Go Fashion’s strong entry in the stock market, shares listed with a premium of 91 percent

Photo:AP

Go Fashion’s strong entry in the stock market, shares listed with a premium of 91 percent

Highlights

  • Go Fashion gets listed at its issue price of Rs 690 with a gain of nearly 91%
  • The company manufactures women’s wear brand named Go Colors.
  • The price range for the company’s Rs 1,013.6 crore IPO was Rs 655 to Rs 690 per share

New Delhi. On Tuesday, the stock of Go Fashion was listed on the stock exchanges with a gain of about 91 percent at its issue price of Rs 690. Shares of Go Fashion, which makes women’s wear brand Go Colors, got listed on the BSE with a gain of 90.72 per cent at Rs 1,316 on the issue price. Later it was trading at Rs 1,341 with a gain of 94.34 per cent.

The company’s stock was listed on the National Stock Exchange with a gain of 89.85 percent at Rs 1,310. The initial public offering (IPO) of the company, which is owned by women’s apparel brand GoColors, was subscribed 135.46 times last week. The price range for the company’s Rs 1,013.6 crore IPO was in the range of Rs 655 to Rs 690 per share.

The IPO opened for subscription on November 17 and closed on November 22. Go Fashion’s IPO got 135.46 times subscription on the last day of subscription. 1,013.6 crore IPO received bids for 1,09,44,34,026 shares against 80,79,491 shares on offer.

The IPO consisted of a fresh issue of equity shares up to a total of Rs 125 crore. The issue consisted of an offer for sale (OFS) of 12,878,389 equity shares by the promoter and existing shareholders. Under the offer for sale, PKS Family Trust and VKS Family Trust offloaded 7.45 lakh equity shares each.

Established in 2010, Go Fashion (India) Limited is one of the largest women’s bottom-wear brands in India. The company is engaged in the development, design, sourcing, marketing and retailing of a range of women’s bottom-wear products under the brand ‘Go Colours’. There are Go Fashion Brand Outlets (Exclusive Brand Outlets or EBOs) in 23 states and union territories of India as of September 30, 2021. As of September 30, 2021, Go Fashion had 459 EBOs in 118 cities.

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