Go Fashion shares made a bumper listing on Tuesday. Go Fashion shares opened Rs 1,316 per share on Bombay Stock Exchange or BSE, up Rs 626 apiece or 90.72 per cent from the upper end of the IPO price band of Rs 655-690 per share. Go Fashions shares got listed at Rs 1,310 on National Stock Exchange or NSE, 89.86 per cent premium over the higher end of the issue price.
Go Fashion initial public offering (IPO) saw an overwhelming response from the investors when it had opened for subscription. Go Fashion IPO was subscribed 135.46 times. The portion reserved for non-institutional investors was booked 262.08 times, and that of qualified institutional investors was subscribed 100.73 times, while retail investors had put in bids 49.70 times the portion reserved for them.
On listing expectations of Go Fashions share, Abhay Doshi, founder, UnlistedArena.com, dealing in Pre-IPO & Unlisted Shares said, Go Fashions IPO got good response. The COVID-19 outbreak impacted the company severely and the focus should now be on the performance post re-opening of economy. The issue looked richly priced, however due to smaller allocation to retail applicants in IPO, it may generate huge fancy on listing. Owing to decent subscription, magnificient listing is expected.”
Go Fashion is a well-established women’s bottomwear brand in India with multi-channel distribution. It has a market share of 8 percent in the branded women’s bottomwear market as of FY20. It raised Rs 1,014 crore at a valuation of Rs 3,726.6 crore.
Go Fashion IPO comprised a fresh issue of Rs 125 crore, and an offer for sale of Rs 888.61 crore by PKS Family Trust, VKS Family Trust, Sequoia Capital India Investments IV, India Advantage Fund S4 I, and Dynamic India Fund S4 US I. The proceeds from the fresh issue will be utilised to roll out 120 new EBOs (exclusive brand outlets), and for working capital requirements.
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