Go Fashion had a bumper listing. As against the IPO price of Rs.650, the stock got listed on the BSE at Rs.1316 and even went up to an intraday high at Rs.1341. It is currently trading at Rs.1168 levels.

The IPO was subscribed by a huge 135 times with HNIs portion at 262 times, QIBs at 101 times and retail investors at 50 times.

Our take on the IPO - Company expects negative effects of covid to continue into FY22, thus EPS of Rs. 10 clocked in FY20 may be achieved only in FY23, and not FY22. This leads to PE multiple of 70x and revenue multiple of ~9x on one year forward earnings, which is extremely aggressive for small topline of Rs. 400 cr.