Go Fashion IPO Saw Subscription More Than 3 Times On Second Day, Know About Its GMP

New Delhi: The Initial Public Offering (IPO) of Go Fashion worth Rs 1,014 has received a tremendous response from investors as it was subscribed more than 3 times on the second day of the bidding today.

The issue of the Go Fashion India which was opened on Wednesday for the subscription sailed through on the first day of the bidding process.

The shares of the company are being sold in the price range of Rs 655 to 690. The issue can be subscribed till the next Wednesday i.e November 22.

As per the data from Bombay Stock Exchange (BSE), it attracted bids for 2,44,95,450 equity shares, or 3.03 times, as of 10.45 am on Day 2. And in its initial stake sale, the company offered 80,79,491 equity shares.

So far, on the second day, the issue saw a huge bidding from retail bidders as the quota was subscribed about 14.83 times. The portion which was reserved for NNI witnessed 81 percent bidding while the QII investors bid for 27 percent of their quota.

Notably, the company got a positive response from the brokerages. The company's one lot includes 21 shares.

In this IPO, the company is expected to issue a fresh issue of shares worth Rs 125 crore. At the same time, 12,878,389 equity shares will be sold through OFS. Under the offer for sale, PKS Family Trust and VKS Family Trust will open up to 7.45 lakh equity shares each.

Go Fashion GMP

According to Gray market observers, the company's stock is trading at a premium of Rs 540 in the Gray market. At the same time, on November 30, the company's shares can be listed in the market.

Where the funds will be used?

The amount raise through this IPO will be used to meet the working capital requirements of the businesses. Beside this, the company will use the money to cater the needs of general corporate.

What is the business of the company?

The company was established in the year 2010 is doing businesses in 23 states including union territories of India. It is one of the largest bottom-wear brands for women in the country.

Also read:Latent View Analytics IPO Share Allotment Status: How to check your shares online

Also watch: