Building materials unicorn Infra.Market and luxury fashion company Purple Style Labs (PSL) have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offerings (IPOs), according to observations issued by the market regulator.

Infra.Market’s approval comes nearly three months after the company filed a confidential Draft Red Herring Prospectus (DRHP) with SEBI. The Mumbai-based building materials platform is looking to raise INR 5,000 crore through the IPO.

The proposed issue is expected to comprise a near-equal combination of fresh equity shares and an offer for sale (OFS) by existing shareholders.

The company had last raised USD 83 million in a Series G funding round in September 2025. That round was led by Silverline Homes and saw participation from several institutional investors, including Tiger Global, Accel, Nexus Ventures, NK Squared, and Evolvence India.

Infra.Market operates across construction materials such as concrete, aggregates, steel, and chemicals, catering primarily to infrastructure and real estate projects.

Meanwhile, Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop-Up Shop (PPUS), also secured SEBI’s nod for its proposed public issue.

PSL had filed its draft papers in September 2025 to raise INR 660 crore. As per the DRHP, the IPO will be entirely a fresh issue of equity shares, with no offer for sale component.

The company plans to deploy the proceeds largely towards its wholly owned subsidiary, PSL Retail, to meet lease-related obligations for experience centres and back-end offices. A portion of the funds will also be used for sales, marketing, and general corporate purposes.

In recent months, SEBI has cleared IPO proposals from several new-age companies, including PhonePe, Kissht, Turtlemint, LEAP India, and Molbio Diagnostics, reflecting sustained activity in India’s primary markets.