Shares of Go Fashion listed at a premium of 90% to the issue price today, marking a stellar listing. The operator of the leading women’s bottom-wear brand Go Colors made its debut at Rs 1,316 per share (up 90.72 per cent) on the Bombay Stock Exchange (BSE) against the IPO issue price of Rs 690.
Market cap of the firm rose to Rs 6,748 crore. Total 3.67 lakh shares of the firm changed hands amounting to a turnover of Rs 47.30 crore on the BSE.
On NSE, the stock lisetd at Rs 1,310, 89.85% higher to the IPO price. Market cap of the firm rose to Rs 6,664 crore. Total 54.36 lakh shares of the firm changed hands amounting to a turnover of Rs 670 crore on the NSE.
Santosh Meena, Head of Research, Swastika Investmart said, “Go Colors has a sturdy brand value with fluctuating revenues while the company moved into losses in FY21. However, as the number of working women is increasing along with the evolving fashion trends it is expected that the company can have a strong growth momentum. The company has a strong management team with a mixed bag of financials and is expected to perform well. The aggressive investors who got the allotment can put a stop loss of Rs 1,000 and hold the stock with a long-term view, while cautious investors can book the profit and wait for new buying opportunities at the lower levels.”
Go Fashion allotted shares to the eligible subscribers on Thursday (November 25) post its bumper subscription during the initial public offering (IPO).
The IPO of the firm opened on November 17 and closed on November 22. The price band of the IPO was fixed at Rs 655-690 per share.
The lot size for the IPO was 21 shares for which Rs 14,490 would have to be spent. A retail individual investor could apply for up to 13 lots or 273 shares by spending Rs 188,370. The issue was subscribed a massive 135.38 times on the final day of bidding.
The IPO attracted bids for 109.38 crore equity shares against the offer size of 80.79 lakh equity shares. The retail portion was booked 49.27 times and non-institutional investors submitted bids for 262.08 times their allocated portion. The portion for qualified institutional buyers was subscribed 100.73 times.