Go Fashion IPO Subscrbed 135 times, NIIs portion booked 262 times on last day

Go Fashion India IPO was subscribed 135.40 times on Monday, November 22, the last day of the IPO. Against 80,79,491 shares on offer, bids were received for whoopping 1,09,39,93,929  stocks on the last day. The initial public offer of Go Fashion India, which owns women's wear brand Go Colors, saw NIIs leading the subscription with over 200 times bidding.  

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The Retail Individual Investors (RIIs) subscribed to the issue 49.40 times with bidding being made for whooping 7,25,68,713  shares as against 14,68,998 allotted for this category. The Non-Institutional Investors (NIIs) subscribed Go Fashion IPO 262.08 times with bidding for 57,75,01,092 stock against reserved 22,03,497  and the Qualified Institutional Buyers (QIBs) booked it 100.73 times with bidding for 44,39,24,124 in comparison to avilable 44,06,996  

Earlier, the initial public offer (IPO) of Go Fashion India was subscribed 6.87 times on the second day on Thursday.   

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. Go Fashion had on Tuesday last week raised a little over Rs 456 crore from anchor investors.      

Go Fashion IPO Timeline   

Application Start Date: November 17, 2021    

Application Closing Date: November 12, 2021    

Allotment Start Date: November 25, 2021    

Refund Initiation Date: November 26, 2021    

Allotment Finalisation Date: November 29, 2021    

Listing Date: November 30, 2021   

On what should investors do, Zee Business Managing Editor Anil Singhvi has recommended applying for this issue for big listing gain and with long-term vision.    

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