Go Fashion (India)’s initial public offer (IPO) is subscribed 3.31 times on 18 November, the second day of bidding.
The issue opened for bidding on 17 November and will close on 22 November 2021.
Go Fashion (India) proposes to utilise the net proceeds of the fresh issue towards rolling out 120 new EOBs (exclusive brand outlets), amounting to Rs. 33.73 crore, funding working capital requirements amounting to Rs. 61.398 crore and the balance in for general corporate purposes.
Ahead of the IPO, the company also finalised allocation of 66,10,492 equity shares to anchor investors at an allocation price of Rs. 690 per share, aggregating to Rs. 4,56,12,39,480.
The company is engaged in the development, design, sourcing, marketing and retailing of a range of women’s bottomwear products under the brand ‘Go Colours’. It claims to have a market share of 8 per cent in the branded women’s bottomwear market in FY2020.
Currently, 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’s distribution channels include large format stores (LFSs) comprising Reliance Retail, Central, Unlimited, Globus Stores Private and Spencer’s Retail, amongst others.
The company reported a consolidated net loss of Rs. 19 crore and sales of Rs. 31 crore as on 30 June 2021.
