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Senco Gold, one of the leading jewellers, plans to ₹405 crore through an initial public offering which opens for subscription on July 4.
The IPO consists of fresh equity issuance of ₹270 crore and an offer for sale by SAIF Partners India IV of ₹ 135 crore. The anchor investor bidding period is on Monday and the offer closes on July 6.
The price band of the offer has been fixed at ₹ 301 to ₹ 317 an equity share. Bids can be made for a minimum of 47 equity shares and in multiples of 47 equity shares thereafter.
The company proposes to use the net proceeds of the fresh equity issue towards funding the working capital requirement of ₹196 crore and the balance towards general corporate purposes.
The shares will be listed on BSE and NSE.
IIFL Securities, Ambit and SBI Capital Markets are the Book Running Lead Managers to the offer.
Senco Gold is a pan-India jewellery retail player with a history of over five decades. It is the largest organised jewellery retail player in the eastern region.
Senco’s fund-based working capital facilities have been assigned a rating of “ICRA A” with a stable outlook for long-term facilities by ICRA.
As of March-end, Senco has 136 showrooms with a total area of about 4.10 lakh sq ft in 96 cities and towns across 13 states. It has 75 Company Operated Showrooms and 61 Franchisee Showrooms as of March-end. Some of its Franchisee Showrooms are located in areas other than metros and tier-I, providing greater reach in tier-II locations.
The company primarily sells gold and diamond jewellery and jewellery made of silver, platinum and precious and semi-precious stones and other metals. It offers a diverse jewellery collection in a price range from about ₹2,000 to ₹5 lakh to maximise the customer base.
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