Infra.Market and Purple Style Labs (PSL) have received approval from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings, according to observations issued by the market regulator.
The clearances mark another step forward in the revival of India’s primary markets pipeline, with multiple new age and consumer-focused companies lining up for public listings.
Infra.Market’s Rs 5,000 Cr IPO plan
Infra.Market’s approval comes nearly three months after the building materials unicorn confidentially filed its draft red herring prospectus (DRHP) with SEBI. The Mumbai-based company is looking to raise Rs 5,000 crore through its IPO.
The proposed offering is expected to comprise a near-equal mix of fresh issue and offer for sale (OFS) by existing shareholders, allowing the company to raise growth capital while also providing partial exits to early investors.
Infra.Market last raised $83 million in a Series G round in September 2025, led by Silverline Homes, with participation from Tiger Global, Accel, Nexus Venture Partners, NK Squared, and Evolvence India.
On the financial front, the company reported 27% year-on-year growth in gross revenue to Rs 18,472 crore ($2.1 billion) in FY25, even as its profit declined 42% to Rs 220 crore, reflecting higher overheads and financing costs amid rapid scale-up.
Purple Style Labs’ fresh issue
Meanwhile, Purple Style Labs, the parent company of luxury fashion marketplace Pernia’s Pop-Up Shop, had filed its DRHP with SEBI in September 2025 to raise Rs 660 crore through an IPO.
As per its draft papers, PSL’s public issue will be entirely a fresh issue of equity shares, with no offer-for-sale component.
The company plans to deploy IPO proceeds primarily towards:
- Investments in its wholly owned subsidiary PSL Retail to meet lease obligations for experience centres and back-end offices
- Sales and marketing initiatives
- General corporate purposes
In FY25, Purple Style Labs reported a slight decline in operating revenue to Rs 490 crore from Rs 504 crore in FY24. However, its losses widened nearly four-fold to Rs 188.5 crore, largely driven by ESOP expenses of Rs 122.7 crore during the year.
IPO pipeline gathers momentum
The approvals for Infra.Market and Purple Style Labs come amid a steady pickup in SEBI clearances. Over the past two months, the regulator has greenlit IPO proposals from several new age companies, including PhonePe, Kissht, Turtlemint, LEAP India, and Molbio Diagnostics.
Market participants see the latest approvals as a sign of renewed confidence in India’s IPO market, especially for scaled consumer, fintech, and infrastructure-linked businesses.
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