The Rs 800 crore Initial Public Offering (IPO) of Go Fashion (India) will open for subscription on November 17.
Upcoming IPO: The Rs 800 crore Initial Public Offering (IPO) of Go Fashion (India) will open for subscription on November 17. Go Colors, the women’s wear brand of Go Fashion India is available in the market. The initial public offering (IPO) will close on November 22. This information is according to the Red Hering Prospectus (RHP).
The IPO consists of a fresh issue of equity shares up to a total of Rs 125 crore. This is accompanied by an offer for sale of 12,878,389 equity shares by the promoter and existing shareholders, as shown in the Draft Red Hering Prospectus (DRHP). Under the offer for sale, PKS Family Trust and VKS Family Trust will offload 7.45 lakh equity shares each.
Who will sell how many shares?
Apart from this, Sequoia Capital India Investments will sell up to 74.98 lakh shares. With this, India Advantage Fund S4 I will sell up to 33.11 lakh shares and Dynamic India Fund S4 US I will sell up to 5.76 lakh shares.
At present, PKS Family and VKS Family Trust each hold 28.74 per cent stake in the company. Apart from this, Sequoia Capital holds 28.73 per cent, India Advantage Fund 12.69 per cent and Dynamic India Fund holds 1.1 per cent stake in the company. According to market sources, the IPO is expected to raise Rs 800 crore.
What will happen to the proceeds from the IPO?
The proceeds from the IPO will be used to set up 120 new exclusive brand outlets, meet working capital requirements and general corporate objectives. The company is engaged in the development, design, sourcing, marketing and retailing of Go Colors, a brand of women’s bottom wear products. It is one of the few apparel companies in India, which has recognized the market opportunity in women’s bottom wear and has done a great job of bottom wear.
The company’s bottom wear products include churidars, leggings, dhotis, harem pants, patialas, palazzos, culottes, trousers and jeggings. They are sold in various categories like ethnic wear, western wear, fusion wear, athleisure, denims and plus size.
JM Financial, DAM Capital Advisors (formerly IDFC Securities) and ICICI Securities are the lead managers of the issue. Equity shares will be listed on BSE and NSE.
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