IPO
Garments brand Go Fashions IPO subscribed 135 times
The public issue of Chennai-based Go Fashion, which owns the brand Go Colors, had been subscribed 135.46 times. Investors put in bids for 109.44 crore equity shares against an offer size of 80.79 lakh units. Retail investors bought shares 49.70 times their reserved portion, while the part set aside for non-institutional investors has been subscribed 262.08 times and that of qualified institutional buyers 100.73 times. A day before the IPO, Go Fashion (India) allotted 66,10,492 equity shares to 33 anchor investors at INR 690 apiece to raise INR 456.12 crore. The list of anchor investors includes the Government of Singapore, Abu Dhabi Investment Authority, Fidelity Finds, Nomura and various domestic mutual funds such as SBI, ICICI, Aditya Birla, Kotak and Axis among others. The IPO is a mix of issuance of fresh equity shares worth INR 125 crore, whereas the promoters and existing shareholders will offload 12,878,389 equity shares worth INR 888.6 crore via the offer for sale (OFS) route. Go Fashion sells women's bottom-wear through a pan-India network of 459 brand outlets, with a significant number of stores in southern and western India. The company proposes to use the proceeds from the fresh issue (INR 125 crore) towards funding the roll-out of 120 new exclusive outlets, and working capital requirements.
From the Venture Intelligence PE-VC Deal Database: Between Dec-14 and Jan-18, Go Colors raised $24.3 M from ICICI Venture and Sequoia Capital India. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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