About the Company:
Go Fashion Ltd is a women’s bottom-wear brand in India, with a market share of approximately 8% in the branded women’s bottom-wear market in Fiscal 2020.
Company is engaged in the development, design, sourcing, marketing and retailing a range of women’s bottom-wear products under the brand, ‘Go Colors’.
Company offers one of the widest portfolios of bottom-wear products among women’s apparel retailers in India in terms of colours and styles.
Company’s bottom-wear products, which include churidars, leggings, dhotis, harem pants, patiala, palazzos, culottes, pants, trousers and jeggings, are sold
across multiple categories such as ethnic wear, western wear, fusion wear, athleisure, denims, plus sizes and girls wear making the portfolio ‘universal’ and for every occasion.
Company 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.
Go Fashion were the first company to launch a brand exclusively dedicated to women’s bottom-wear category and have leveraged this advantage to create a direct-to-consumer brand with a diversified and differentiated product portfolio of premium quality products at competitive prices.
Company’s Distribution Network:
Company serves the customers primarily through extensive network of 459 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.
Company’s EBOs (exclusive brand outlets) are located in high streets, malls, residential market areas in major metros, large cities and other tier II and tier III cities and at airports.
In addition, the distribution channels include large format stores (“LFSs”) including Reliance Retail Limited, Central, Unlimited, Globus Stores Private Limited and Spencer’s Retail among others.
In addition, company also sells products through own website and online marketplaces and through multi-brand outlets (“MBOs”).
Revenue from operations through various distribution channels:
(1) EBO includes kiosks and franchise stores
(2) MBOs and others includes sales through multi-brand outlets and garment fairs, exhibitions, events, etc. and scrap sales.
Performance indicators of EBOs (exclusive brand outlets):
Company’s sourcing network and the manufacturing network:
Company’s extensive sourcing network and the manufacturing network undertaken through 73 suppliers and 42 jobworkers spread across 11 states and union territories, as of September 30, 2021.
- Mr. Prakash Kumar Saraogi (Designation: Managing Director)
- Mr. Gautam Saraogi (Designation: Executive Director and Chief Executive Officer)
Competition in the Business:
The Indian women’s apparel industry, particularly for ethnic and non-western apparel, is highly fragmented with several regional brands and retailers present in local markets across the country.
Company’s products compete with local retailers, non-branded products, economy brands and products of other established brands.
Branded womenswear segment in India is dominated by certain large national and regional players like TCNS (with brands such as W, Aurelia, Elleven, and Wishful), BIBA, Global Desi, AND, H&M, Zara, M&S, Fabindia, Soch and Twin Birds.
Objectives of the Issue:
Offer for Sale: (Rs. 888 cr)
- Each of the Selling Shareholders will be entitled to its respective portion of the proceeds of the Offer for Sale.Company will not receive any proceeds from the Offer for Sale.
Fresh Issue: (Rs. 125 cr)
- Funding roll out of 120 new EBOs.
- Funding working capital requirements.
- General corporate purposes.
|Funding roll out of 120 new EBOs||33.7 cr|
|Funding working capital requirements||61.3 cr|
Positives for the Company:
Women’s bottom-wear brand in India with well-diversified product portfolio.
- Company is a women’s bottom-wear brand in India, with a market share of approximately 8% in the branded women’s bottom-wear market in Fiscal 2020.
- The women’s apparel market is estimated to be approximately 36% of the total apparel market while the women’s bottomwear market contributed 8.3% of women’s apparel market amounting in Fiscal 2020.
- Company retail 50 bottom-wear styles in a range of over 120 colours under the brand ‘Go Colors’.
- Company’s product portfolio includes churidars, leggings, dhotis, harems, patiala, palazzo, culottes, pants, trousers and jeggings across multiple categories including ethnic wear, fusion wear, western wear, lounge wear, athleisure, Go Plus and girl’s wear.
Multi-channel pan-India distribution network with a focus on EBOs, enhancing brand visibility.
- Company has multi-channel retail presence across India.Company retails the products directly to consumers primarily through network of EBOs and as of September 30, 2021,
- Company operated 459 EBOs across 118 cities in 23 states and union territories across India. As of March 31, 2021, company had the largest network of EBOs among key women’s apparel brands in India.
- Further, company also retailed the products through 1,270 LFSs, such as Reliance Retail, Central, Unlimited, Globus Stores and Spencer’s Retail among others, across 499 cities spanning the entire country covering 31 states and union territories.
Financials of the Company:
|(in Crores)||FY 19||FY 20||FY 21||30th June 21|
Valuation of Peer Group Companies:
|Company Name||Face Value||EPS||PE Ratio||RoNW||NAV|
|Go Fashion (India) Ltd||10||(-0.68)||N.A||(-1.25%)||50.56|
Fashion & Retail Ltd
|Issue Opens on||17th November 2021|
|Issue Closes on:.||22nd November 2021|
|Issue Price||Rs.655 – 690|
|Retail Category Allocation||10%|
|Minimum Lot||21 Shares|
|Issue Size||Rs.1013 cr ($ 135 million)|
|Market Cap||Rs.3726 cr ($ 496 million)|
|Listing at||NSE & BSE|
|Equity Shares Offered (OFS)||1,28,78,389|
|Equity Shares Offered (Fresh)||18,11,594|
|Total No. Equity Shares Offered (Fresh + OFS)||1,46,89,983|
|Equity Shares Prior to the Issue||5,21,97,390|
|Equity Shares after the issue||5,40,08,984|
Also Read : List of Upcoming IPO’s in India.
|Finalization of Basis of Allotment||on or Before 25th November 2021|
|Initiation of Refunds||on or Before 26th November 2021|
|Credit of Equity Shares:||on or Before 29th November 2021|
|Listing Date:||on or Before 30th November 2021|
Subscription Details: (Will be Updated)
|(Subscription-Category-Wise (no. of times) Till time : 02:36 PM)||Shares Offered||Day-1||Day-2||Day-3|
Note: Retail Subscription on the basis of Applications: 41.33x
IPO Valuation Parameters:
|Earnings Per Share (EPS)||Price To Earnings ratio (PE)||Return on Net Worth (RoNW)||Net Asset Value (NAV)|
|Check IPO Allotment Status:|
KfinTech Website: http://kfintech/IPO/Allotment_Status
BSE IPO Website: https://www.bseindia.com/IPO/Allotment
|Company Contact Info:|
|Go Fashion (India) Limited
Sathak Center, 5th Floor
New No.4, Old No.144/2
Nungambakkam High Road
Chennai 600 034
Tamil Nadu, India
Tel.: +91 44 4211 1777;
|IPO Registrar Info:|
|KFin Technologies Private Limited
Selenium, Tower B,
Plot No 31 and 32, Financial District,
Hyderabad, Rangareddi 500 032,
Tel: +91 40 6716 2222