Mon Dec 16 15:10:43 UTC 2024: ## Purple United Sales IPO Oversubscribed by Over 160 Times

**MUMBAI, INDIA (December 14, 2024)** – The initial public offering (IPO) of children’s fashion brand Purple United Sales Ltd. closed on December 13th with overwhelming investor response, exceeding expectations by a significant margin. The ₹32.81 crore SME IPO was oversubscribed by more than 160 times, attracting bids for over 27.73 crore shares against the 17.32 lakh shares on offer.

Non-Institutional Investors (NIIs) were the driving force behind the strong demand, subscribing their portion over 270 times. Retail investors also showed significant enthusiasm, with their allocation oversubscribed by 155.2 times. While Qualified Institutional Buyers (QIBs) showed less interest, their allocation was still oversubscribed by 86.3 times.

Purple United Sales, which operates 24 exclusive brand outlets and numerous shop-in-stores, in addition to a robust online presence, had already raised ₹9.34 crore from anchor investors before the IPO opened. The IPO price band was set between ₹121 and ₹126 per share. The company plans to utilize the IPO proceeds primarily to open new stores, along with allocating funds for working capital and general corporate purposes.

The company is expected to finalize share allotment on December 16th, with refunds to unsuccessful applicants and crediting of shares to successful bidders following shortly. The shares are slated to be listed on the NSE SME platform, Emerge, on December 18th. Expert Global Consultants Private Limited acted as the sole book-running lead manager for the issue.

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