Sequoia Capital exits Go Fashion; sells entire stake for Rs 625 cr

Venture capital company Sequoia Capital on Monday divested its entire 10.18 per cent stake in Go Fashion for Rs 625 crore through an open market transaction.

US-based Sequoia Capital through its affiliate Sequoia Capital India Investments IV offloaded the shares in Go Fashion (India).

Societe Generale, Kuwait Investment Authority Fund 223, ICICI Prudential Life Insurance Company and BNP Paribas Arbitrage were the buyers of the shares.

Sequoia Capital India Investments IV sold 54,98,875 shares at an average price of Rs 1,136.10 apiece, taking the transaction value to Rs 624.72 crore, as per the bulk deal data available on the National Stock Exchange (NSE).

As of the March quarter, Sequoia held nearly 55 lakh shares, equivalent to a 10.18 per cent stake in the Chennai-based firm.

Go Fashion (India) was listed on BSE and NSE in November 2021, after it successfully launched Rs 1,013.6-crore initial public offering (IPO).

On Monday, shares of Go Fashion (India) plunged 4.86 per cent to close at Rs 1,136.50 per piece on the NSE.

Go Fashion is engaged in the development, design, sourcing, marketing and retailing of a range of women's bottom-wear products under the brand Go Colors.