Go Colors files DHRP with SEBI to raise funds for expansion
To raise funds via a share sale, Go Fashion India owned womenswear brandGo Colors has filed Draft Red Herring Prospectus (DHRP) with the Securities Exchange Board of India (SEBI).
As per an Indian Retailer report, thebrand proposes to utilize Rs 33.73 crore from proceeds towards funding the rollout of 120 new exclusive brand outlets (EBOs) in India during the fiscal year 2023. As of May 2021, the company had 450 EBOs located across 115 cities.
It also proposes to utilize Rs 61.40 crore to fund working capital requirements. As of June 2021, its total sanctioned limit of working capital facilities stood at Rs 65 crore, including fund-based and non-fund-based sub-limits.
The initial public offering (IPO) comprises a fresh issue of Rs 125 crore and an offer for sale (OFS) of up to 12.88 million shares by its existing shareholders and promoters.
Founded in 2010 by VinodSaraogi and PrakashSaraogi, Go Fashion India is among the largest women’s bottom-wear brands in India, with a market share of approximately 8 per cent. It is engaged in the development, design, sourcing, marketing, and retailing of a range of women’s bottom-wear products under the brand, ‘Go Colors'.
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