Go Fashion IPO subscribed 2.46 times on Day 1, retail portion booked 12.14 times

Go Fashion IPO subscribed 2.46 times on Day 1, retail portion booked 12.14 times

© Gaurav Sharma
Go Vogue IPO subscribed 2.46 instances on Day 1, retail portion booked 12.14 instances

The preliminary public providing (IPO) of Go Vogue, one in every of India’s largest ladies’s bottom-wear manufacturers, was subscribed 2.46 % on November 17. Bids have been obtained for 1.99 crore fairness shares towards an IPO measurement of 80.79 lakh items on the primary day.

The corporate raised Rs 456.12 crore by way of the anchor e-book on November 16. The supply measurement has been decreased to 80.79 lakh fairness shares from 1.46 crore earlier.

Retail buyers had put in bid 12.14 instances the shares reserved for them, whereas the half put aside for non-institutional buyers was subscribed 44 %. Certified institutional consumers have purchased 11.02 lakh fairness shares of the reserved portion.

The corporate plans to mop up Rs 1,013.61 crore by way of its public concern on the higher value band. The worth band has been fastened at Rs 655-690 a share.

Additionally learn: Go Vogue IPO opens| 10 key issues to learn about public concern together with gray market premium, dangers & issues

The supply contains contemporary issuance of shares value Rs 125 crore and an offer-for-sale of 1.28 crore fairness shares by promoting shareholders, together with promoters PKS Household Belief and VKS Household Belief.

The proceeds from the contemporary concern might be utilised for funding the roll-out of 120 unique model shops and in assembly working capital necessities.

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Marwadi Monetary Providers has assigned “subscribe” score to the problem due to its model worth, well-diversified portfolio and multi-channel pan-India distribution community.

“Additionally, it’s accessible at cheap valuation as in comparison with its friends,” it mentioned.

Contemplating TTM (trailing twelve months- June 2021) gross sales of Rs 271.4 crore on a post-issue foundation, the corporate goes to record at market capitalisation/gross sales of 13.73 with the market cap of Rs 3,726.6 crore, whereas its friends like Web page Industries and Trent are buying and selling at market cap/gross sales of 13.21 and 11.89, respectively, Marwadi mentioned.

Go Vogue has one of many widest portfolios in bottom-wear merchandise (underneath the model Go Colours) amongst ladies’s attire retailers in India, with a market share of roughly 8 % within the branded ladies’s bottom-wear market, the corporate mentioned.

It serves its clients primarily by way of its 459 unique model shops unfold throughout 23 states and Union Territories.

Disclaimer: The views and funding suggestions expressed by specialists on Moneycontrol.com are their very own and never these of the web site or its administration. Moneycontrol.com advises customers to examine with licensed specialists earlier than taking any funding choices.

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