Senco Gold Ltd’s ₹405 crore initial public offer (IPO) is set to open on July 4, 2023. The three-day IPO will close on July 6, and the bidding for anchor investors will open on July 3, according to information available in the red herring prospectus (RHP).
The IPO comprises fresh issue of equity shares aggregating up to ₹270 crore and an offer for sale (OFS) of equity shares up to ₹135 crore by selling shareholder - SAIF Partners India IV Ltd.
The company proposes to utilise ₹196 crore of net proceeds from the fresh issue towards funding working capital requirements and rest towards general corporate purposes.
According to a CRISIL Report, Kolkata-headquartered Senco Gold is the largest organized jewellery retail player in the eastern region of India based on number of stores. Also among eastern India based jewellery retailers, it has the widest geographical footprint in non-eastern states.
- Also Read: Bullion Cues: Should you sell gold?
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 various online platforms, including its website www.sencogoldanddiamonds.com. It also undertakes wholesale exports of its jewellery primarily to Dubai, Malaysia and Singapore.
The company’s revenue from operations grew at a CAGR of around 24 per cent from ₹2,660 crore as of March 31 2021 to ₹4,077 crore as of March 31 2023.
IIFL Securities, Ambit and SBI Capital Markets are the book running lead managers to the IPO. The equity shares of the company are proposed to be listed on BSE and NSE.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.