Jewellery manufacturer and retailer Senco Gold Ltd. has announced the opening of its ₹405-crore initial public offering (IPO) on Tuesday with a price band of ₹301-317 per equity share of a face value of ₹10 each.
The IPO comprises fresh issue of equity shares aggregating up to ₹270 crore and an offer for sale by selling shareholder SAIF Partners India IV Ltd.’s equity shares aggregating up to ₹135 crore.
Bids can be made for a minimum of 47 equity shares and in multiples of 47 equity shares thereafter. The offer will close on Thursday.
The company proposes to utilise the net proceeds of the fresh Issue towards funding working capital requirement, which is estimated to be ₹196 crore, and the balance amount towards general corporate purposes.
As on March 31, 2023, Senco has 136 showrooms, which have a total area of approximately 4,09,882 sq. ft., in 96 cities and towns in more than 13 States across India. Some of its franchisee showrooms are located in areas other than metros and tier-I, providing it greater reach in tier-II locations.
The company primarily sells gold and diamond jewellery and also sell jewellery made of silver, platinum and precious and semi-precious stones and other metals.
It offers a diverse jewellery collection, which includes gold jewellery, diamond jewellery, platinum jewellery and studded jewellery of various forms, across various price points ranging from approximately ₹2,000 to approximately ₹5 lakh to maximise the customer base.
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