Go Fashion lists at 90% premium; here's what brokerages say post stellar listing

Asia's Tech News Daily

Go Fashion lists at 90% premium; here's what brokerages say post stellar listing
© Provided by Business Today Go Fashion lists at 90% premium; here’s what brokerages say post stellar listing

Shares of Go Fashion (India) made a bumper debut on bourses on Tuesday. The scrip listed at a premium of 90.72 per cent at Rs 1,316 on the BSE against the issue price of Rs 690. On the other hand, it kicked off the first day of trade at Rs 1,310 on the National Stock Exchange (NSE).

 

The public offer, which opened for subscription on November 17, got subscribed 135.46 times on the last day of the bidding process on November 22. The company had fixed a price band of Rs 655-690 for the initial share sale. The IPO received bids for 109.44 crore equity shares against 80.79 lakh shares offered by the company.

 

Most of the analysts advised investors to book some profit post listing. Here’s what they have to say:

 

Ajit Mishra, VP-Research, Religare Broking

Investors may consider booking partial profit citing the prevailing uncertainty in the domestic equity market and stay invested with the rest with a long-term view.

 

Kranthi Bathini, Equity Strategist, WealthMills Securities

Existing investors can book some profit from the table. However, new investors who want to invest in Go Fashion can wait for some more time to enter the stock. There is no need to jump and buy.

 

Santosh Meena, head of research, Swastika Investmart

Aggressive investors who got the allotment can put a stop loss of Rs 1,000 and hold the stock with a long-term view, while safe investors can book the profit and wait for new buying opportunities at the lower levels.

 

Rajnath Yadav, Research Analyst, Choice Broking

Go Fashion has a strong brand exclusively dedicated to the women’s bottom-wear category and is one of the key players in the women’s bottom-wear segment. We feel that it has a huge potential to expand the business and register profitability in the coming years. Thus, we had assigned a “Subscribe for Long Term” rating for the issue. Now, short term investors may book listing gains, while long term investors are advised to remain invested.

Also read: Go Fashion stock makes stellar market debut, lists at 90% premium to issue price

Also read: IPO frenzy continues; Gemini Edibles, Data Patterns, MapMyIndia among 10 cos to get Sebi’s nod to go public

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