Jul 4, 2023
By: Katya Naidu
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The IPO will open for subscription on July 4 and close on July 6.
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The price band of the offer has been fixed at ₹301-₹317 per equity share.
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It plans to raise ₹405 crore which is a combination of fresh issue worth ₹270 crore and an offer for sale by SAIF Partners.
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Senco Gold is a pan-India jewellery retailer having 136 showrooms in 96 cities and towns across 13 states in India.
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Bids can be made for a minimum of 47 equity shares and in multiples of 47 equity shares thereafter.
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Its business is very competitive, volatility in the market price of gold and diamonds can affect its income, and the company and directors have criminal proceedings against them.
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The company raised ₹121.5 crore from 21 anchor investors at the upper price band on Monday.
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An IPO note by SMIFS said that the IPO is attractively priced, commanding a price to earnings multiple of 13.9x at its upper price band – lower than its peer average.
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The net proceeds from the fresh issue will be used to fund working capital and towards general corporate purposes.
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