Senco Gold IPO sets to open on July 4; Announces price band of Rs 301-317

30 Jun 2023 , 08:05 AM

Pan-India jewelry retailer, Senco Gold & Diamonds is all set to come up with its initial public offer (IPO) of Rs 405 crore. The issue will open for subscription on July 4 and will conclude on July 6. The company has set the price band at Rs 301-317 per share. 

The timeline for the Senco Gold IPO has been set, with the anchor investor bidding scheduled for July 3. The allotment of shares is planned for July 11, followed by the credit of shares on July 13. The listing of shares on exchanges will take place on July 14. At the upper price band, the company is valued at Rs 2,460 crore.

The IPO comprises a fresh issue of Rs 270 crore and an offer-for-sale of up to Rs 135 crore by SAIF Partners India IV Ltd. SAIF Partners currently holds a 19.23% stake in the company.

The company will use funds from fresh issue of equity shares towards funding working capital requirements and other general corporate purposes.

Across India, the company operates a network of 136 showrooms, encompassing a combined area of around 409,882 sq. ft. This includes 70 showrooms directly operated by the company and 61 showrooms operated under franchise agreements. These showrooms are located in 99 cities and towns, spanning 13 states throughout the country.

IIFL Capital Services, Ambit Pvt Ltd and SBI Capital Markets Ltd are the lead managers to the issue.