The Initial Public Offering (IPO) of Go Fashion (India) Limited, starts today, 17 November. Investors can buy shares of the owner of popular women's wear brand Go Colors till 22 November.
As per reports, the price band of the equity shares is Rs 655-690 apiece, with a lot size of 21 shares or its multiples. The company is looking to raise Rs 1,013.6 crore through the IPO.
The Go Fashion IPO comprises of an offer for sale (OFS) of up to 12,878,389 shares by existing shareholders and the promoter. Apart from that, the IPO also comprises of. A fresh issue of shares up to Rs 125 crore.
Of the total issue, 75 percent has been reserved for qualified institutional buyers (QIB), while 10 percent has been set aside for retail investors. The remaining 15 percent has been reserved for non-institutional investors.
The shares of the fashion brand owner were selling at a grey market premium of Rs 350 on 16 November.
Go Fashion has already raised Rs 456.12 crore from anchor investors such as the Abu Dhabi Investment Authority, Fidelity, Government of Singapore, Monetary Authority of Singapore, SBI Mutual Fund (MF), and Nomura as well as Axis MF, ICICI Prudential MF, Aditya Birla Sun Life MF, SBI Life Insurance Company and HDFC MF ahead of its IPO.
Promoters and shareholders such as VKS Family Trust and PKS Family Trust will offload 7.45 lakh shares each. Investors India Advantage Fund S4 I, Sequoia Capital India Investments IV and Dynamic India Fund S4 US I are also selling their shares in the company.
The money generated from the IPO will be used for working capital requirements and general corporate purposes. A sum of Rs 33.70 crore has also been earmarked for rolling out 120 new exclusive brand outlets of the company.
The Go Fashion IPO subscription date has been extended till 22 November as 19 November will be a market holiday on account of Guru Nanak Jayanti.
https://ift.tt/eA8V8J from Firstpost Business Latest News
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