Go Fashion IPO: Last day to subscribe today; issue booked 6.87 times on Day 2

The initial public offer (IPO) of Go Fashion India, which owns women's wear brand Go Colors, was subscribed 6.87 times on the second day on Thursday.  The three-day IPO that opened on November 17 will close today on November 22 due to stock market (NSE, BSE) remaining close on Friday on account of Guru Nanak Jayanti. 

Earlier, against 80,79,491 shares on offer, bids for 5,55,12,051 stocks were made on the second day of subscription. Retail Individual Investors (RIIs) booked the issue 26.64 times as the bids were made for whooping 3,61,93,920 shares as against 14,68,998 stocks reserved for this category.   

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Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs) booked the issue 2.30 times and 3.24 times, respectively till 5:00 pm on second day of the subscription.  

The company has fixed a price band of Rs 655-690 per share for this issue. An investor can bid for a minimum of 21 equity shares and in multiples thereof.  

The IPO comprises Rs 1,014-crore 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 the promoter and existing shareholders, showed the draft red herring prospectus (DRHP) of the company.    

The company plans to use the net proceeds from the issue to fund the rollout of 120 new exclusive brand outlets, to support working capital requirements and general corporate purposes.    

Earlier, ahead of the IPO launch on Wednesday, Go Fashion had on Tuesday raised a little over Rs 456 crore from anchor investors.    

Earlier, Zee Business Managing Editor Anil Singhvi has recommended to apply for this issue for big listing gain and with long-term vision.