Go Fashion’s Rs 800-crore IPO to open on November 17: Check details here
The Rs 800-crore initial share-sale of Go Fashion (India) Ltd, which owns women’s wear brand Go Colors, will open for public subscription on November 17.
The initial public offering (IPO) will conclude on November 22, according to the red herring prospectus (RHP).
The IPO comprises 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 promoter and existing shareholders, the draft red herring prospectus (DRHP) showed.
Under the OFS, PKS Family Trust and VKS Family Trust are going to offload 7.45 lakh equity shares each, Sequoia Capital India Investments will sell up to 74.98 lakh shares, India Advantage Fund S4 I will divest up to 33.11 lakh shares and Dynamic India Fund S4 US I will sell up to 5.76 lakh shares.
Currently, PKS Family and VKS Family Trust hold 28.74 per cent stake each in the company, Sequoia Capital holds 28.73 per cent stake, India Advantage Fund has 12.69 per cent stake and Dynamic India Fund owns 1.1 per cent stake in the firm.
According to market sources, the IPO is expected to fetch Rs 800 crore.
Proceeds from the fresh issue will be used to fund the roll out of 120 new exclusive brand outlets, to support working capital requirements and general corporate purposes.
The company 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
