Go Fashion files IPO papers to raise 125 crores to launch new exclusive brand outlets

New Delhi: Go Fashion (India) Ltd, which owns women's wear brand Go Colors, has filed draft papers with markets regulator Sebi to garner funds through an initial share-sale. The initial public offer (IPO) comprises fresh issue of equity shares worth up to Rs 125 crore and an offer-for-sale (OFS) of up to 12,878,389 equity shares by promoter and existing shareholders, as per the draft red herring prospectus.

Under the OFS, PKS Family Trust and VKS Family Trust will offload 7.45 lakh equity shares each, Sequoia Capital India Investments will sell up to 74.98 lakh shares, India Advantage Fund S4 I will divest up to 33.11 lakh shares and Dynamic India Fund S4 US I will sell up to 5.76 lakh shares.

Currently, PKS Family Trust and VKS Family Trust hold 28.74 per cent stake each in the company, Sequoia Capital holds 28.73 per cent stake, India Advantage Fund has 12.69 per cent stake and Dynamic India Fund owns 1.1 per cent stake in the firm.

Proceeds from the fresh issue will be used to fund rollout of 120 new exclusive brand outlets, support working capital requirements and for general corporate purposes.

The company is engaged in the development, design, sourcing, marketing and retailing of a range of women's bottom-wear products under the brand, 'Go Colors'.

It is among the few apparel companies in India to have identified the market opportunity in women's bottom-wear and has acted as a 'category creator' for bottom-wear.

Its bottom-wear products, including churidars, leggings, dhotis, harem pants, patiala, palazzos, culottes, pants, trousers and jeggings, are sold across multiple categories such as ethnic wear, western wear, fusion wear, athleisure, denims and plus sizes. Also Read: Simple One electric bike with 236 km range launched: Check price, specs, booking details and more

JM Financial, DAM Capital Advisors (Formerly IDFC Securities) and ICICI Securities are the lead managers to the issue. The equity shares will be listed on BSE and NSE. Also Read: PAN card lost? Download e-PAN card online - Check step-by-step process here