Senco Gold IPO: Price Band Announced for Rs 405 Crore Offering
Senco Gold Ltd, the leading jewelry retail chain in Eastern India, has revealed the price band for its upcoming initial public offering (IPO). The company aims to raise Rs 405 crore through the IPO, with the shares priced between Rs 301 and Rs 317. Investors can subscribe to the issue from July 4 to July 6, while the anchor investor bidding will take place on July 3.
The allotment of shares is scheduled for July 11, with share credits occurring on July 13. The company’s shares are set to be listed on exchanges on July 14. At the upper price band, Senco Gold Ltd is valued at approximately Rs 2,460 crore.
The IPO consists of a fresh issue of Rs 270 crore and an offer-for-sale of up to Rs 135 crore by SAIF Partners India IV Ltd, the promoter of Senco Gold. SAIF Partners currently holds a 19.23 percent stake in the company.
The funds raised through the fresh issue, amounting to Rs 196 crore, will be utilized to meet the working capital requirements of the firm. As of March 2023, the company has a working capital sanction limit of Rs 2,073 crore.
IIFL Securities, Ambit Pvt Ltd, and SBI Capital Markets Ltd have been appointed as the lead managers for the IPO.
Senco Gold & Diamonds holds the distinction of being the largest organized jewelry retailer in Eastern India in terms of store count. It boasts an extensive presence in non-eastern states, setting it apart from other jewelry retailers in the region.
While the company specializes in gold and diamond jewelry, it also offers a diverse range of jewelry made from silver, platinum, precious and semi-precious stones, and various other metals. All these products are sold under the brand name Senco Gold & Diamonds.
Also Read: SEBI Cuts IPO listing time to 3 Days
With a network of 136 showrooms spread across 96 cities and towns in 13 states across India, Senco Gold & Diamonds covers an impressive retail area of approximately 409,882 square feet.
In the fiscal year 2022-23, Senco Gold reported a revenue of Rs 4,077.40 crore, marking an increase from Rs 3,534.64 crore in the previous year. The company’s net profit for the year stood at Rs 158.48 crore compared to Rs 129.10 crore in the previous year.
About Senco Gold:
Senco Gold Limited is a jewelry store that specializes in gold and diamond jewelry. They offer a wide range of products, including earrings, necklaces, bangles, coins, bars, pendants, rings, bracelets, chains, and gold coins. Senco Gold primarily serves customers in India.
For more of the Latest News, Click Here
