Go Fashion IPO price band fixed at Rs 655 - Rs 690/share, to raise Rs 1,013.6 crore

Go Fashion, a women's bottom-wear brand, has fixed a price band at Rs 655-690 per share for its initial public offering on November 12. The offer will open on November 17 and will continue till November 22, as there will be a holiday on November 19.

The company aims to garner Rs 1,013.6 crore through its public issue that consists of a fresh issue of Rs 125 crore and an offer for sale of Rs 888.6 crore by selling shareholders including promoters - PKS Family Trust, & VKS Family Trust.

Also investors Sequoia Capital India Investments IV, India Advantage Fund S4 I, and Dynamic India Fund S4 US I are part of selling shareholders.

The bid lot size has been fixed at 21 equity shares and in multiples of 21 shares thereafter. Retail investors can invest a minimum of Rs 14,490 per lot and the maximum investment by them would be Rs 1,88,370 for 13 lots. They are allowed to invest up to Rs 2 lakh in the IPO.

The 75 percent of the offer size has been reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 10 percent is available for allocation to retail investors.

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The net proceeds from fresh issue would be utilised for funding roll out of 120 new EBOs (exclusive brand outlet); and funding working capital requirements, besides general corporate purposes.

Go Fashion is engaged in the development, design, sourcing, marketing and retailing a range of women's bottom-wear products under the brand, 'Go Colors', with a market share of approximately 8 percent in the branded women's bottom-wear market in FY20.

The women's apparel market is estimated to be approximately 36 percent of the total apparel market while the women's bottom-wear market contributed 8.3 percent of women’s apparel market in FY20, as per Technopak.

JM Financial, DAM Capital Advisors, and ICICI Securities are book running lead managers to the issue.