Go Fashion IPO Subscribed 135.46 Times On Day 3
Investors piled into the Rs 1,013.6-crore initial public offering of Go Fashion (India) Ltd. as final bidding for shares continued on Monday.
The issue which was extended till 7 p.m on the final day was subscribed 135.46 times. It had seen 2.5 times and 6.9 times more demand than the shares on offer on the first and second day, respectively. The IPO is the seventh-most subscribed issue of 2021.
The owner of the women’s bottom wear brand Go Colors sold shares at Rs 655-690 apiece.
The IPO comprised 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.
After the sale, promoter stake would fall from 57.47% to 52.78%. Go Fashion sought 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 3
The IPO was subscribed 135.46 times as of 7 p.m. on Nov. 22.
Institutional investors: 100.73 times.
Non-institutional investors: 262.08 times.
Retail investors: 49.70 times.