Go Fashion IPO subscribed 6.87 times on second day of subscription

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The initial public offer of Go Fashion (India) Limited, which owns women's wear brand Go Colors, was subscribed 6.87 times on the second day of subscription on Thursday.

The Rs 1,013.6-crore IPO received bids for 5,55,12,051 shares against 80,79,491 shares on offer, according to NSE data.

The category meant for Retail Individual Investors (RIIs) was subscribed 24.64 times, Qualified Institutional Buyers (QIBs) 3.24 times and non-institutional investors 2.30 times.

The initial public offer of Go Fashion (India) Limited was fully subscribed within hours of opening on Wednesday.

The initial public offer has a fresh issue of up to Rs 125 crore and an offer for sale of up to 12,878,389 equity shares.

The price range for the offer, which would conclude on November 22, is at Rs 655-690 per share.

Markets will remain closed on Friday on account of 'Guru Nanak Jayanti'.

Go Fashion (India) Ltd on Tuesday raised a little over Rs 456 crore from anchor investors.

The proceeds from the fresh issue will be used to fund the roll-out of 120 new exclusive brand outlets to support working capital requirements and general corporate purposes.

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'. Its bottom-wear products, including churidars, leggings, dhotis, harem pants, Patiala, palazzos, culottes, pants, trousers and jeggings are sold across multiple categories such as ethnic wear, western wear, fusion wear, athleisure, and types of denim.

JM Financial, DAM Capital Advisors, and ICICI Securities are the managers of the offer.

The equity shares will be listed on BSE and NSE.