It is the season of IPOs in India. With the likes of Paytm and Nykaa IPOs happening recently, Go Fashion India Limited also held its IPO from 17th to 22nd November 2021. The company, established in 2010, is the one of the largest women’s bottom-wear brands in the country. Offering one of the widest portfolios of products in more than 50 styles and in over 120 colors, the company develops, designs, sources, markets and is involved in retailing of products under the brand Go Colors!
The IPO opened on the 17th of November, and got fully subscribed within hours of its opening. The brand aimed to raise INR1013.6 crore through the IPO, comprising of fresh equity shares aggregating upto INR 125 crore and an offer for sale of upto 12,878,389 equity shares by promoters and existing shareholders.
Company promoters include Prakash Kumar Saraogi, Gautam Saraogi, Rahul Saraogi, PKS Family Trust and VKS Family Trust. Through the OFS, PKS Family Trust and VKS Family Trust are going to offload 7.45 lakh equity shares each, Sequoia Capital India Investments will sell up to 74.98 lakh shares, India Advantage Fund S4 I will divest up to 33.11 lakh shares and Dynamic India Fund S4 US I will sell up to 5.76 lakh shares.
Currently, PKS Family and VKS Family Trust hold 28.74 per cent stake each in the company, Sequoia Capital holds 28.73 per cent stake, India Advantage Fund has 12.69 per cent stake and Dynamic India Fund owns 1.1 per cent stake in the firm.
The company raised a little over 456 crores from anchor investors that include the likes of Government of Singapore, Monetary Authority of Singapore, Nomura, Abu Dhabi Investment Authority, Fidelity, SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Axis MF, Aditya Birla Sun Life MF and SBI Life Insurance Company among others.
The portion for non-institutional investors was subscribed 262.08 times, Qualified Institutional Buyers (QIBs) 100.73 times and Retail Individual Investors (RIIs) 49.70 times. The amount raised from the IPO will be used to establish around 120 new and exclusive brand outlets. They will also be used to finance other working capital requirements and general corporate purposes. The allotment of shares will likely be announced by 25th November 2021.