Go Fashion — the operator of Go Colors outlets — made a strong debut on Dalal Street on Tuesday, November 30. The stock of Chennai-based Go Fashion, a women's bottom-wear company, listed at Rs 1,316 apiece on BSE, a premium of 90.7 percent over its issue price of Rs 690. On NSE, the Go Fashion stock opened at Rs 1,310, a premium of 89.9 percent over the issue price.
The listing was in line with the trend seen in the grey market -- an unofficial market for unlisted securities -- where Go Fashion commanded a premium (GMP) of around Rs 520 prior to the listing on Dalal Street.
The market debut of Go Fashion comes at a time when most IPOs have received a robust response from investors, barring Paytm parent One97 Communications. Paytm shares have recovered some of the initial losses after its weak listing this month. Paytm's IPO is the biggest of all time in India.
The Go Fashion initial share sale, which was available for bidding from November 17 to November 22, saw strong investor interest. Under the IPO, Go Colors shares were available for bidding in the range of Rs 655-690 apiece.
The Go Colors IPO saw an overall subscription of 135.5 times the shares on offer. The quota reserved for qualified institutional buyers (QIBs) saw a subscription of 100.7 times, and that reserved for non-institutional investors 262.1 times. The portion reserved for retail investors was booked 49.7 times.
(Edited by : Sandeep Singh)
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