Senco Gold’s Public Issue Subscribed 69% on First Day
Senco Gold, a renowned jewellery retail player, witnessed a subscription of 69% on the first day of its initial public offering (IPO). The IPO, valued at Rs 405 crore, received bids for 65,28,018 shares, representing 69% of the total 94,18,603 shares on offer, as per data from the National Stock Exchange (NSE).
The retail individual investors’ (RIIs) quota received a subscription of 1.12 times, while the non-institutional investors’ category was subscribed at 62%. The IPO comprises a fresh issue of up to Rs 270 crore and an offer for sale of up to Rs 135 crore. The price range for the shares in the IPO is set at Rs 301-317 per share. Prior to the public issue, Senco Gold had raised Rs 121.5 crore from anchor investors.
Of the net proceeds from the fresh issue, Rs 196 crore is expected to be utilized for funding the company’s working capital requirements, with the remainder allocated for general corporate purposes. Senco Gold, headquartered in Kolkata, operates 140 showrooms across 13 states, with a majority (63%) located in West Bengal. In addition to physical stores, the company also sells its products through various online platforms and engages in wholesale exports of its jewellery, primarily to Dubai, Malaysia, and Singapore.
IIFL Securities, Ambit Private Ltd, and SBI Capital Markets are the managers of the IPO. The company’s equity shares are set to be listed on both the Bombay Stock Exchange and the National Stock Exchange.
By providing an unbiased view of the IPO, this news article adheres to journalistic integrity. It aims to inform the readers about the subscription status of Senco Gold’s public issue and highlights the utilization of funds from the IPO. The article maintains a conversational tone while being search engine optimized to enhance visibility in Google search results.
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