Senco Gold, one of the leading jewelers, plans to raise ₹405 crore through an initial public offering that opens for subscription on July 4th.
The IPO consists of a new share offering valued at ₹270 crore and an offer to sell by SAIF Partners India IV valued at ₹135 crore. The offer period for anchor investors is Monday and the offer ends on July 6th.
The price range of the offer was set at ₹301 to ₹317 per share. Bids may be made for a minimum of 47 shares and thereafter in multiples of 47 shares.
The Company proposes to use the net proceeds from the new share offering to fund working capital needs of ₹196 crore and the remainder for general corporate purposes.
The shares are listed on the BSE and NSE.
IIFL Securities, Ambit and SBI Capital Markets are the book running lead managers of the offering.
Senco Gold is a jewelry retail company across India with a history of over five decades. It is the largest organized jewelry retailer in the eastern region.
Senco’s fund-based working capital facilities have an ICRA rating of “ICRA A” with a stable outlook for long-term facilities.
As of the end of March, Senco has 136 showrooms totaling approximately 4.10 lakh square feet in 96 cities and towns in 13 states. The company had 75 company-operated showrooms and 61 franchisee showrooms at the end of March. Some of its franchisee showrooms are located in non-metropolitan areas and Tier I locations, allowing for greater reach in Tier II locations.
The Company primarily sells gold and diamond jewelry, as well as jewelry made of silver, platinum, precious and semi-precious stones and other metals. It offers a diverse collection of jewelry in a price range of around ₹2,000 to ₹5 lakh in order to maximize the customer base.
X This is your last free item.
Comments are closed.