go fashion IPO Listing: First Initial Public Offering or IPO go fashion India Ltd., which sells women’s bottomwear, received an overwhelming response from bidders when it closed earlier this month. The Go Fashion IPO listing is scheduled to take place on Tuesday, November 30. The public offering will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Go Fashion’s maiden offering was subscribed 135.46 times during the three-day bidding process amid strong demands from non-institutional investors. Finalization of Basis for Allotment of Shares of Go Fashion IPO Was done a day ago.
Go Fashion IPO Price Band, Key Specifications
The GoFashion IPO, which opened from November 17 to 22, included fresh proceeds of Rs 888.60 crore and Offer for Sale (OFS) of Rs 125 crore. The price band for the initial public offer is Rs 655-690 per equity share. The Company will not receive any income from the OFS portion of the Offer.
The share allotment of Go Fashion IPO was fixed on Friday, and those who have got the shares will get credit in their demat accounts on Monday, November 29. The application status can be checked on the website of the BSE as well as the website of the Registrar. Anyone want to confirm the matter.
The GoFashion IPO was divided among qualified institutional buyers, non-institutional buyers and retail buyers. Of this, up to 75 per cent of the shares were reserved for qualified institutional buyers or QIBs, while 15 per cent were set aside for non-institutional buyers. The remaining 10 per cent stake was reserved for non-institutional buyers.
The issue is largely oversubscribed with support from non-institutional investors. Non-institutional investors have bid 262.08 times for the issue. Qualified institutional buyers bought 100.73 times the shares reserved for them, while retail buyers bid for 49.70 times the shares earmarked for them.
Go Fashion IPO Strength
Go Fashion India Limited is one of the largest women’s bottom-wear brands in India, which makes it a major strength of the company when it listed on Tuesday. The broad, well-diversified, product portfolio and first mover advantage of Go Fashion, which owns the bottomwear brand Go Colors, will act as another advantage. In addition, the company has 459 Exclusive Brand Outlets (EBOs) spread across 23 states and union territories of India, making it a favorite among investors. The company’s strong financial performance record will put it in an advantageous position.
Go Fashion IPO GMP Today
Shares of Go Fashion were trading at a gray market premium of Rs 480 on Tuesday, November 16. This was almost 70 per cent higher than the upper price band of Rs 690 per share fixed by the company. This means that the shares will be listed in the gray market at around Rs 1,170. Higher GMP indicated strong listing for Go Fashion stocks on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) later this month.
Issue Objectives of Go Fashion IPO
The Rs 33.70 crore raised for the issue will be used to fund the opening of 120 new exclusive brand outlets of Go Fashion. It will also be used for working capital requirements (Rs 61.45 crore) and for general corporate purposes, the company said.
The Book Running Lead Managers of the issue are JM Financial Limited, DAM Capital Advisors Limited and ICICI Securities Limited.
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