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

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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 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.


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.

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