Go Fashion files IPO papers with Sebi
The IPO comprises fresh issue of equity shares worth up to Rs 125 crore and an OFS of up to 12,878,389 equity shares
Go Fashion (India) Pvt 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% stake each in the company, Sequoia Capital holds 28.73% stake, India Advantage Fund has 12.69% stake and Dynamic India Fund owns 1.1% 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.