Trending News

Tech startup Goodmeetings raises $1.7M in pre-Series A round led by Chiratae Ventures-admin

Brocade Boutique Successfully Running Since 20 years-admin

Successful entrepreneur Ganesh Hegde's Hard work brings ‘Fortune’-admin

Techie turned into edible oil Extraction :SAPTHAM OIL - Name of Purity-admin

How Shoppre worked hard to become one of the best shipping companies in India-admin

April 20, 2024,8:22:08 AM

Despite market volatility, Go Fashion shares closed 81 per cent higher on their first day of trading

By Admin
  • 2
  • 0
/files/no-img_(1).jpg

In a tumultuous market, shares of Go Fashion, the operator of the Go Colors brand, stayed strong throughout the session, closing 81.5 percent higher on the day of the stock's launch.
On the BSE, the shares opened at Rs 1,316, a huge 90.7 percent premium to the issue price of Rs 690. With 10.39 lakh equity shares traded, it reached an intraday high of Rs 1,341 and a low of Rs 1,144.15 before ending at Rs 1,252.60.


The stock hit a high of Rs 1,339.90 and a low of Rs 1,143.10 on the National Stock Exchange before closing 81.70 percent higher at Rs 1,253.70. A total of 1.75 crore equity shares were exchanged.
Go Colors, the operator of the women's bottom-wear business, raised Rs 1,014 crore in its public offering, which included a fresh issue of Rs 125 crore in shares. The offer's price range was Rs 655-690 per equity share.


According to media sources, Go Fashion (India) is liked by Vinod Nair, Head of Research at Geojit Financial Services because it is the first company to develop an exclusive brand dedicated to women's bottom-wear. It has put money into digital and omnichannel interaction, as well as e-commerce, a distributive growth strategy to reach clients in tier 1 to tier 3 cities, and expansion plans for existing and new territories.A growing number of working women, higher disposable income, and a shift toward safe and sanitary facilities, all of which have been driven by COVID-19, according to Nair, bode well for the company.

In the financial year FY21, Go Fashion recorded a loss of Rs 3.54 crore, compared to a profit of Rs 52.63 crore the previous year. The total revenue for the year was Rs 250.66 crore, down from Rs 392 crore the previous year.

The deficit for the June quarter was Rs 18.99 crore, compared to Rs 8.59 crore in the same quarter last fiscal, despite sales rising substantially to Rs 30.99 crore from Rs 10.3 crore.
The current positives appear to have been largely factored in due to a high appreciation over the offer price. Profit booking is predicted due to the strong listing; long-term investors can buy the stock on the decline, Nair reportedly stated.

Under the brand 'Go Colors,' Go Fashion is involved in the development, design, sourcing, marketing, and retailing of a variety of women's bottom-wear goods. As of September 2021, it sells items through a network of 459 exclusive brand locations located over 23 Indian states and union territories. In addition, it sells products through its own website, online marketplaces, and multi-brand outlets, as well as through its own website and online marketplaces (MBOs).


If you enjoyed reading this article and wish to support us by making a contribution or a small donation click on Razor Pay IIB Donation

CONNECT

What’s hot

Subscribe

Enter Your Email To Get Notified.

Icons of Indian Business: Icons of Indian Business is a monthly business magazine targeted at Indian business owners, traders and entrepreneurial enthusiasts. It provides online media solutions for Entrepreneurs. IIB has been the definite guide to the diverse challenges of entrepreneurship. Each edition consists of entrepreneurs ... with the all information they require and demand to grow their business. Iconsindianbusiness.com offers a daily source of information, strategic insights and how-to guidance on virtually every area of business management, from leadership to marketing, technology and money matters. IIB connects with millions of business owners who drives forward with the ideas and innovations.Make your brand the preferred choice with these affluent business decision-makers through a variety of customized programs integrated across digital,print,event and community platforms. IIB team works from Bangalore,Karnataka, but has a presence throughout India through its correspondents. IIB published 12 times a year, available in print and digital editions.

Category

Subscribe

Enter Your Email To Get Notified About Our New Solutions.

© 2024  Iconsofindianbusiness.com. All Right Reserved.