Senco Gold raises over ₹121 crore from target investors before IPO

By Chicago 8 Min Read

Jewelery retail player Senco Gold Ltd on Monday said it had mobilized ₹121.5 crore from key investors ahead of its initial share sale.

Senco Gold Limited has allotted 38,32,807 shares of stock to 21 lead investors and raised ₹121.50 crore ahead of the company’s proposed IPO, the upper price range of ₹317 per share (including premium of ₹307 per share) with a par value of ₹10 per share.

The Anchor was a well-diversified book, with a focus on long-only investors. Leading major investors include Nippon MF, White Oak, Jupiter asset management, Bandhan MF, 3P India Equity Fund (fund owned by Prashant Jain – first IPO investment by the fund), Max Life Insurance, Sundaram MF, Franklin Templeton MF.

BNP Paribas Arbitrage, Societe Generale, Elara India Opportunities Fund, 3P India Equity Fund 1, Nippon India Mutual Fund (MF), WhiteOak Capital MF, Sundaram MF, Bandhan MF, Jupiter India Fund and Max Life Insurance Company are among the anchor investors.

The initial public offering (IPO) of ₹405 crore of Senco Gold comprises a new issue of shares of up to ₹270 crore and an offering for sale (OFS) of shares valued at ₹135 crore by shareholder SAIF Partners India IV Ltd.

Currently, SAIF Partners holds a 19.23% stake in the jewelry retail chain.

The issue, with a price range of ₹301 to ₹317 each, will open for public subscription on 4 July and close on 6 July.

Of the ₹270 crore, the company proposes to use ₹196 crore of net proceeds from the new issue to finance working capital requirements and the remainder for general corporate purposes.

The Kolkata-based company has 140 showrooms across 13 states and a total of 63% of them are located in West Bengal. It also sells its products through various online platforms and undertakes wholesale exports of its jewellery, mainly to Dubai, Malaysia and Singapore.

IIFL Securities Ltd, Ambit Private Ltd and SBI Capital Markets Ltd are the lead managers of the issue. Listing of shares on BSE and NSE is proposed.

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