BackGo Fashion IPO: Price band fixed at ₹655-690 per share; check details
The bidding for anchor investors will open on 16 November.Investors can place the bids for a minimum of 21 equity shares and in multiples of 21 shares thereafter, Go Fashion said.
PremiumThe initial public offering (IPO) of Go Fashion Ltd, which owns women's wear brand Go Colors, will open for public subscription on 17 November and conclude on 22 November.
The company has fixed a price band at ₹655 to ₹690 per equity share of face value of ₹10 each. The bidding for anchor investors will open on 16 November.
Investors can place the bids for a minimum of 21 equity shares and in multiples of 21 shares thereafter.
The company said net proceeds from the IPO will be used to fund the roll out of 120 new exclusive brand outlets, to support working capital requirements and general corporate purposes.
The listing on the exchanges will likely take place on or around 30 November, with the final basis of allotment on 25 November.
The ₹800-crore initial share-sale comprises fresh issue of equity shares aggregating up to ₹125 crore and an offer-for-sale (OFS) of up to 12,878,389 equity shares by promoter and existing shareholders.
At the upper end of the price band, the IPO is expected to fetch 1,013 crore.
Go Fashion said that 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, while the remaining 10 per cent has been set aside for retail investors.
Go Fashion is engaged in the development, design, sourcing, marketing and retailing of a range of women's bottom-wear products under the brand, 'Go Colors'. It is among the few apparel companies in India to have identified the market opportunity in women's bottom-wear and have acted as a 'category creator' for bottom-wear.
Its bottom-wear products, including churidars, leggings, dhotis, harem pants, patiala, palazzos, culottes, pants, trousers and jeggings, are sold across multiple categories such as ethnic wear, western wear, fusion wear, athleisure, denims and plus sizes.
JM Financial, DAM Capital Advisors (formerly IDFC Securities) and ICICI Securities are the lead managers to the issue. The equity shares will be listed on BSE and NSE.
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