Go Fashion shares skyrocket on market debut; check details here

Go Fashion share prices made a stunning debut on NSE and BSE on Tuesday. The shares were listed with an impressive 91 percent premium over its issue price of Rs 690.

The company's stocks were listed at Rs 1,316, reflecting a surge of 90.72 percent on the BSE and later moved up by another 3.62 percent to reach levels of Rs 1,341. On the National Stock Exchange, the Go Fashion shares debuted at Rs 1,310, surging 89.85 percent over its initial public offer (IPO) level.

Go Fashion's IPO has joined a string of successful IPO listing in 2021.

Go Fashion owns a women's clothing brand Go Colors which is engaged in the design, marketing, sourcing, and retailing of a wide range of women's bottom-wear products.

The company's IPO  had a price range of Rs 655-690 per share and was received with great response and enthusiasm from the investors in the market last week. The share offering got a massive 135.46 times oversubscription.

As per NDTV, Go Fashion through its IPO that closed on 22 November raised over Rs 1,014 crore from share sales.

The portion reserved for non-institutional investors was subscribed 262.08 times whereas the portion for qualified institutional investors received an oversubscription of 100.73 times. The IPO got a good response from retail investors as well and the shares were oversubscribed by 49.70 times.

Retail investors had to bid for a minimum of 1 lot of 21 shares worth Rs Rs 14,4990 at the upper price band. Retail investors were allowed to bid for a maximum of 12 lots in the IPO.

Go Fashion's IPO was led and managed by DAM Capital Advisors (Formerly IDFC Securities), JM Financial, and ICICI Securities. The company will use the net proceeds (from fresh issue) for rolling out over 100 exclusive brand outlets and meeting working capital requirements.

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