Go Fashion IPO Subscribed 135.40 Times On Last Day Of Issue
On Monday, the last day of the issue, Go Fashion’s initial public offering (IPO), which owns the women’s apparel brand Go Colors, was subscribed 135.40 times.
On the last day, bids for 1,09,39,93,929 stocks were received against an offer of 80,79,491 shares. The issue was subscribed to 262.08 times by non-institutional investors (NIIs), and 100.73 times by qualified institutional buyers (QIBs).The company set a price range for the issuance of 655-690 per share. An investor could place a bid for as few as 21 equity shares or in multiples of that number. According to the company’s draught red herring prospectus (DRHP), the IPO included a 1,014-crore fresh issue of equity shares for up to 125 crore and an offer-for-sale of up to 12,878,389 equity shares by the promoter and existing shareholders.
On November 17, Go Fashion began accepting subscriptions for its $1,013.61 crore public issue. Its third and final day was moved to November 22 because November 19 was a public holiday in honour of Guru Nanak Jayanti.
Go Fashion, which was founded in 2010, has a pan-India network of 459 exclusive brand outlets, with a large number of stores in southern and western India.The net proceeds from the new issue will be used to cover the company’s working capital needs as well as for other corporate purposes.
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