Mon Dec 16 17:28:50 UTC 2024: **Purple United Sales IPO Oversubscribed by 160 Times, Listing Expected Monday**

MUMBAI, INDIA – December 16, 2023 – The initial public offering (IPO) of Purple United Sales Ltd., a children’s apparel and accessories retailer, closed on December 13th with overwhelming investor response. The IPO was oversubscribed a staggering 160.08 times, with applications for 27,72,61,000 shares against the 17,32,000 shares on offer.

The strong demand was seen across all investor categories. Non-Institutional Investors (NIIs) oversubscribed their quota by 269.7 times, while Retail Investors oversubscribed by 155.29 times. Qualified Institutional Buyers (QIBs) subscribed 86.3 times.

The company aimed to raise Rs 32.81 crore through the fresh issue of 26.04 lakh shares, priced between Rs 121 and Rs 126 per share. Share allotment is scheduled to be finalized today, December 16th, with shares expected to list on the NSE SME platform on December 18th. Investors can check their allotment status through the NSE website or Kfin Technologies.

Grey market premium (GMP) indicates a potentially strong listing, with predictions of a listing price around Rs 201 per share, representing a significant gain. However, investors are cautioned that GMP is speculative and not an official price quote.

Purple United Sales plans to use the IPO proceeds for working capital, expansion of its retail footprint (currently 17 exclusive stores and 20 shop-in-shop locations across India), and general corporate purposes. The company operates the Purple United Kids brand, offering a range of children’s clothing, footwear, and accessories both online and through its retail network.

**Disclaimer:** Investment in IPOs involves market risks. Consult a financial advisor and read the red herring prospectus carefully before investing.

Read More