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Go Fashion IPO subscribed 3.39 times on second day of bidding, retail portion booked 16.33 times –

The public issue of Go Fashion, which sells women’s bottom-wear under brand Go Colors, has received good response from investors with 3.39 times subscription on November 18, the second day of bidding.

Investors have put in bids for 2.74 crore equity shares against the offer size of 80.79 lakh equity shares, as per the subscription data.

Retail investors have been active from the day one of bidding, buying shares 16.33 times their reserved portion, while the part set aside for non-institutional investors is subscribed 1.02 times so far and that of qualified institutional buyers has seen 27 percent subscription.

Go Fashion, which has a market share of around 8 percent in the branded women’s bottom-wear market in FY20, opened its Rs 1,013.61-crore public issue for subscription on November 17. The issue closes on November 22.

The price band for the offer has been fixed at Rs 655-690 per share.

“At the upper price band of Rs 690, Go Fashion is available at market cap/sales of 14.9x (FY21) which appears fully priced,” says Geojit Financial Services.

Also Read Moneycontrol’s Exclusive Research Note on Go Fashion

However, considering its investment in digital channels, omnichannel engagement, focus on E-retail, distributive growth strategy to tap customers from tier 1 to tier 3 cities and expansions plans for existing and newer geographies, the brokerage assigned a ‘subscribe’ rating for the issue on a long-term basis.

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Incorporated in 2010, Go Fashion is the first company to launch a brand exclusively dedicated to the women’s bottom-wear category. It has a pan India network of 459 exclusive brand outlets (EBO) in the country, with significant number of stores in Southern and Western India.

The company proposed to utilise the net proceeds from fresh issue (Rs 125 crore) towards funding for the roll-out of 120 new EBOs, and working capital requirements, besides general corporate purposes.

Also read – Go Fashion IPO opens | 10 key things to know about public issue including grey market premium, risks & concerns

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