Go Fashion: Debut in style; lists at 90% premium
Go Fashion share price had a dream debut today at NSE and BSE as the stock opened at robust premium of 90% at Rs 1310 on NSE. Experts are advising lucky allottees of Go Fashion shares to book 50% profit and get their principal back whereas those who failed to get Go Fashion shares during allotment should wait for the profit-booking.
These bidders can wait for immediate Rs 1500 per share target. In case it fails to achieve its Rs 1500 target and comes around Rs 1050 to Rs 1100 per share levels, they should re-enter for the target of Rs 1500.
Go Colors brand operator Go Fashion witnessed tremendous response for its maiden public offer. The women’s bottom-wear brand operator IPO issue was subscribed 135.46 times. It saw the biggest demand from non-institutional investors, who bid for shares 262.08 times the portion set aside for them.
Qualified institutional investors had put in bids 100.73 times the reserved portion, and retail investors subscribed for 49.70 times the reserved portion.
Go Fashion has mopped up Rs 1,014 crore through its public issue that comprised a fresh issue of Rs 125 crore and an offer for sale of Rs 888.61 crore. The funds from the fresh issue will be utilised to roll out 120 exclusive brand outlets, and meeting working capital requirements.
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