Infra.Market and Purple Style Labs secure SEBI nod for IPO

Building materials unicorn Infra.Market and Purple Style Labs (PSL) have received approval from the Securities and Exchange Board of India (SEBI) to launch their IPOs, as per observations issued by the market regulator.

The approvals came nearly three months after Infra.Market filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 5,000 crore through an initial public offering (IPO).

The proposed issue is expected to include a near-equal mix of fresh equity shares and an offer for sale (OFS) by existing investors.

The company last raised $83 million in a Series G round led by Silverline Homes, with participation from Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India, in September 2025.

On the financial front, Infra.Market’s gross revenue rose 27% to Rs 18,472 crore ($2.1 billion) in FY25, while its profit fell nearly 42% to Rs 220 crore during the year.

Meanwhile, in September 2025, Purple Style Labs (PSL), the parent of luxury fashion platform Pernia’s Pop-Up Shop (PPUS), filed draft papers with SEBI to raise Rs 660 crore through an IPO. As per the DRHP, the issue will be entirely a fresh issue of equity shares.

PSL plans to use the IPO proceeds to invest in its wholly owned subsidiary PSL Retail for lease obligations tied to experience centres and back-end offices, with a portion also allocated to sales and marketing and other general corporate purposes.

PSL reported a modest decline in operating revenue to Rs 490 crore in FY25, from Rs 504 crore in FY24. However, its losses widened nearly 4X to Rs 188.5 crore during the same period, largely on account of ESOP expenses of Rs 122.7 crore.

In the last two months, SEBI has approved IPO proposals from multiple new-age firms such as digital payments major PhonePe, digital lender Kissht, insurtech player Turtlemint, logistics solutions company LEAP India, and Molbio Diagnostics.