Go Fashion's IPO subscribed 1.18 times within hours of opening

The initial public offer of Go Fashion (India) Limited, which owns women's wear brand Go Colors, was subscribed 1.18 times within hours of opening for subscription on Wednesday.

The Rs 1,013.6-crore IPO received bids for 95,49,687 shares against 80,79,491 shares on offer, according to NSE data till 12:42 hours.

The category for retail individual investors (RIIs) received huge demand, getting subscribed 6.28 times and non-institutional investors received 14 per cent subscriptions.

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 is Rs 655-690 per share.

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 the BSE and the NSE.