Go Fashion IPO was subscribed 135.40 times on last day of its issue

The initial public offer (IPO) of Go Fashion, which owns women’s wear brand Go Colors, was subscribed 135.40 times on Monday, which was the last day of its issue.

Against 80,79,491 shares on offer, bids were received for 1,09,39,93,929 stocks on the last day. Non institutional investors (NIIs) subscribed the issue 262.08 times, while qualified institutional buyers (QIBs) booked it 100.73 times.

The company had fixed a price band of Rs 655-690 per share for the issue. An investor could bid for a minimum of 21 equity shares and in multiples thereof.    

The IPO comprised Rs 1,014-crore fresh issue of equity shares aggregating up to Rs 125 crore and an offer-for-sale of up to 12,878,389 equity shares by the promoter and existing shareholders, showed the draft red herring prospectus (DRHP) of the company.     

Go Fashion had opened its Rs 1,013.61crore public issue for subscription on November 17. Its third and last day was extended to November 22, as it was a public holiday on November 19 due to Guru Nanak Jayanti.

Incorporated in 2010, Go Fashion has a pan-India network of 459 exclusive brand outlets in the country, with a significant number of stores in southern and western India.

The company proposes to use the net proceeds from the fresh issue towards meeting its working capital requirements and for general corporate purposes.