Go Colors brand Driver Go Fashion saw a astral debut on the bourses on November 30 as the stock listed at a whopping 90 percent decoration over the issue price of Rs 690 per share. It opened at Rs on the BSE and at Rs on the National Stock Exchange The listing decoration was ahead of judges’ prospects (65-75 percent) as well as the slate request price (Rs- per share) The maiden public offer of the women’s bottom-wear brand driver had seen tremendous response from investors as the offer was subscribed135.46 times. It saw the biggest demand fromnon-institutional investors, who bid for shares262.08 times the portion set away for them. Good institutional investors had put in flings100.73 times the reticent portion, and retail investors subscribed for49.70 times the reticent portion.
Go Fashion has mopped up Rs crore through its public issue that comprised a fresh issue of Rs 125 crore and an offer for trade of Rs888.61 crore. The finances from the fresh issue will be utilised to roll out 120 exclusive brand outlets, and meeting working capital conditions Utmost judges had given a” subscribe” standing to the issue, citing itsmulti-channelpan-India distribution network, strong profit growth, high operating periphery, and high return on equity.
Incorporated in 2010, Go Fashion sells a range of women’s bottom-wear products under the brand’ Go Colors’. The company serves its guests primarily through its expansive network of 459 exclusive brand outlets (EBOs) that are spread across 23 countries and union homes in India, as of September 2021 Also read- Rakesh Jhunjhunwala- backed Star Health raises Rs crore from anchor investors, ahead of IPO opening
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“In terms of valuations, thepost-issue FY20 EV/ EBITDA works out to30.2 x to (at the upper end of the issue price band), which is nearly in analogous range compared to its peers TCNS Clothing (FY20 EV/ EBITDA29.3 x),” said Angel One Considering all the positive factors, we believe this valuation is at reasonable situations. Therefore, we recommend a subscribe standing on the issue,”the brokerage added Marwadi Financial Services had also assigned’ subscribe’ standing to the IPO as the company is a famed women’s bottom-wear brand in India with a well-diversified portfolio andmulti-channelpan-India distribution network.