Women's bottom-wear company Go Fashion India's initial public offering (IPO) was subscribed 76 percent so far on Wednesday, the first day of the bidding process. Chennai-based Go Fashion's IPO comprises fresh issuance of shares worth Rs 125 crore and an offer for sale (OFS) of equity worth Rs 888 crore by promoters and existing shareholders.

Share Market Live

NSE

By 11:12 am, the IPO of Go Fashion - the operator of Go Colors outlets - received bids for 61.4 lakh shares against the total 80.8 lakh shares on offer, a subscription of 76 percent.

Out of the total issue, 75 percent has been reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors, and the remaining 10 per cent for retail investors.

ALSO READ

: Should you subscribe to Go Fashion India IPO?

Investors can bid for Go Fashion shares in the price band of Rs 655-690 in multiples of 21 under the IPO, the subscription window for which will close on Monday, November 22. One lot is valued at Rs 14,490 at the upper end of the price band.

Go Colors shares will be listed on stock exchanges BSE and NSE.

ALSO READ: A complete list of upcoming IPOs

The company aims to use the proceeds from the share sale to fund the rollout of 120 additional exclusive brand outlets, to meet working capital requirements and for general corporate purposes.

Go Fashion India has a market share of about eight percent. As of September 30, 2021, Go Fashion had 459 exclusive brand outlets located across 118 cities.

Catch latest stock market updates here

(Edited by : Sandeep Singh)