The Deepa Jewellers IPO continues to command a significantly stronger grey market premium of ₹44, implying a 25% listing gain with a potential listing price of around ₹221 per share. In contrast, Purple Style Labs IPO shows a much weaker GMP of ₹7, translating to just a 1% gain over the issue price, with a potential listing price of around ₹582 per share. As reported by Essential Business Intelligence, this substantial difference in GMP levels indicates that Deepa Jewellers has the highest implied listing upside among the two IPOs, with the latest data showing the premium has strengthened from earlier levels. However, Purple Style Labs GMP has declined from 5% to 1% on Day 2, reflecting subdued investor interest despite the company's strong revenue growth and celebrity backing.
Deepa Jewellers has achieved 87% subscription on Day 1, with retail investors showing particularly strong interest at 1.38 times subscription. According to Essential Business Intelligence, the QIB portion remains under-subscribed at 0.00x, while NIIs have subscribed 0.32x. The Purple Style Labs IPO, which entered its final day of bidding, remains significantly under-subscribed at 24% subscription overall, with retail investors at 39% and institutional portions showing minimal interest. As reported by Economic Times, the retail portion received relatively stronger interest compared to other categories, while the QIB segment has yet to receive any bids against the 37.36 lakh shares reserved.
The Deepa Jewellers IPO is a ₹459.72 crore book-built issue with a price band of ₹168-177 per share and bidding window from September 1-3. As reported by Essential Business Intelligence, the issue allotment is scheduled for September 4, with listing planned for September 8. The Purple Style Labs IPO is a ₹680 crore issue with a price band of ₹546-575 per share and bidding window from August 31-September 2. The latter's allotment is scheduled for September 3, with listing on September 7. Purple Style Labs has raised ₹306 crore from anchor investors, allotting 53.21 lakh shares to 10 anchor investors at ₹575 per share.
Based on the latest GMP data, Deepa Jewellers offers superior per-lot gain potential with ₹3,696 implied gain per lot (₹44 GMP × 84 shares), compared to Purple Style Labs' ₹52 gain per lot (₹7 GMP × 26 shares). According to Essential Business Intelligence, this substantial difference in per-lot gains reflects the stronger market sentiment and investor interest surrounding the Deepa Jewellers IPO. However, investors should note that grey market premiums are unofficial and subject to market volatility.
According to the company's restated consolidated financial statements, Purple Style Labs reported a loss in FY2026, with basic and diluted earnings per share (EPS) being negative, making the price-to-earnings (P/E) ratio inapplicable. The company's weighted average return on net worth (RoNW) for the last three financial years stood at a negative 147.14%, suggesting investors may need to assess the IPO on factors beyond conventional earnings-based valuation metrics. As reported by Economic Times, the company recorded a modest 5.2% revenue CAGR between FY24 and FY26, while EBITDA declined and net losses widened during the same period. At the upper price band of ₹575 per share, Purple Style Labs is valued at a post-issue FY26 EV/Sales multiple of 7.7x.
