Purple Style Labs IPO Day 2 Subscription Status: 0.16x Subscribed; GMP at ₹5

Purple Style Labs’ Initial Public Offering (IPO) was subscribed 0.16 times as of late morning on Day 2 (11:00 a.m. to 12:00 noon IST on 1 September 2026). Retail Individual Investors led demand at 0.72x, while institutional participation remained limited. The latest available Grey Market Premium (GMP) was around ₹5, although another tracker showed ₹7. The ₹680 crore issue remains open until 2 September 2026.

Metric	Latest update
Bidding day	Day 2
Data status	Late morning (11:00 a.m. to 12:00 noon IST) on 1 September 2026
Overall subscription	0.16x
Qualified Institutional Buyers	0.01x
Non-Institutional Investors	0.07x
Retail Individual Investors	0.72x
Current GMP	₹5
Other available GMP reading	₹7
GMP percentage at ₹5	0.9%
Indicative price at ₹5 GMP	₹580
Closing date	2 September 2026

Purple Style Labs IPO Day 2 Subscription Status

Purple Style Labs’ public issue had received bids for about 16% of the shares available for subscription at the latest verified Day 2 snapshot.

Investor category	Day 2	Day 1 close	Change
Qualified Institutional Buyers (QIBs)	0.01x	0.01x	Unchanged
Non-Institutional Investors (NIIs)	0.07x	0.06x	+0.01x
Retail Individual Investors	0.72x	0.56x	+0.16x
Overall	0.16x	0.12x	+0.04x

Retail remained the strongest category, rising to 0.72x from 0.56x at the Day 1 close. Non-Institutional Investor (NII) demand increased slightly to 0.07x, while Qualified Institutional Buyer (QIB) participation remained at 0.01x.

These multiples measure the quantity of shares bid for relative to each category’s reserved allocation. They do not represent the number of unique applicants.

How Subscription Changed From Day 1

Purple Style Labs IPO closed Day 1 at 0.12x overall and had moved to 0.16x overall by the latest Day 2 reading, an absolute increase of 0.04 times.

Retail investors were the main driver of the increase. Their subscription rose by 0.16 times, while NII demand advanced by only 0.01 times and QIB demand was unchanged.

The demand pattern therefore remains concentrated rather than broad-based. Retail investors have 10% of the net offer reserved for them, compared with 15% for NIIs and 75% for QIBs. A higher retail multiple should be interpreted in the context of that smaller allocation.

Institutional participation often builds later in the bidding period, but the current numbers do not establish that QIB demand will accelerate on the closing day.

Purple Style Labs IPO GMP Today and Estimated Listing Price

The latest available Purple Style Labs IPO GMP is around ₹5 per share, while another credible tracker showed a reading of ₹7. The difference highlights the unofficial nature of the grey market.

Using the ₹5 reading:

GMP metric	Value
Current GMP used for calculation	₹5
Another available tracker	₹7
Previous available ₹5 reading	₹5
Direction versus ₹5 reading	Unchanged
Upper price band	₹575
GMP percentage	0.9%
Indicative price	₹580

The indicative price calculation is:

₹575 upper price band + ₹5 GMP = ₹580

The GMP percentage is:

₹5 ÷ ₹575 × 100 = approximately 0.9%

The current premium is also well below the higher pre-opening readings seen before bidding began. This indicates that grey-market expectations have moderated during the IPO period.

GMP is unofficial, unregulated, and can change quickly. It does not guarantee that Purple Style Labs shares will list at ₹580, or that investors will make a listing gain.

What Stands Out in Today’s Bidding

The first notable signal is the continued concentration of demand in retail. Retail subscription has moved closer to full coverage, but the overall issue remains only 0.16x subscribed because demand in the much larger QIB allocation is still minimal.

Second, subscription has improved from Day 1, while the GMP remains near the low-single-digit rupee range. That creates a useful subscription-GMP divergence: formal bidding has increased, but the unofficial premium has not strengthened alongside it.

There are also clear limitations. Day 2 bidding is still in progress, and institutional orders can arrive later. More importantly, neither subscription multiples nor GMP establish whether the company’s valuation is reasonable, whether its business quality justifies the offer price, or how the shares will perform after listing.

IPO Details Retail Investors Need

IPO detail	Purple Style Labs IPO
Price band	₹546 to ₹575 per share
Lot size	26 shares
Minimum retail investment	₹14,950
Issue size	₹680 crore
Fresh issue	₹680 crore
Offer for Sale (OFS)	Nil
Issue type	Book-built mainboard IPO
Closing date	2 September 2026
Expected listing date	7 September 2026
Exchange	BSE and NSE

The minimum retail application is one lot of 26 shares. At the upper price band of ₹575, one lot requires an investment of ₹14,950.

Brief Company and Financial Context

Purple Style Labs operates Pernia’s Pop-Up Shop, an omnichannel luxury fashion platform offering designer apparel, jewellery, accessories, and related products through online channels and physical Experience Centers.

Revenue from operations increased to ₹557.84 crore in FY2026 from ₹489.91 crore in FY2025. However, the company’s net loss widened to about ₹285.40 crore from ₹188.38 crore over the same period. Around ₹371.13 crore of fresh-issue proceeds is intended for lease-related expenditure through subsidiary PSL Retail, while ₹138.90 crore is earmarked for sales and marketing.

The widening losses, higher borrowings, and execution costs associated with expanding physical Experience Centers remain important considerations alongside growth in revenue from operations.

What Happens Next

Purple Style Labs IPO enters its closing day on 2 September 2026. Investors tracking the issue should watch whether overall subscription accelerates, whether QIB participation develops from its current low base, whether NII demand strengthens, and whether retail crosses full subscription.

The GMP direction is also worth monitoring because the current ₹5 to ₹7 range is substantially below earlier pre-opening levels.

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