Go Fashion IPO: The price band for the IPO of Go Fashion (India), the parent company of women’s wear brand Go Colors, has been fixed. This IPO will open next week on November 17. Investors will be able to invest in this issue of Rs 1,013.61 crore till November 22 at a price of Rs 655-690 per share. Under the IPO of Go Fashion India, new shares worth Rs 125 crore will be issued. Apart from this, the promoters and existing shareholders of the company will sell 1,28,78,389 equity shares under the offer for sale (OFS).
Go Fashion IPO Details
- Go Fashion India’s Rs 1014 crore IPO will open next week on November 17 and will remain open till November 22.
- Under this issue, new shares worth Rs 125 crore will be issued and 1.29 crore equity shares will be sold under OFS. Under the OFS, PKS Family Trust and VKS Family Trust will sell 7.45 lakh equity shares, Sequoia Capital India Investments 74.98 lakh, India Advantage Fund S4 33.11 lakh, and Dynamic India S4 US 5.76 lakh equity shares.
The price band for this issue has been fixed at Rs 655-690 per share. The face value per share is Rs 10. - In this IPO, you can invest in lots of 21 shares, that is, according to the upper price of the price band, investors will have to invest at least Rs 14490.
- The allotment of shares may be finalized on November 25, while the listing may take place on November 30.
75 percent of the issue is reserved for Qualified Institutional Buyers (QIBs), 15 percent for non-institutional investors, and 10 percent for retail investors. - The money raised by issuing new shares will be used to open 120 new exclusive brand outlets. Apart from this, it will also be used for working capital requirements and general corporate purposes.
- JM Financial, DM Capital Advisors (formerly IDFC Securities), and ICICI Securities are the lead managers of the issue.
- The registrar for the issue is Keffin Technologies.
Details about the company
- Go Fashion India develops, designs, and then mobilizes, markets, and then sells a wide range of women’s bottom-wear products under the GoColors brand. It is one of the largest brands selling women’s bottom wear in the country.
- It is one of the few clothing companies in the country that recognized the business opportunity in women’s bottom wear and acted as a category creator for bottom-wear.
- Talking about its bottom-wear products, it sells churidars, leggings, dhoti, harem pants, Patiala, palazzo, pants, trousers, and jeggings, etc. It offers options in ethnic wear, western wear, fusion wear, athleisure, denim, and plus sizes.
- Talking about the financial condition of the company, it had suffered a loss in the last financial year due to Corona, but its profit increased in the last two financial years. In the financial year 2019, the company had a net profit (Profit After Tax) of Rs 30.94 crore, which increased to Rs 52.63 crore in the next financial year 2019-20. In the last financial year 2020-21, the business of the company was affected due to Corona and it suffered a loss of Rs 3.54 crore.
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