After the bumper stock market debut on Tuesday, Go Fashion shares have been trading weak. Even the market expert has advised to book profit post the listing of shares of women clothing brand.

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The stock was listed at around 90 per cent higher premium to Rs 1316 per share on the BSE and 1310 per share on the NSE as compared to Rs 690 per share issue price at the upper end, during the early morning session on Tuesday.

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The market analyst and AVP - Mid Caps at Angel One, Amarjeet Maurya said, “We recommended subscribe on the Go Fashion (India) IPO. The stock is up around 78 per cent from the higher end of the price band. At the current market price of Rs 1,226, the stock is trading at 52x EV/EBITDA (FY20) which leaves little room for upside. Hence, we recommend to book profits.”

While Vinod Nair, Head of Research at Geojit Financial Services has said, “With strong appreciation over the offer price, it appears the current positives are largely factored in. Given the solid listing, profit booking is expected, long-term investors can accumulate the stock in the dip.”

Similarly, Zee Business Managing Editor Anil Singhvi ahead of its listing earlier today recommended to hold the stock for big gains with a stop loss of Rs 1000 per share. 

“A growing number of working women, rise in disposable income, consumer shift towards buying from safe & hygienic facilities triggered by COVID-19 augurs well for the company. The opening-up of markets will support revenue growth going forward," Nair said in his comment.

The stock made a life high of Rs 1341 per share and a 52-week low of Rs 1144.15 per share on the BSE. It is currently trading over 5 per cent lower from its listing price to Rs 1246.6 per share on the BSE, as compared to a 0.33 per cent rise in the S&P BSE Sensex.

Incorporated in 2010, Go Fashion (India) Limited is one of the largest women's bottom-wear brands in India. 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'.

(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers consult with their investment advisers before making any financial decision.)