IPO Centre - IPO News
Senco Gold IPO subscribed 69%
The initial public offer (IPO) of Senco Gold received bids for 65,28,018 shares as against 94,18,603 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (4 July 2023). The issue was subscribed 0.69 times.
The issue opened for bidding on Tuesday (4 July 2023) and it will close on Thursday (6 July 2023). The price band of the IPO is fixed at Rs 301-317 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.
The IPO comprises fresh issue of equity shares worth up to Rs 270 crore and an offer for sale of Rs 135 crore by existing shareholder SAIF Partners India IV.
The objectives for the fresh issue include Rs 196 crore for funding working capital requirements and balance amount for general corporate purposes.
Promoters and promoter group hold an aggregate of 53,183,712 equity shares, aggregating to 76.92% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding for the same is expected to be around 68.48%.
Ahead of the IPO, Senco Gold on Monday, 3 July 2023, raised Rs 121.49 crore from anchor investors. The board allotted 38.32 lakh shares at Rs 317 each to 21 anchor investors.
Senco Gold is a pan-India jewellery retail player with a history of more than five decades. The company is the largest organized jewellery retail player in the eastern region of India based on number of stores. Among eastern India based jewellery retailers, it has the widest geographical footprint in non-eastern states.
The company primarily sells gold and diamond jewellery. It also sells jewellery made of silver, platinum, precious, and semi-precious stones and other metals. As on 31 March 2023, the company had 136 showrooms which have a total area of approximately 409,882 sq. ft. It includes 70 company-operated showrooms and 61 franchisee showrooms spread across 99 cities and towns over 13 states across India.
The company reported a net profit of Rs 158.48 crore and net sales of Rs 4,077.40 crore for the twelve months ended on 31 March 2023.
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