear, menswear, and others such as jewelry, accessories and kidswear, highlighting its ability to cater to a broad base of customer needs. Furthermore, its top 10,000 customers’ contribution towards Total PPUS GMV has grown between Fiscals 2024 to 2026, indicating that its customers are more engaged and are deriving increasing value from its platform. This growth in contribution suggests that its platform is not only retaining valuable customers but also deepening their engagement. Not only have it achieved robust retention rates with its customers, the high monetization of its business is also evident from the consistent growth in its average annual sales per customer, which further reflects its ability to not only attract but also deepen the financial engagement of each customer over time. An increasing Average PPUS GMV per customer indicates that customers are finding greater value in its offerings, leading them to spend more each year.

Robust international presence: The company has established a strong and growing international presence, serving a diverse global customer base across multiple continents. In Fiscal 2026, it served customers from around 100 countries through its online channels and Experience Centers in the UK and US. It has established a strong foothold in key international markets, including the United States, United Kingdom, the Middle East, Canada, and other regions. In Fiscal 2026, international PPUS GMV accounted for 20.29% of its Total PPUS GMV, with the US contributing 10.65%, the UK 5.58%, and the rest of the world contributing 4.06%. Its online platform attracted 19.14 million Unique Visitors in Fiscal 2026, with significant online traffic from the US (3.19 million), UK (0.6 million), Canada (0.32 million), and the Middle East (0.32 million), which demonstrates its global appeal. Its international strategy is further strengthened by its physical presence, which includes a flagship Experience Center in London, UK and New York, USA. By offering a curated selection of 1,109 Active Designer Brands as of March 31, 2026, and retailing products of various Designer Brands globally, it addresses the unique needs of the Indian diaspora and international clientele seeking authentic Indian luxury fashion.

Risks and concerns

High dependence on womenswear sales: Its business is dependent on the sale of womenswear for significant portion of its revenues. It derives a substantial portion of Total PPUS GMV from the womenswear category (77.70%, 75.66% and 77.88% of its Total PPUS GMV in Fiscals 2026, 2025 and 2024). Any downturn or negative trends in its womenswear product categories, including due to reasons such as consumer demand, consumer confidence, disposable income levels, employment levels, changes in national and international trade policies, and geopolitics and trade tariffs could result in loss of business or reduction in the volume of business from its customers.

Reliance on Mumbai and Delhi experience centers for a significant portion of GMV: The company operates through an omni-channel model that comprises an online platform together with Experience Centers - ‘Pernia’s Pop-Up Studios’. The company operates 14 Experience Centers, 12 of which are in India, one Experience Center is in the UK and one Experience Center is in New York, US. it derives a significant portion of its revenues from its Experience Centers and in particular, it derives a significant portion of its revenues from its Experience Centers located in Delhi and Mumbai in India. PPUS GMV derived from its Mumbai Experience Center was 28.42%, 20.76% and 20.49% of the Total PPUS GMV for Fiscals 2026, 2025 and 2024, respectively. PPUS GMV derived from its Delhi Experience Center was 22.94%, 21.27% and 20.36% of the Total PPUS GMV for Fiscals 2026, 2025 and 2024, respectively. Any disruptions to the operations of these Experience Centers or limitations on its ability to expand and grow these Experience Centers may adversely affect its business, financial condition, cash flows, results of operations and prospects.

Reliance on top designer brands and risks from loss of key brand relationships: The company depends on its top Designer Brands for a significant portion of its Total PPUS GMV (its top 10 Designer Brands contributed 30.24%, 26.54% and 23.44% of its Total PPUS GMV in Fiscals 2026, 2025 and 2024). Further, an increase in the operating costs of its Designer Brands could cause them to raise prices, renegotiate markdown, withdraw discounts or cease operations, which could in turn adversely affect its operational costs and efficiency. It enters into agreements with its Designer Brands typically for one year, with most agreements including provisions for automatic renewal unless terminated. If it fails to retain its existing Designer Brands or add new designer brands to its portfolio in a cost-effective manner, or if its Designer Brands fail to supply quality products, its business, financial condition, cash flows, results of operations and prospects may be adversely affected.

Reliance on international sales and risks from foreign market operations and currency fluctuations: It derives a significant portion of its Total PPUS GMV from outside India (20.29%, 28.38% and 35.07% of its Total PPUS GMV in Fiscals 2026, 2025 and 2024) which exposes it to risks inherent to operations in these foreign jurisdictions. A portion of its revenues comprise revenues from export sales. Any adverse developments in the international markets that it operates or intend to expand to, including but not limited to foreign currency exchange rate fluctuations, could have an adverse effect on its business, financial condition, cash flows, results of operations and prospects.

Outlook

Purple Style Labs’ primary business is modelled around retail of apparel, jewellery, accessories and other lifestyle products of various designer brands, providing a one stop solution to all shopping and styling needs of customers under the brand name, Pernia’s Pop-Up Shop through its online presence and physical stores in the name and style of Pernia’s Pop-Up Studio. The company also owns and operates apparel and lifestyle brands and provides technical and other value-added services to third party designer/ fashion brands. On the concern side, it depends on its website and mobile application for its online sales (its PPUS GMV derived from its online channels was 9.05%, 10.75% and 15.68% of the Total PPUS GMV for Fiscals 2026, 2025 and 2024, respectively) and rely on mobile operating systems and application marketplaces to make its applications available to participants that utilize its platform. Any disruption to its website or mobile application, including due to technical issues, cyber-attacks, changes in consumer behavior, or adverse changes in mobile operating system policies or application marketplace placements, could adversely affect its business, financial condition, cash flows, results of operations and prospects.

The issue has been offering 1,24,54,212 shares in a price band of Rs 546-575 per equity share. The aggregate size of the offer is around Rs 680.00 crore to Rs 716.12 crore based on lower and upper price band respectively. Minimum application is to be made for 26 shares and in multiples thereon, thereafter. On performance front, its total income increased by 14.79% to Rs 5,670.69 million in Fiscal 2026 from Rs 4,940.01 million in Fiscal 2025. Its net loss for the year was Rs 2,853.99 million in Fiscal 2026 compared to loss of Rs 1,883.83 million in Fiscal 2025.

Meanwhile, the company has built a strong and loyal customer base, and it is dedicated to maintaining and enhancing this loyalty. By carefully curating its product range, it aims to provide its existing customers with more of the products they want. By understanding customer preferences and shopping behaviors through data, it can tailor the product range available on its platforms to better meet their needs. This personalized approach helps it keeps its customers satisfied and strengthens its relationship with them, ensuring they continue to choose it for their fashion needs. Furthermore, its goal is to deepen its relationships with existing customers to improve revenue retention and increase the amount that they spend with the company. This involves offering a diverse and high-quality product range and providing strong customer service, both online and in-store and both before and after sales.

Bench Mark Infotech Services

• Bench Mark Infotech Services is coming out with an initial public offering (IPO) of 38,58,000 shares in a price band of Rs 104 - 110 per equity share.
• The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 10.40 times of its face value on the lower side and 11.00 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Sucheta Todi.

Profile of the company

Bench Mark Infotech Services is an integrated IT and digital infrastructure solutions company with over 19 years of experience in providing technology infrastructure solution to government departments, public sector undertakings, institutional customers and private sector clients across India. Operating as a single-window partner, it designs, supplies, installs, commissions and maintains the networks, communication systems, surveillance and connectivity backbone on which its customers rely to build, manage and scale their technology ecosystems. Its service offerings include local and wide area networking (LAN & WAN), wireless communication systems, installation of active network devices, Structured cabling, multimedia and audio-visual systems, smart classrooms, e-classrooms and professional AV, Access control solutions, safety and security surveillance, and allied infrastructure services. It has expanded its service offerings by entering the data storage and data centre solutions segment. Its services under this vertical include supply, deployment and integration of servers, storage systems, virtualization, data backup and recovery solutions, cloud-based services such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS), and cloud security solutions. 

It has also initiated its offerings towards Artificial Intelligence (AI) Lab Solutions, including setting up of AI labs and providing edge computing nodes and related infrastructure for AI, machine learning and other computing applications, including AI laboratories, GPU-enabled computing platforms, enterprise storage, high-performance networking, and AI-ready data infrastructure. Further, it has expanded its offerings in the areas of cybersecurity and data security by providing solutions such as Next-Generation Firewalls (NGFW), Unified Threat Management (UTM), endpoint security, identity and access management, and managed security services and NOC (Network Operations center) for centralized monitoring and handling the challenges related to managing, monitoring, and controlling the networks in customer IT ecosystem. In addition to project execution, it provides annual maintenance contracts (AMC) and support services under contractual arrangements, including technical assistance, operational support, and 24x7 support services to help ensure business continuity and timely resolution of customer requirements. It also provides fibre optic solutions as part of its service offerings, including renting and provisioning of fibre optic lines wherever required under project contracts, thereby supporting the connectivity requirements of its customers. It also undertakes fibre optic infrastructure execution activities such as trenching, digging, ducting, laying of fibre cables, integration of fibre networks and restoration work.

Its business model is to provide integrated solutions with on an order-driven project execution framework, wherein it undertakes projects awarded through competitive bidding and tendering processes after providing complete end to end solutions. It procures hardware and software components from original equipment manufacturers (OEMs) and authorized vendors and integrate them to deliver customized, end-to-end solutions in accordance with project specifications. It is committed to maintaining quality standards and operational capabilities. The company holds ISO 9001:2015 certification for quality management systems and ISO/IEC 27001:2022 certification for information security management systems. It is registered as an Infrastructure Provider Category-I (IP-I), which enables it to establish, maintain and lease telecom infrastructure assets such as dark fibre, right of way, duct space and towers to licensed telecom service providers. This registration also supports its capability to undertake fibre optic network development and selective leasing of fibre infrastructure as part of its service offerings.

Proceed is being used for:

• Funding the working capital requirements of the company
• General corporate purposes

Industry overview

India Networking Market size was valued at $114.07 million in 2023 and the total revenue is expected to grow at a CAGR of 18.6% through 2024 to 2030, reaching nearly $376.50 million. The process of integrating computers, cell phones, and Internet of Things (IoT) devices is known as networking. The connection is functional in terms of hardware and software, as well as wired and wireless technology. These gadgets are also capable of connecting to networks such as the Internet. Computer Engineering, Computer Application, Computer Science, IT Engineering, Electrical Engineering, and more subjects are represented. The two types of network connections are a local area network (LAN) and a wide area network (WAN). As India is Asia's IT hub, networking is in high demand. In India, networking has a huge potential. TCS, Infosys, Wipro, HCL, Tech Mahindra, and other companies are continually looking for qualified applicants to join them. 

The India networking market is expected to be driven by the key factors such as the rising networking awareness and the growing need for more agile and efficient networking infrastructure. Moreover, during the forecast period 2024-2030, government efforts such as ‘Digital India’ are expected to have a beneficial impact on the India networking market. The growth of the India networking market is aided by government investment in public infrastructure restoration and company spending in the telecom and banking divisions as part of the digitization process. 

Increased investments in the three segments- Ethernet switches, routers, and WLAN - were seen across enterprise and service provider deployments. In India, the Ethernet Switch market was valued at $148.1 million, representing a remarkable year-over-year increase of 24.2%. Cisco held a 60.7% share of the Ethernet Switch market, followed by Hewlett Packard Enterprise (HPE) and Huawei. To solve the automation and orchestration needs resulting from complex network infrastructures, businesses are turning to next-generation networking technologies. In terms of compound annual growth rate (CAGR), all three segments of the India networking market are expected to rise in the single digits between 2024-2030.

Pros and strengths

Integrated business model with end-to-end service capabilities under one roof: The company operates an integrated business model, providing a comprehensive range of services under one roof across its key verticals, including design, supply, installation and commissioning of IT hardware and networking equipment, annual maintenance contracts (AMCs), and fibre optic infrastructure solutions. Under its IT hardware and networking vertical, it undertakes supply of a wide range of equipment such as switches, routers, CCTV systems, video walls, racks, along with turnkey project execution, system integration, installation, testing, and commissioning. This is complemented by its AMC services, which provide preventive maintenance, troubleshooting, and repair support through customised contracts, thereby ensuring continuity of operations for customers and generating recurring revenue. In addition, the company offers fibre optic infrastructure solutions, including deployment of fibre networks and associated civil works, as well as leasing of fibre infrastructure, enabling clients to access connectivity solutions without significant upfront investment.

Long standing customer relationships with repeat order flow: The company has developed and maintained long-standing relationships with its customers across its business verticals, resulting in a consistent flow of repeat orders. Its customer base includes government departments, public sector undertakings, and institutional clients, with whom the company has engaged across multiple projects over time. A portion of the company revenue is derived from repeat business from existing clients, reflecting continuity in engagements and ongoing participation in projects within similar domains and requirements.

Established track record of execution across diverse project segments: It has an established track record of executing projects across its business verticals, including design, supply, installation and commissioning of IT infrastructure solutions, annual maintenance contracts (AMCs), facility support services, and fibre optic infrastructure solutions. It undertakes projects for government departments, public sector undertakings, institutional clients, and private sector clients across India under an order-driven execution model. Its project execution encompasses procurement, installation, system integration, testing, commissioning, and post-installation maintenance in accordance with customer requirements. Its experience across diverse project segments enables it to execute projects at multiple locations while coordinating with customers, vendors, and implementation teams.

Risks and concerns

Concentration of revenue among top ten customers: It is dependent on certain key customers for a substantial portion of its revenues. Its top ten customers contribute 94.19%, 89.08%, and 91.87% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. Its business operations are highly dependent on its customers and the loss of any of its customers may adversely affect its sales and consequently on its business and results of operations.

Geographic concentration of revenue in Bihar, Odisha and West Bengal: Its business operations span various regions across India. However, a significant percentage of its revenue is contributed by Bihar, Odisha and West Bengal. It derives majority of its revenue from these three states which accounted for 80.04%, 85.39%, and 64.00% of its revenue from operations for the F.Y. ended March 31, 2026, March 31, 2025 and March 31, 2024. As a result, its geographic concentration, its business and financial results are susceptible to economic, social, weather, and regulatory conditions or other circumstances in each of these states. Any deterioration of macroeconomic conditions or decline in cyber security demand in these states could unfavourably impact the volume of its business.

High revenue dependence on government contracts: Its business is substantially dependent on contracts undertaken by various government bodies, government entities, and government institutions of the government of India (Government customers) including, inter alia, various public sector undertakings and other entities funded by the Government. The Government customers contributed 73.10%, 95.01%, and 92.91% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. A vast majority of contract awarded by Government Customers are tender based. It competes with various companies while submitting the tender for these contracts. Its performance could be adversely affected if it is not able to successfully bid for these contracts or required to lower its bid value.

Outlook

Bench Mark Infotech Services provides integrated IT and digital infrastructure solutions, including networking, communication, surveillance, fibre optic, cloud and data centre solutions, with installation, maintenance and managed support services across India. Its project execution encompasses procurement, installation, system integration, testing, commissioning, and post-installation maintenance in accordance with customer requirements. Its experience across diverse project segments enables it to execute projects at multiple locations while coordinating with customers, vendors, and implementation teams. On the concern side, a significant portion of its assets comprises trade receivables. Any delay in realization, inability to recover outstanding dues, or deterioration in the creditworthiness of its customers may adversely affect its liquidity, cash flows, financial condition and results of operations.

The company is coming out with a maiden IPO of 38,58,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 104-110 per equity share. The aggregate size of the offer is around Rs 40.12 crore to Rs 42.44 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 20.96% from Rs 5,003.85 lakh in Fiscal 2025 to Rs 6,052.76 lakh in Fiscal 2026. Profit after tax increased 75.25% from Rs 583.04 lakh in Fiscal 2025 to Rs 1,021.80 lakh in Fiscal 2026.

Meanwhile, it intends to broaden its portfolio of technology infrastructure services, encompassing networking and connectivity solutions, security and surveillance systems, audio-visual and display solutions, data center infrastructure, power and electrical systems, and associated support services. By diversifying and enhancing its service offerings, the company seeks to address the evolving technological and operational requirements of customers across both public and private sectors. Going forward, it intends to expand its presence in the optical fiber infrastructure segment by undertaking projects across multiple geographies in India. Its focus is on strengthening its capabilities in fibre optic network deployment, including cable laying, installation, splicing, testing, commissioning, and associated civil works such as trenching, ducting, and restoration.

Pursuant to Regulation 30(6) of the SEBI Listing Regulations, Susan Electricals India has informed that it enclosed schedule of Analyst/Institutional Investor Meeting. No unpublished price sensitive information pertaining to the Company is/ shall be shared at the aforesaid Analyst(s)/Investor(s) meetings. This intimation is also being upload on Company’s website and can accessed at https://seil.net.in/investors/. 

The above information is a part of company’s filings submitted to BSE.