Senco Gold’s initial public offering (IPO) will be available for people to invest in starting from Tuesday, July 6, 2023. The price range for the shares will be between Rs 301 and Rs 317, and the lot size will be 47 shares.
Senco Gold is a well-known jewelry retailer in India, operating under the brand name “Senco Gold & Diamonds.” They have 136 showrooms in 96 cities and towns across the country, making them the largest organized jewelry retailer in East India.
The company plans to raise Rs 405 crore through the IPO. This includes issuing new shares worth Rs 270 crore and selling shares worth Rs 135 crore through the existing SAIF Partners India IV Offer for Sale (OFS) route.
The funds raised from the IPO will be used for the company’s working capital requirements and general corporate purposes. However, the proceeds from the sale of shares by the existing shareholder will go to them.
Senco Gold offers a wide range of jewelry, including gold, diamond, silver, platinum, precious and semi-precious stones, and other metals. They also have costume jewelry, gold and silver coins, and silver utensils. The company produces machine-made lightweight gold and diamond jewelry and also sources from other suppliers.
In the fiscal year that ended on March 31, 2023, Senco Gold reported a net profit of Rs 158.48 crore, compared to Rs 129.10 crore in the previous year. Their total revenue for FY23 was Rs 4,108.54 crore, compared to Rs 3,547.41 crore in the previous fiscal year.
The IPO allocation has reserved 50% of the shares for Qualified Institutional Bidders (QIBs), 15% for Non-Institutional Investors (NIIs), and the remaining 35% for retail investors.
IIFL Securities, Ambit Capital, and SBI Capital Markets are the lead managers of the IPO, and Kefin Technologies has been appointed as the issue’s registrar. The company’s shares will be listed on both the BSE and the NSE, with the tentative listing date being July 14.