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Shares of Chennai-based Go Fashion (India) made a blockbuster market debut on Tuesday. The stock opened for trading at Rs 1,316, on the BSE, compared to the issue price of Rs 690 marking a premium of 90.72% or Rs 626. On the NSE the stock got listed at Rs 1,310, a premium of Rs 620 or 89.86%.
The Rs 1,013.61 crore public issue garnered a good response from investors as it got subscribed a 135.46 times making it the seventh most subscribed IPO of 2021. The portion meant for qualified institutional buyers (QIBs) was subscribed 100.73 times, those reserved for non-institutional investors a whopping 262.08 times and retail individual investors (RIIs) quota received 49.70 times subscription on the closing day of the subscription.
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.
120 new stores
Go Fashion (India) proposes to utilise 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.