Go Fashion’s initial public offer (IPO) was subscribed 2.46 times on the first day of its issue, according to subscription data on the stock exchanges. The IPO of the leading women’s bottom-wear brand opened for subscription today, November 17, and will close on November 22. Go Fashion’s IPO comprises a fresh issue of equity shares aggregating up to Rs 125 crore and an offer for sale (OFS) of up to 12,878,389 equity shares by promoters and existing shareholders.
On Wednesday, retail individual investors showed maximum interest as the portion reserved for them was subscribed by 12.14 times – the highest among the three groups of investors. The portion set aside for qualified institutional buyers or QIB was subscribed 0.25 times, while the portion reserved for non-institutional investors was subscribed 0.44 times.
Go Fashion is planning to raise Rs 1,014 crore through the public offer and has priced the issue in the band of Rs 655- Rs 690 per share. A retail investor can bid for a minimum of one lot of 21 shares up to a maximum of 13 lots. One lot of Go Fashion shares in the IPO will cost Rs 14,490 at the upper price band.
JM Financial, DAM Capital Advisors (Formerly IDFC Securities), and ICICI Securities are the lead managers to the issue.
The company is involved in the development, sourcing, design, marketing, and retailing of a range of women’s bottom-wear products under the brand, ‘Go Colors’. It also offers one of the widest portfolios of bottom-wear products among women’s apparel retailers in terms of colors and styles.
Its distribution channels involve large format stores such as Reliance Retail, Central, Unlimited, Globus Stores, and Spencer’s Retail among others. The company also sells its products through its website, online marketplaces, and multi-brand outlets.