Go Fashion
Mainboard₹1,014 Cr issue
+90.72%
Listing gain over issue price
Issue size
₹1,014 Cr
1 lot at cut-off
₹14,490
Lot size
21shares
Open
17 Nov 2021
Close
22 Nov 2021
Allotment
25 Nov 2021
Listing
30 Nov 2021
Listing performance
Issue price
₹690
Listed at
₹1,316
Listing-day close
₹1,253.70
Latest price
₹253.40
Close on 23 Oct 2026
Listing gain
+90.72%
Return since issue
-63.28%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 17 Nov 2021 – 22 Nov 2021
- Listing date
- 30 Nov 2021
- Face value
- ₹10 per share
- Issue price
- ₹690 per share
- Lot size
- 21 shares
- Total issue size
- ₹1,014 Cr
- Market cap at offer price
- ₹3,727 Cr
- Promoter holding
- 57.47% → 52.78% pre-issue → post-issue
- ISIN
- INE0BJS01011
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Dam Capital Advisors Ltd.
- Registered office
- Sathak Center, 5th Floor, New No.4, Old No.144/2, Nungambakkam High Road, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 66,10,492 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 21 shares per lot, in multiples, at ₹690
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 21 | ₹14,490 |
| Retail (max) | 13 | 273 | ₹1,88,370 |
| S-HNI (min) | 14 | 294 | ₹2,02,860 |
| S-HNI (max) | 69 | 1,449 | ₹9,99,810 |
| B-HNI (min) | 70 | 1,470 | ₹10,14,300 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
66,10,492
Anchor portion
₹456 Cr
at ₹690 per share
Valuation and performance
Valuation at offer price
₹690 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹3,727 Cr |
About Go Fashion
Go Fashion (India) Limited was incorporated on September 9, 2010 as a private limited company and converted to a public limited company on July 12, 2021. The company is engaged in the development, design, sourcing, marketing and retailing of women's bottom-wear products exclusively under the brand 'Go Colors'. The company operates through various retail channels including exclusive brand outlets (EBOs), large format stores (LFSs), multi-brand outlets (MBOs), franchisees, and online retailers. As of September 30, 2021, the company operated 459 EBOs across 23 states and union territories in India, generating revenues of ₹2,506.68 million in Fiscal 2021. The company sources raw materials from external suppliers and engages job workers for manufacturing all its products. It generated approximately 8% market share in the branded women's bottom-wear market in Fiscal 2020.
Company Analysis
from RHPGo Fashion (India) Limited is a women's bottom-wear branded apparel company operating in India through exclusive brand outlets, large format stores, and multi-brand outlets.
Go Fashion (India) Limited was incorporated on September 9, 2010 as a private limited company and converted to a public limited company on July 12, 2021. The company is engaged in the development, design, sourcing, marketing and retailing of women's bottom-wear products exclusively under the brand 'Go Colors'. The company operates through various retail channels including exclusive brand outlets (EBOs), large format stores (LFSs), multi-brand outlets (MBOs), franchisees, and online retailers. As of September 30, 2021, the company operated 459 EBOs across 23 states and union territories in India, generating revenues of ₹2,506.68 million in Fiscal 2021. The company sources raw materials from external suppliers and engages job workers for manufacturing all its products. It generated approximately 8% market share in the branded women's bottom-wear market in Fiscal 2020.
women's apparelspecialty retailfashion and clothing
Objects of the Issue
- Funding roll out of 120 new EBOs ₹337.34 million p.18
- Funding working capital requirements ₹613.98 million p.18
- General corporate purposes ₹236.40 million p.18
- Funding roll out of 120 new EBOs ₹337.34 million p.87
- Funding working capital requirements ₹613.98 million p.94
- General corporate purposes ₹236.40 million p.98
Issue Structure
- Total Issue
- ₹10,136.09 million
- Fresh Issue
- ₹1,250 million (1,811,594 Equity Shares)
- Offer for Sale
- ₹8,886.09 million (12,878,389 Equity Shares)
- Price Band
- ₹655 to ₹690 per Equity Share
- Lot Size
- 21 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through the retail sale of women's bottom-wear products under the 'Go Colors' brand. Revenue is generated through multiple channels: exclusive brand outlets (which generated 72.78% of revenue in Fiscal 2021), large format stores (22.00%), multi-brand outlets (2.86%), and online channels (4.76%). The company does not own manufacturing facilities but engages job workers for manufacturing. Raw materials are procured from third-party suppliers. The company operates on a leased retail network model with stores typically on lease agreements with terms ranging from 11 months to nine years.
Business Segments
Retail stores selling Go Colors branded women's bottom-wear products directly to consumers
Large retail stores where Go Colors products are sold alongside other brands
Multi-brand retail outlets selling Go Colors products
Direct retail stores operated by the company under its exclusive brand, selling women's bottom-wear apparel directly to consumers
Sales through large format retail stores where the company's products are retailed alongside other brands
E-commerce sales of women's bottom-wear apparel through online platforms
Churidar, Patiala, kurti-pants, salwar, Silk Pant and dhoti products
Leggings, Cropped Jegging, Jeans, Cargo Pants, Trousers, Ponte Pants, Track Pants, Culottes, Treggings and Shorts
Jeggings, Palazzos, Pants and Harem Pants
Leggings, Track Pants and Joggers
Jeggings, Joggers, Jeans, Denim Palazzos, Pants, Denim Culottes and Capris
Lounge Pants, Lounge Knit Pants, Lounge Capris and Lounge Shorts
Churidars, Leggings, Jeggings, Pants and Palazzos
Leggings, Jeggings, Palazzos, Pants, Shorts and Harem Pants
Company-owned and operated stores ranging from 300 to 700 square feet in size where the entire product range is retailed. EBOs are located in malls, high-street locations and airports across India. The company staff EBOs with limited people per store to maintain profitability.
Products sold through retailers including Reliance Retail Limited, Central, Unlimited, Globus Stores Private Limited and Spencer's Retail on a non-exclusive basis. Products typically supplied on sale-or-return basis with company staff positioned in stores.
Direct-to-consumer e-commerce sales through the company's own website (www.gocolors.com) and through online marketplaces on a non-exclusive basis.
Sales through distributors who supply to multi-brand outlets, garment fairs, exhibitions, and events, including scrap sales.
Company-owned and franchised retail stores selling bottom-wear apparel
Large format retail stores in major shopping malls selling bottom-wear apparel
Direct-to-consumer online sales of bottom-wear products
Distribution through multi-brand retail outlets
SWOT Analysis
Strengths
- • Category creator in women's bottom-wear with strong market position(p.18)
- • Significant market share in branded women's bottom-wear segment(p.18)
- • Pan-India store network across multiple states(p.30)
- • Extensive retail network across 31 states and union territories(p.46)
- • Strong regional presence in Southern and Western India with established operations(p.46)
- • Well-defined store rollout process enabling efficient expansion(p.89)
- • Comprehensive insurance coverage for property and equipment(p.49)
- • First-mover in exclusive women's bottom-wear category with 8% branded market share(p.154)
- • Well-diversified product portfolio across 50+ styles and 120+ colours across multiple categories(p.159)
- • Extensive pan-India multi-channel distribution with 459 EBOs across 23 states(p.155)
- • Highest sales per square feet among key apparel retailers at ₹12,000-40,000 annually(p.163)
- • Efficient operating model with strong EBITDA margins of 32.27% in FY2020(p.163)
- • In-house expertise in product design, development and technology-driven supply chain(p.156)
- • Strong financial performance with ROE of 18.38% in FY2020 and highest among retail-led peers(p.148)
- • Market leader position in women's bottom-wear with strong brand recognition and 8% market share(p.164)
- • Premium pricing power—majority of sales at full price without discounts due to essential product category(p.164)
- • Extensive procurement network with over 120 suppliers enabling supply chain flexibility and no vendor dependence(p.164)
- • Technology-enabled supply chain with ERP system providing inventory optimization and avoiding stockouts(p.164)
- • In-house design and product development capability with 10-person design team enabling rapid innovation(p.165)
- • Strong financial performance with highest EBITDA margins among key women's apparel players and highest ROCE in Fiscal 2020(p.165)
- • Low store closure rate and strong pre-COVID same-store sales growth indicating effective location selection and store profitability(p.164)
- • Efficient capital-light COCO model requiring only 3-4 staff per EBO and generating attractive returns(p.164)
- • Significant revenue growth recovery post-COVID lockdowns(p.227)
- • Strong recovery in large format stores (LFS) channel(p.228)
- • Online channel growth momentum(p.231)
- • Pre-COVID profitability and growth trajectory(p.237)
- • Minimal financial leverage(p.240)
Weaknesses
- • Single-brand dependency with exposure to brand reputation risk(p.27)
- • Recent losses in Fiscal 2021 indicating profitability challenges(p.28)
- • Single warehouse location in Southern India creating operational risk(p.32)
- • Heavy concentration of stores in Southern and Western India(p.30)
- • Dependence on few job workers for manufacturing(p.40)
- • High dependence on small number of raw material suppliers(p.40)
- • Pending trademark registrations creating intellectual property vulnerability(p.34)
- • Significant related party transactions involving warehouse lease from promoter-controlled entity(p.45)
- • Potential conflicts of interest from related party transactions(p.45)
- • Dependence on leasehold properties with potential renewal risks(p.45)
- • Historical employee pilferage incidents despite security measures(p.48)
- • High levels of trade receivables extending credit for up to 70 days(p.49)
- • Restrictive covenants in debt financing limiting operational flexibility(p.47)
- • Contingent liabilities not provided for in financial statements(p.49)
- • Concentrated promoter shareholding and potential control conflicts(p.50)
- • Significant revenue decline of 36% from FY2020 to FY2021 due to COVID-19 lockdowns(p.157)
- • Negative PAT of ₹(35.39) million in FY2021 and negative ROE of (1.25)% in FY2021(p.157)
- • Dependency on EBO channel for 68.92% of revenue with high fixed costs of store operations(p.163)
- • Online channel contributes only 4.76% of revenue in FY2021 despite growth potential(p.155)
- • Negative EBITDA of ₹(59.19) million in Q1 FY2022 and EBITDA margin of (19.10)%(p.157)
- • Significant revenue decline and profitability erosion due to COVID-19 impact on store footfalls and operations(p.219)
- • Heavy fixed cost structure with lease and employee expenses that remain largely fixed despite revenue decline(p.219)
- • Negative profitability in recent periods with pre-tax loss of ₹183.74 million in Q1 FY2022 and reduced margins(p.165)
- • High dependence on EBO channel which accounted for 78.24% of revenue in Q1 FY2022, creating concentration risk(p.173)
- • Asset-light model but warehouse operations concentrated in single location (Tiruppur) creating supply chain vulnerability(p.164)
- • Borrower trusts holding 16.56% of paid-up capital have pledged shares to Tata Capital for ₹400 million facility with mandatory tender requirement during IPO(p.187)
- • Severe COVID-19 impact on FY2021 financial performance(p.231)
- • Significant store closures and rationalization(p.231)
- • FY2021 loss-making operations(p.234)
- • High lease-related finance costs(p.233)
- • Dependence on physical retail locations(p.231)
Opportunities
- • High growth trajectory in women's bottom-wear market(p.18)
- • Increasing share of bottom-wear in women's apparel market(p.18)
- • Planned expansion of 120 new exclusive brand outlets(p.37)
- • Growth through digital channels and e-tailing expansion(p.43)
- • Significant growth potential in Northern and Eastern Indian markets(p.46)
- • Expansion strategy targeting 120 new EBOs pan-India(p.89)
- • Growing online retail channel with increasing market penetration(p.47)
- • Opportunity to launch additional brands and expand product portfolio(p.47)
- • Benefits from listing including brand enhancement and public market creation(p.87)
- • Women's bottom-wear market growing at CAGR of 12.4% to reach ₹243.15 billion by FY2025(p.154)
- • Organized retail in women's bottom-wear expected to grow at CAGR of 24.3% to ₹92.4 billion by FY2025(p.154)
- • Significant market opportunity as organized share only 23% of ₹135.47 billion market in FY2020(p.161)
- • Growing number of working women driving demand for branded, quality bottom-wear(p.154)
- • Expansion opportunity in Tier II, III and IV cities where organized retail penetration is low(p.163)
- • E-commerce channel growth with online sales increasing 213% from FY2020 to FY2021(p.158)
- • Large and growing women's bottom-wear market expected to grow at 12.35% CAGR to reach ₹243,150 million by FY2025(p.166)
- • Organized women's bottom-wear market growing at 24.3% CAGR with only 38% organization by FY2025, indicating significant consolidation opportunity(p.166)
- • Fragmented industry with limited organized competition enabling market share gains and leadership consolidation(p.166)
- • Tier II/III/IV cities accounting for 34% of apparel demand with strong growth expected, enabling geographic expansion(p.166)
- • E-commerce growing at 44% CAGR (FY2015-2020) and apparel e-tail share expected to reach 22% by FY2025 from 17.5% in FY2020(p.167)
- • Expansion into adjacent categories like athleisure, loungewear, and fusion wear to drive portfolio growth and cross-selling(p.166)
- • Online revenue growing at 82.21% CAGR with significant headroom for channel expansion and customer acquisition(p.167)
- • Expansion of EBO store network(p.228)
- • Growth potential in large format stores(p.235)
- • Omnichannel retail development(p.235)
Threats
- • Significant ongoing COVID-19 pandemic impact on retail operations(p.25)
- • Store closures and reduced footfalls due to COVID-19(p.25)
- • Real estate market risks and lease renewal uncertainties(p.29)
- • Risk of changing fashion trends and customer preferences(p.38)
- • Competition from online retailers and discounting pressure(p.14)
- • Regulatory compliance risks across multiple jurisdictions(p.43)
- • Supply chain disruption risks from job workers and raw material suppliers(p.41)
- • Highly fragmented and competitive women's apparel industry(p.46)
- • Competition from in-house brands launched by Large Format Stores(p.46)
- • Larger competitors with greater resources and scale advantages(p.46)
- • Deep discounting and pricing pressure from online retailers(p.47)
- • Seasonal variations and cyclicality in apparel retail business(p.48)
- • Infrastructure and logistical challenges in new markets(p.46)
- • Potential labor unrest and employee disputes(p.49)
- • Indian economic slowdowns and reduced consumer demand(p.52)
- • Natural disasters, epidemics and pandemic risks including COVID-19(p.53)
- • Inflation and rising costs without proportional price increases(p.54)
- • COVID-19 pandemic causing significant operational disruptions and store closures(p.157)
- • Risk of continued impact from COVID-19 on customer willingness to visit physical stores(p.158)
- • Increasing competition from established ethnic wear brands and fashion retailers entering bottom-wear(p.138)
- • High fragmentation in organized women's apparel market with 45+ branded competitors(p.138)
- • Exposure to fashion and consumer discretionary spending cycles subject to economic downturns(p.154)
- • Ongoing COVID-19 pandemic with second wave and uncertain duration creating sustained impact on store footfalls and operations(p.219)
- • Retail sector highly dependent on consumer discretionary spending subject to recession, inflation, and unemployment impacts(p.221)
- • Rising real estate costs and limited availability of quality commercial property restricting store expansion economics(p.220)
- • Highly competitive retail apparel industry with large national/regional brands and private label competition(p.177)
- • Potential raw material price volatility and supply chain disruptions impacting cost of goods sold and profitability(p.221)
- • Risk of store cannibalization and failure to achieve profitability targets with new store expansion(p.220)
- • Ongoing pandemic disruption risks(p.231)
- • Retail sector seasonality and economic cyclicality(p.243)
- • Product price sensitivity and inflation exposure(p.241)
- • Competitive retail environment(p.243)
- • High inflation impacting consumer discretionary spending(p.242)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Prakash Kumar Saraogi | Promoter | Negligible | Negligible |
| Gautam Saraogi | Promoter | Negligible | Negligible |
| Rahul Saraogi | Promoter | Negligible | Negligible |
| PKS Family Trust | Promoter Selling Shareholder | 28.74% | 26.39% |
| VKS Family Trust | Promoter Selling Shareholder | 28.74% | 26.39% |
| PKS Family Trust (acting through its managing trustee, Gautam Saraogi) | Promoter | 28.74% | 26.39% |
| VKS Family Trust (acting through its managing trustee, Rahul Saraogi) | Promoter | 28.74% | 26.39% |
| Sequoia Capital India Investments IV | Promoter Group | 28.73% | — |
| Prakash Kumar Saraogi | Promoter/Managing Director | — | — |
| Gautam Saraogi | Promoter/Executive Director and Chief Executive Officer | — | — |
| Prakash Kumar Saraogi | Promoter | — | — |
| Gautam Saraogi | Promoter | — | — |
| Rahul Saraogi | Promoter | — | — |
| PKS Family Trust | Promoter | — | — |
| VKS Family Trust | Promoter | — | — |
| PKS Family Trust | Selling Shareholder | — | — |
| VKS Family Trust | Selling Shareholder | — | — |
| Sequoia Capital India Investments IV | Selling Shareholder | — | — |
| India Advantage Fund S4 I | Selling Shareholder | — | — |
| Dynamic India Fund S4 US I | Selling Shareholder | — | — |
| Prakash Kumar Saraogi | Promoter | — | — |
| Vinod Kumar Saraogi | Promoter | — | — |
| Rahul Saraogi | Promoter | — | — |
| Gautam Saraogi | Promoter | — | — |
| PKS Family Trust | Selling Shareholder | — | — |
| VKS Family Trust | Selling Shareholder | — | — |
Leadership
Prakash Kumar Saraogi · Managing Director
Srinivasan Sridhar · Chairman
Gautam Saraogi · CEO
R Mohan · CFO
Gayathri Venkatesan · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Go Fashion IPO FAQs
What is the lot size of Go Fashion IPO?
The minimum lot size of Go Fashion IPO is 21 shares. One lot costs ₹14,490 at the cut-off price.
When does Go Fashion IPO open and close?
Go Fashion IPO opened for subscription on 17 Nov 2021 and closed on 22 Nov 2021.
What is the listing date of Go Fashion IPO?
Go Fashion IPO listed on 30 Nov 2021.