, the parent of luxury fashion platform Pernia’s Pop-Up Shop, saw its ₹680 crore close at 1.29 times overall subscription on final day.
Retail investors led the demand, subscribing 1.57 times their allotted quota with bids for over 19.57 lakh shares against 12.45 lakh on offer. Qualified Institutional Buyers (QIBs) subscribed 1.43 times, with mutual funds, foreign institutional investors and domestic financial institutions collectively accounting for the bulk of institutional bids. The Non-Institutional Investor (NII) category, however, remained undersubscribed at 0.84 times, with the smaller NII bucket, bids between ₹2 lakh and ₹10 lakh, subscribing only 0.51 times.
The IPO, priced between ₹546 and ₹575 per share, had already drawn marquee anchor investors before opening, with PSL raising ₹306 crore from 10 anchor investors including ICICI Prudential Mutual Fund, Morgan Stanley Asia, and Aditya Birla Sun Life Insurance at the upper price band. The company’s cap table includes celebrity backers such as Shah Rukh Khan, Salman Khan and Sachin Tendulkar, alongside institutional investors Singularity AMC and Volrado.
PSL acquired the Pernia’s Pop-Up Shop brand from founder Pernia Qureshi’s consultancy firm in 2018 for ₹12 crore and has since grown revenue from ₹45 crore in FY2020 to over ₹500 crore by FY2024, representing a valuation of ₹4,603 crore at the upper price band.
Religare Broking, in its IPO note, assigned a Neutral rating, flagging persistent losses, PAT loss widened to ₹188.55 crore in FY2025, negative ROCE of 4.79 per cent, and a rising cash conversion cycle of 123.57 days. The brokerage cautioned that volatile financials and weak profitability create uncertainty around near-term earnings visibility, even as the broader Indian luxury market is projected to grow from ₹1,35,000 crore to ₹2,31,400 crore by FY2030.