IPO Alert: Purple Style Labs and Medicap Healthcare gear up for their Rs 900 crore pubic offer

New Delhi: The primary market (IPO) is set to witness fresh activity with two companies namely Purple Style Labs, the parent firm of luxury fashion platform Pernia’s Pop-Up Shop, and Medicap Healthcare Ltd are set to file draft papers with the market regulator Securities and Exchange Board of India (SEBI) to raise a combined Rs 900 crore through initial public offerings.

Purple Style Labs has proposed to raise Rs 600 crore via a fresh issue of equity shares. The public offer is without the OFS component as per the Draft Red Herring Prospectus (DRHP) the company filed on Monday, September 22. Additionally, the company is also eyeing a Rs 130 crore pre IPO placement. Post the succesful pre IPO planning the size of the fresh issue is set to be reduced.

The company intends to use Rs 363.3 crore from the IPO proceeds to invest in its wholly-owned subsidiary, PSL Retail, for lease liabilities tied to experience centres and back-end offices in India. A further Rs 128 crore will be allocated to sales and marketing, while the balance will go toward general corporate purposes. Axis Capital and IIFL Capital Services have been appointed as lead managers for the issue.

Purple Style Labs operates with a wide portfolio of 2.12 lakh SKUs (Stock Keeping Units) across apparel, jewelry, kidswear, and accessories, curating collections from more than 1,300 active designer brands. The financial metrics of the company show steady growth. Its average order value rose from Rs 39,499 in FY23 to Rs 56,106 in FY25, while disciplined cost management brought sales and marketing expenses down from 12.88 percent of revenue in FY23 to 6.77 percent in FY25. The brand has also expanded its international footprint, catering to customers in over 100 countries, including significant markets such as the US, the UK, and the Middle East.

Vadodara-based Medicap Healthcare Ltd has filed its DRHP with Sebi to raise Rs 240 crore through a fresh equity issue, with no OFS component. The company plans a pre-IPO placement of ₹48 crore, which could reduce the fresh issue size. Aryaman Financial Services will act as the sole book-running lead manager.

The IPO proceeds will be directed toward purchasing new plant and machinery for Medicap’s manufacturing unit, repayment of debt (including that of subsidiary KASR Healthcare), and general corporate purposes. Medicap manufactures specialized packaging solutions such as Euro Head caps and bottle preforms, catering to both domestic and global pharmaceutical companies.

The twin filings underscore the depth and diversity of India’s IPO pipeline, spanning both premium lifestyle retail and pharmaceutical packaging sectors.