29 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 subscription that concluded on November 22. The Rs1,013.6-crore IPO received bids for 1,09,44,34,026 shares against 80,79,491 shares on offer.
As per market observers, Go Fashion shares remain available at a strong premium (GMP) of Rs490 in the grey market today. The shares of the company are expected to list on stock exchanges BSE and NSE tomorrow, 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. Go Fashion (India) Ltd had raised a little over Rs456 crore from anchor investors ahead of its initial share sale.
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. JM Financial, DAM Capital Advisors and ICICI Securities were the managers to the offer.
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.
0 Comment