The IPO (Initial Public Offering) of Go Fashion India Ltd, which operates one of the largest women's bottom-wear brands 'Go Colors', will go live for subscription on Wednesday, November 17. The three-day public offering will conclude on November 22.
The price band of the Go Fashion IPO has been fixed at Rs 655-690, at the upper end of the price band, the IPO will fetch around Rs 1,013.6 crore. The Go Colors IPO comprises a fresh issue of Rs 125 crore equity shares and OFS (Offer for Sale) up to 12,878,389 shares worth Rs 888.6 crore by the promoter and existing shareholders.
Grey Market Premium or GMP described the performance of the IPO applications or IPO shares in the unlisted market before the listing on Indian bourses- BSE and NSE. The Go Fashion GMP on Tuesday is more than Rs 500, which suggests that it may at a premium on the listing.
Under the OFS, PKS Family Trust and VKS Family Trust will sell 7.45 lakh shares each, Sequoia Capital India Investments will offload 74.98 lakh shares, Dynamic India Fund S4 US I will disinvest 5.76 lakh shares and India Advantage Fund S4 I will sell up to 33.11 lakh shares.
According to the company, 75% of the issue has been set aside for QIBs (Qualified Institutional Buyers), 15% for NIIs (Non-institutional buyers) and 10% for retail investors. The generated funds will be utilised for opening 120 new exclusive brand outlets, to aid working capital requirements and general corporate purposes.
The company describes itself as a pioneer in branded bottom wear for women. "Our 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, plus sizes and girls wear making our portfolio ‘universal’ and for every occasion," the company said in its website.