ICICI Venture partially exits Go Fashion with 5x returns post listing

The venture firm Venture has previously concluded over 70 exit deals worth about $2.25 billion in the last decade.The venture firm Venture has previously concluded over 70 exit deals worth about $2.25 billion in the last decade.

ICICI Venture (Iventure), an alternative asset firm of ICICI Bank, has made a partial exit from Go Fashion India (Go Colour) post the company’s successful listing on the exchanges on Tuesday. The asset management firm of the bank had invested Rs 100 crore for a 13.5% stake in Go Fashion via India Advantage Fund Series 4, the 4th PE fund of ICICI Venture.

Shares of Go Fashion listed at Rs 1,310, a premium of 89.85% against its issue price of Rs 690. Iventure made a partial exit with 5x returns against their investment back in 2018. It offloaded up to 3,311,478 lakh equity shares via offer-for-sale in Go Fashion’s initial public offering. Based on the listed share price of Go Fashion, the residual stake of IAF4 in the company is valued at around 9x.

“We are pleased to have supported the company in its growth journey of the last 4 years, during which Go Fashions emerged as India’s largest women’s legwear brand, achieved 3x growth in owned store footprint, an excellent revenue scale up and increase in profit margins,” said Puneet Nanda, MD & CEO, ICICI Venture.

The venture firm Venture has previously concluded over 70 exit deals worth about $2.25 billion in the last decade.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.


Credit: Source link

Comments are closed.