Go Fashion IPO Subscribed 6.87 Times On Day 2
Retail investors continued to lead bidding for shares of Go Fashion (India) Ltd. on the second day of its Rs 1,013.6-crore initial public offering.
The issue was subscribed nearly 2.5 times on its first day.
The owner of women’s bottom wear brand Go Colors is selling shares at Rs 655-690 apiece. The IPO will close on Nov. 22 as Friday is a market holiday.
The IPO comprises a fresh issue of equity shares worth Rs 125 crore and an offer for sale worth Rs 888.6 crore, in which promoters—PKS Family Trust and VKS Family Trust—will offload 7.45 lakh equity shares each. Bidding for anchor investors opened on Nov. 16.
After the sale, promoter stake would fall from 57.47% to 52.78%. Go Fashion is seeking a market value of Rs 3,727 crore at the upper end of the price band.
The company plans to use Rs 33.7 crore of the IPO proceeds to fund rollout of 120 brand outlets, while Rs 61.4 crore would be utilised for working capital requirements. The rest will be used for general corporate purposes.
Subscription Details: Day 2
The IPO was subscribed 6.87 times as of 5 p.m. on Nov. 18.
Institutional investors: 3.24 times.
Non-institutional investors: 2.30 times.
Retail investors: 24.64 times.