24 Nov , 2021 By : Kanchan Joshi
The three-day initial public offering (IPO) of Go Fashion (India) Limited, which owns women's wear brand Go Colors, received a whopping 135.46 times subscription on its last day of susbscription on Monday. The Rs1,013.6-crore IPO received bids for 1,09,44,34,026 shares against 80,79,491 shares on offer.
The finalization of basis of share allotment of Go Fashion IPO is expected to take place tomorrow, Thursday, November 25, 2021 and if allotted, then the credit of shares to demat account of bidders will be done on November 29, 2021. The registrar for this IPO is KFintech Private Limited, therefore the allotment application can be checked on its website here or on the BSE website here.
As per market observers, Go Fashion shares are available at a premium (GMP) of Rs425 in the grey market today. The shares of the company are expected to list on stock exchanges BSE and NSE on November 30, 2021.
The initial share sale had a fresh issue of up to Rs125 crore and an offer for sale of up to 12,878,389 equity shares. Price range for the offer was at Rs655-690 per share. The portion for non-institutional investors was subscribed 262.08 times, Qualified Institutional Buyers (QIBs) 100.73 times and Retail Individual Investors (RIIs) 49.70 times.
The proceeds from the fresh issue will be used to fund the roll-out of 120 new exclusive brand outlets to support working capital requirements and general corporate purposes.
Go Fashion is engaged in the development, design, sourcing, marketing and retailing a range of women's bottom-wear products under the brand, 'Go Colors'. The proceeds from the fresh issue will be used to fund roll out of 120 new exclusive brand outlets, to support working capital requirements and general corporate purposes. Its network of 459 EBOs (Exclusive Brand Outlets) are spread across 23 states and union territories in India, as of September 30, 2021.
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