Go Fashion IPO Fully Subscribed Within Hours Of Opening

Go Fashion's share sale via initial public offering (IPO) was fully subscribed within hours of opening, data from National Stock Exchange showed. Go Fashion's IPO was subscribed 1.31 times by 1:12 pm. Go Fashion received over 1 crore bids for approximately 81 lakh shares on the offer. As many as 82.41 lakh bids were received at the cut-off price. Retail investors were seen bidding large numbers as the portion reserved for them was booked 4.41 times while Qualified Institutional Buyers did not place any bids for Go Fashion shares. Portion set aside for Non Institutional Investors was booked 7 per cent.

Go Fashion is planning to raise Rs 1,014 crore via IPO and has priced the issue in band of Rs 655-690 per share. A retail investor can bid for minimum one lot of 21 shares up to maximum of 13 lots. One lot of Go Fashion shares in the IPO will cost Rs 14,490 at the upper price band.

Go Fashion's IPO comprises fresh issue of equity shares aggregating up to Rs 125 crore and an offer for sale (OFS) of up to 12,878,389 equity shares by promoters and existing shareholders.

Under 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.

JM Financial, DAM Capital Advisors (Formerly IDFC Securities) and ICICI Securities are the lead managers to the issue.