Go Fashion IPO to open on November 17
Go Fashion India, which owns women's wear brand Go Colors, will open for public subscription on November 17 with an initial share-sale of Rs 800 crore ($107.7 million). The initial public offering (IPO) will conclude on November 22.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 125 crore and an offer-for-sale of up to 12,878,389 equity shares by the promoter and existing shareholders, according to the draft red herring prospectus (DRHP).
The business plans to utilise the funds it expects to raise through the fresh share issue to open 120 stores across India as it continues to expand its brick-and-mortar footprint in the country. The funds will also be used to meet its working capital requirements and fund general corporate projects.
In the 2021 financial year, Go Colors has reported a loss of Rs 4 crore on a revenue of Rs 251 crore, citing the pandemic as a reason for this loss.
Go Colors retails a range of women’s ethnic wear, fusion wear, and casual wear. The brand’s USP is that it offers its styles in over 120 colours and focuses on leggings, palazzos, and jeggings, among other bottoms.
The brand currently has a network of 450 retail outlets across 23 cities and union territories. The brand also retails through its dedicated e-commerce store, on multi-brand e-commerce platforms, and in multi-brand stores across the country.
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