Go-Fashion-(India)-Limited-IPO-Elite-Wealth
IPO-Note Go Fashion (India) Limited
Rs-655-Rs 690 per Equity share Recommendation: Listing Gain

Go Fashion (India) Limited Company Profile: –

Go Fashion (India) Limited with a market share of approximately 8% in the branded women’s bottom-wear market in Fiscal 2020, is among the largest women’s bottom-wear brands in India. The company engaged in the development, design, sourcing, marketing and retailing a range of women’s bottom-wear products under the brand, ‘Go Colors’. Go Fashion serves their customers primarily through their extensive network of 459 exclusive brand outlets (“EBOs”) (including 12 kiosks operated on a “company owned and company operated” (“COCO”) model and 11 franchise stores) that are spread across 23 states and union territories in India, as of September 30, 2021. In addition, their distribution channels include large format stores (“LFSs”) including Reliance Retail Ltd, Central, Unlimited, Globus Stores Pvt Ltd and Spencer’s Retail among others.

Go Fashion (India) Limited IPO – Details

                                                                           Issue Details
Objects of the issue · Funding roll out of 120 new EBOs (Exclusive Brand Outlets

· Funding working capital requirements

· General corporate purposes

Issue Size Total issue Size -Rs. 1031.61 Cr.

Fresh Issue – Rs. 125 Cr.

Face value Rs.10.00 Per Equity Share
Issue Price Rs. 655 – Rs. 690
Bid Lot 21 shares
Listing at  BSE, NSE
Issue Opens: 17th Nov, 2021 – 22nd Nov, 2021
QIB 75% of Net Issue Offer
Retail 10% of Net Issue Offer
NIB 15% of Net Issue Offer

                 Go Fashion (India) Limited IPO

Wants To Apply Online

Trade AnyTime AnyWhere With Elite Empower Mobile App

Elite-Empower-App-Promotional-Banner

Check Go Fashion (India) Limited IPO Allotment Status

Go Fashion (India) Limited IPO allotment status would be available soon after the IPO closure date. Usually the allotment comes within a week from the closing date which in this IPO yet to be announced.

One can check the allotment on the given below link with PAN number or Application number or DP Client Id. All you need to do is to follow these steps:-

  1. To Go Fashion (India) Limited   IPO Allotment Status
  2. Go to Application Status
  3. Select IPO as Go Fashion (India) Limited 
  4. Enter your PAN Number or Application Id or DP Client Id.

 

Go Fashion (India) Limited IPO

Application Form

Go Fashion (India) Limited Financial Performance:

Go-Fashion-(India)-Limited-Financial-Performance

Go Fashion (India) Limited Shareholding Pattern:

Shareholding Pattern Pre- Issue Post Issue
Promoters & Promoter Group 57.47% 52.78%
Public  42.53% 47.22%
Source: RHP, EWL Research

Go Fashion (India) Limited Strengths:

  • Women’s bottom-wear brand in India with well-diversified product portfolio

  • Strong unit economics with an efficient operating model

  • Extensive procurement base with highly efficient and technology-driven supply chain management

  • EBITDA and EBITDA Margin was the highest among key women’s apparel players in India in Fiscal 2020.

Go Fashion (India) Limited Key Highlights:

  • Revenue from operations grew by 37.43% in FY20 however declined by 36% in FY21 due to COVID-19 Pandemic as operating expenses do not decrease at the same pace as revenue declines.

  • Majority of Sales is from EBO outlets contributed 78.24% to total revenue in Q1FY22.

  • Inventory as % of Current Assets was 45.35% in Q1FY22

  • EBITDA Margin improved from 28.04% in FY19 to 32.27% in FY20.

  • Return on net worth stood at 18.38% in FY20.

  • Average Selling price was Rs. 584 in FY21 and Rs. 619 in Q1FY22.

Go Fashion (India) Limited Risk Factors:

  • Have incurred losses in Fiscal 2021 and may incur loss in future as operating costs and other expenses may be greater than it anticipates.

  • Carry out operations from a single warehouse located in Southern India.

  • Majority of Revenue come from Southern region.

  • Sequoia Capital India Investments IV, India Advantage Fund S4 I and Dynamic India are Investing selling shareholders selling 50%, 50% and 100% their stake respectively.

Outlook:

Go Fashion (India) Limited is among the few apparel companies in India to have identified the market opportunity in women’s bottom-wear and have acted as a ‘category creator’ for bottom-wear. As of September 30, 2021, they sold bottom-wear in over 50 styles in more than 120 colours. The share of organized retailing within women’s apparel has increased from 19% in FY15 to 27% in FY20 and is expected to reach 42% by FY25. Women’s bottom-wear is the fastest-growing category in the women’s apparel segment market and contributes to Rs 135,470 million in FY20 and is expected to grow at a CAGR of 12.35% to reach Rs 243,150 million by FY25. At the higher price band of Rs 690, the offer is made at P/B multiple of 13.65x based on its NAV of Rs. 50.56 as of June 30, 2021. which is comfortable to its peers. We recommend Listing Gain to the IPO considering the risk factors.

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014

Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
For analyst certification and other important disclosures, see the Disclosure Appendix, or go to www.elitewealth.in. Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India.( SEBI Registration No.: INH100002300)
Disclosure Appendix
Analyst Certification (For Reports)
Israil Khan, Elite Wealth Limited, suhail@elitewealth.in
The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth Limited.
As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:
(1) all of the views expressed in the report accurately reflect his or her personal views about any and all of the subject securities or issuers; and
(2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in the report.
For individual analyst certifications, please refer to the disclosure section at the end of the attached individual notes.
Research Excerpts
This note may include excerpts from previously published research. For access to the full reports, including analyst certification and important disclosures, investment thesis, valuation methodology, and risks to rating and price targets, please visit www.elitewealth.in.
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or emailing research@elitestock.com with your request. Elite Wealth Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail research@elitestock.com.
Options related research:
If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the risk disclosure documents, please contact your Broker’s Representative or visit the OCC’s website at https://www.elitewealth.in
Other Disclosures
All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person.
Ownership and material conflicts of interest Disclosure
Elite Wealth Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Limited. Analyst as officer or director: Elite Wealth Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, board member or employee of any company in the analyst’s area of coverage.
Country Specific Disclosures
India – For private circulation only, not for sale.
Legal Entities Disclosures
Mr. Ravinder Parkash Seth is the Managing Director of Elite Wealth Ltd (EWL, henceforth), having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, is a SEBI registered Research Analyst and is regulated by Securities and Exchange Board of India. Telephone:011-43035555, Facsimile: 011-22795783 and Website: www.elitewealth.in
EWL discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:
1. Reports
a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL or its associates or relatives, have no actual/beneficial ownership of one per cent. or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance;
(c) EWL or its associate or his relative, has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;
2. Compensation
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(d) EWL or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(e) EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.
3 In respect of Public Appearances
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report and the types of services provided by EWL

Need An Assistance:

    Product Interested

     

     

    FILING COMPLAINTS ON SCORES - EASY & QUICK

    a. Register on SCORES portal

    b. Mandatory details for filing complaints on SCORES:
    i. Name, PAN, Address, Mobile Number, E-mail ID

    c. Benefits:
    i. Effective communication
    ii. Speedy redressal of the grievances

    SEBI : https://www.scores.gov.in/scores/complaintRegister.html