Ahead of its initial public offering (IPO) launch on Wednesday, Go Fashion, which owns women’s apparel brand Go Colors, today said it has picked up a bit. 456 crores from anchor investors.
The company has decided to allot a total of 66,10,492 equity shares to 33 anchor investors. 690 each, inclusive of transaction size 456.12 crore as per the circular uploaded on the BSE website.
Government of Singapore, Monetary Authority of Singapore, Nomura, Abu Dhabi Investment Authority, Fidelity, SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Axis MF, Aditya Birla Sun Life MF and SBI Life Insurance Company are among the anchor investors. ,
Go Fashion’s IPO comprises a fresh issue of equity shares, totaling up to Rs. 125 crore and offer for sale (OFS) of 12,878,389 equity shares by the promoter and existing shareholders.
The three-day initial share sale will open for public subscription on November 17 and end on November 22.
The price band of the issue is 655-690 per share. At the upper end of the price band, the IPO is expected to fetch ₹1,013.6 crore.
According to market observers, Go Fashion shares have surged in the gray market today and are commanding a strong premium 540. The shares of the company are expected to be listed on the stock exchanges BSE and NSE on 30th November, 2021.
Under the OFS, PKS Family Trust and VKS Family Trust are going to sell 7.45 lakh equity shares each, Sequoia Capital India Investments will sell 74.98 lakh shares, India Advantage Fund S4I will sell 33.11 lakh shares and Dynamic India Fund S4. US I will sell 5.76 lakh shares.
At present, PKS Family and VKS Family Trust hold 28.74% stake in the company, Sequoia Capital holds 28.73% stake, India Advantage Fund holds 12.69% and Dynamic India Fund holds 1.1% stake in the firm.
The proceeds from the new issue will be used to fund the roll-out of 120 new exclusive brand outlets to support working capital requirements and general corporate objectives.
About 75% of the issue size is reserved for Qualified Institutional Buyers (QIBs), 15% for non-institutional investors, while the remaining 10% is set aside for retail investors.
Investors can bid in a minimum of 21 equity shares and multiples thereof.
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 Colours’.
It is one of the few apparel companies in India that has identified the market opportunity in women’s bottom-wear and acted as a ‘category maker’ for bottom-wear.
Its bottom-wear products including churidars, leggings, dhotis, harem pants, patialas, palazzos, culottes, pants, trousers and jeggings are sold in a range of categories such as ethnic wear, western wear, fusion wear, athleisure, denims and plus sizes. ,
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