Senco Gold IPO opens for subscription on July 4

Senco Gold, one of the leading jewelry makers, It plans to raise ₹ 405 crore through an initial public offering which opens for subscription on July 4.

The IPO consists of a new issue of shares worth Rs 270 crore and an offer for sale by SAIF Partners India IV worth Rs 135 crore. The bidding period for the lead investor begins on Monday and the bid closes on July 6th.

The offer price range is set at ₹301 to ₹317 per share. Bids may be submitted for as few as 47 shares of stock and multiples of 47 shares thereafter.

The company proposes to use the net proceeds of the new equity issue to fund the working capital requirement of Rs. 196 crore and balance towards general corporate purposes.

The shares will be listed on the Bahrain Stock Exchange and the New York Stock Exchange.

IIFL Securities, Ambit and SBI Capital Markets are the lead bookrunners for this offering.

Senco Gold is a pan India jewelery retailer With a history of more than five decades. It is the largest organized retail jewelry company in the Eastern Province.

Senco’s fund-based working capital facilities have been awarded an “ICRA A” rating with a stable outlook for long-term facilities by ICRA.

As of the end of March, Senco has 136 showrooms with a total area of ​​about 4.10 lakh square feet in 96 cities and towns across 13 states. It has 75 company-operated showrooms and 61 franchised showrooms as of the end of March. Some of its conferred galleries are located in areas other than the metro and tier one, providing greater access in tier two locations.

The company mainly sells jewelry made of gold, diamonds, jewelry made of silver, platinum, precious and semi-precious stones and other metals. It offers a variety of jewelery in a price range from around Rs 2,000 to Rs 5 lakh to maximize the customer base.