Go Fashion (India) IPO ends with robust subscription
Published on Nov 23, 2021 10:30
The initial public offer (IPO) of Go Fashion (India) received bids for 109,44,34,026 shares as against 80,79,491 shares on offer. The issue was subscribed 135.46 times.
The retail individual investors category was subscribed 49.70 times. The qualified institutional buyers category was subscribed 100.73 times. The non institutional investors category was subscribed 262.08 times.
The issue opened for bidding on Wednesday (17 November 2021) and it closed on Monday (22 November 2021). The price band of the IPO was fixed at Rs 655-690 per share.
The IPO comprised fresh issue of upto Rs 125 crore and an offer for sale of upto 1,28,78,389 equity shares by selling shareholders.
Ahead of the IPO, Go Fashion (India) on Tuesday, 16 November 2021, finalized allocation of 66,10,492 equity shares to anchor investors at Rs 690 per share, aggregating to Rs 456.12 crore.
Go Fashion (India) proposes to utilize the net proceeds of the fresh issue towards roll out 120 new exclusive brand outlets, amounting to Rs 33.73 crore, funding working capital requirements amounting to Rs 61.39 crore and the balance in for general corporate purposes.
Go Fashion (India) is engaged in the development, design, sourcing, marketing, and retailing of a range of women`s bottom wear products under the brand `Go Colours`. The company is among the few apparel companies in India to have identified the market opportunity in women`s bottom wear and has acted as a `category creator` for bottom wear. The company had a market share of 8% in the branded women`s bottom wear market in FY2020.
Go Fashion (India) also offers apparel in over 50 styles in more than 120 colours. Go Fashion (India) products include churidars, leggings, dhotis, harem pants, patiala, palazzos, culottes, pants, trousers and jeggings which are sold across multiple categories such as ethnic wear, fusion wear, western wear, athleisure, denims and plus sizes.
The company has a network of 459 exclusive brand outlets (including 12 kiosks operated and owned by the company and 11 franchise stores) that are spread across 23 states and union territories as of 30 September 2021. In addition, the company sells its products on its own website and online marketplaces and through multi-brand outlets.
The company reported a consolidated net loss of Rs 19 crore and sales of Rs 31 crore in the quarter ended 30 June 2021.
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