PE firm SAIF Partners-backed Senco Gold, a jewellery retailer in the country’s eastern region, has filed initial papers with SEBI to raise about Rs 600 crore through an Initial Public Offering (IPO).

The company proposes to use the proceeds to set up new showrooms, for working capital and general corporate purposes. The company will issue fresh equity to raise the Rs 600 crore, Senco Gold said in a statement.

SAIF Partners, which had pumped in about Rs 80 crore in 2014, will continue to stay invested in the company.

Senco Gold sells gold and diamond jewellery and jewellery made of silver, platinum and precious and semi-precious stones and metals. At present, SGL has 93 showrooms across 72 cities and towns, and as of June 30, 2018, the jewellery retailer employed 1,290 personnel.

Of the total 93 showrooms, 60 are in West Bengal, six are in Uttar Pradesh, five are in Odisha, four are in Jharkhand, three each in Karnataka, Maharashtra and Assam, two each in Delhi and Bihar and one each in Telangana, Chhattisgarh, Haryana, Madhya Pradesh and Tripura.

IDFC Bank, ICICI Securities, IIFL Holdings, Emkay Global Financial Services and YES Securities (India) are the book running lead managers to the issue.

Pursuant to the IPO, the company will list its shares on both BSE and NSE.

Senco Gold had recorded a profit of Rs 72.81 crore for the financial year 2018 on revenues of Rs 2,214 crore.