New Delhi: Shares of Go Fashion, which owns women’s clothing brand Go Colors, saw a stellar debut on the exchanges on Tuesday as the stock listed with a huge premium of nearly 91 per cent over its issue price of Rs 690.
The stocks were listed at Rs 1,316, reflecting a steep jump of 90.72 per cent on the BSE and it further surged 94.34 per cent to Rs 1,341.
At the NSE, it made its debut at Rs 1,310, jumping 89.85 per cent.
The initial public offer (IPO) of Go Fashion (India) last week received a whopping 135.46 times subscription.
The Rs 1,013.6-crore IPO had a price range of Rs 655-690 per share. Just a day ahead of the listing, Go Fashion shares were commanding a premium of Rs 490 apeice in the grey market, which is about 70 per cent over its issue price.
In FY21, the company posted a loss of Rs 3.54 crore as against a profit of Rs 52.63 crore in previous year, on a revenue of Rs 250.66 crore, down from Rs 392 crore.
It reported a loss of Rs 18.99 crore in the quarter ended June 2021 as against a loss of Rs 8.59 crore a year ago, although revenue increased sharply to Rs 30.99 crore from Rs 10.3 crore.
According to PTI, 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.
Its bottom-wear products, including churidars, leggings, dhotis, harem pants, Patiala, palazzos, culottes, pants, trousers and jeggings are sold across multiple categories like ethnic wear, western wear, fusion wear, athleisure and types of denim.