Go Fashion shares made a stellar stock market debut on Tuesday. The stock opened for trading at Rs 1,310 on the National Stock Exchange, up 90 per cent from its issue price of Rs 690 per share. On the BSE, Go Fashion shares opened for trading at Rs 1,316, up 91 per cent from the IPO price.
Go Fashion raised Rs 1,014 crore via share sale through initial public offering (IPO) which closed on November 22. The IPO was subscribed 135 times, according to data on stock exchanges.
The portion reserved for non-institutional investors was subscribed 262.08 times, portion reserved for qualified institutional investors’ was subscribed 100.73 times and shares set aside for retail investors was subscribed 49.70.
Go Fashion IPO consisted of a fresh issue of Rs 125 crore and an offer-for sale of Rs 888.61 crore by promoters and investors.
The company will use the net proceeds from fresh issue for rolling out 120 exclusive brand outlets, and meeting working capital requirements.
A retail investor was allowed to place bid for minimum one lot of 21 shares up to maximum of 13 lots. One lot of Go Fashion shares in the IPO was Rs 14,490 at the upper price band.
JM Financial, DAM Capital Advisors (Formerly IDFC Securities) and ICICI Securities are the lead managers to the issue.