Jewellery retail chain Senco Gold Ltd's initial public offering (IPO) will open for subscription on July 4 and close on July 6. The price band is fixed at Rs 301-317 per share and the company plans to raise Rs 405-crore. The anchor investor bidding will take place on July 3.
The new offer of Rs 405 crore consists of a fresh issue of equity shares worth Rs 270 crore and an offer for sale of shares worth Rs 135 crore from selling shareholder SAIF Partners IV Limited.
The company plans to use Rs 196 crore of the net proceeds from the fresh issue towards funding working capital requirements and the rest towards general corporate purposes.
The retailer has 136 showrooms of which 75 are company-operated showrooms and rest are franchisee showrooms. It has presence in 96 cities and towns across 13 states in India. It is also among the largest organised jewellery retail player in the eastern region of India based on number of stores.
The retailer's offerings include gold, silver and diamond jewellery. It also sells platinum and precious and semi-precious stones and other metals, along with costume jewellery, gold and silver coins and utensils made of silver. The products are sold under the “Senco Gold & Diamonds” tradename, through multiple channels.
The revenue from operations of Senco Gold in FY23 stood at Rs 4,077 crore, compared with Rs 3,535 crore in FY22. This is to be compared with peers Kalyan Jewellers and Titan at Rs 14,071 crore and Rs 40,575 crore in FY23.
