Senco Gold’s ₹405-crore IPO to open on July 4

Senco Gold Ltd’s initial public offering (IPO) of Rs 405 crore is scheduled to open on July 4, 2023. The three-day IPO will close on July 6, and bids for anchor investors will open on July 3, according to information available in the red herring prospectus. (RHP).

The IPO consists of a new issue of equity shares totaling Rs. 270 crore and Offer for Sale (OFS) of equity shares up to Rs. 135 crore by way of shareholder sale – SAIF Partners India IV Ltd.

The company proposes to use ₹ 196 crore of the net proceeds from the new issue to finance working capital requirements and the remainder towards general corporate purposes.

according to crisis Report, Senco Gold headquartered in Kolkata is the largest regulated retail jewelery company in the Eastern Province of India based on number of stores. Also among the jewelery retailers in eastern India, it has the widest geographic footprint in non-eastern countries.

As of March 31, 2023, Senco Gold has 136 showrooms in 96 cities and towns across 13 states in India. The company also sells products through several online platforms, including its website, It also exports wholesale jewelry to Dubai, Malaysia and Singapore.

The company’s revenue from operations has grown at a compound annual growth rate of approximately 24 per cent from Rs. 2,660 crore as of March 31, 2021 to Rs. 4,077 crore as of March 31, 2023.

IIFL Securities, Ambit and SBI Capital Markets are the lead book managers for the IPO. It is proposed to list the company’s shares on the Bahrain Stock Exchange and the New York Stock Exchange.