Go Fashion surges 94 percent on listing day
Published On: Tuesday, November 30, 2021 | By: Team KnowMyStock
Shares of Go Fashion (India) Limited, which owns women's wear brand Go Colors, made their stock market debut with a strong premium of 90% at ₹1,310 per share on the NSE as compared to its IPO issue price of ₹690 apiece. Post listing the stock hit a high of Rs 1,341 and a low of Rs 1,215 on the BSE. The three-day initial public offering (IPO) of Go Fashion had received a whopping 135.46 times subscription on its last day of subscription that concluded on November 22. The ₹1,013.6-crore IPO received bids for 1,09,44,34,026 shares against 80,79,491 shares on offer.The company plans to use the proceeds of the fresh issue to fund the roll-out of 120 new exclusive brand outlets and support working capital requirements. While most of the brokerages had recommended subscribing to Go Fashion IPO. As of September 30, 2021, the company sold bottom-wear in 50 styles and more than 120 colors.
Go Fashions is the first company to launch a brand exclusively dedicated to the women’s bottom-wear category. As the number of working women is increasing along with the evolving fashion trends, it is expected that the company can have a strong growth momentum. The company has a strong management team with a mixed bag of financials and it is expected that it may perform well,” said Santosh Meena, Head of Research at Swastika Investmart Ltd.
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