Senco Gold IPO to open on July 4; aims to raise Rs 405 crore in offering

Jewellery retail chain Senco Gold Ltd's initial public offering (IPO) will open for subscription on July 4 and close on July 6. The price band is fixed at Rs 301-317 per. 

The anchor investor bidding will take place on July 3. The lot size of this IPO is 47 shares and retail investors can apply for upto 13 lots. The minimum investment amount required for retail investors is Rs 14,899.

At the upper end of the price band, the company expects to raise Rs 405 crore from the issue which will value the company at Rs 2,460 crore. The Rs 405-crore Senco Gold IPO consists of a fresh issue of shares worth Rs 270 crore and an offer for sale (OFS) of shares worth up to Rs 135 crore by its promoter SAIF Partners India IV Ltd which holds a 19.23% stake in the company. It proposes to utilize the proceeds from the fresh issue for funding working capital requirements and general corporate purposes.

The basis of allotment will be finalized on July 11 and the shares will be credited to the demat accounts of allottees on July 13. The company shares will likely be listed on July 14 on the stock exchanges.

The book-running lead managers to the Senco Gold IPO are IIFL Securities, Ambit Pvt Ltd and SBI Capital Markets Ltd, while Kfin Technologies is the IPO registrar.

Senco Gold & Diamonds is the largest organized jewelry retailer in eastern India when considering the number of stores. It runs 136 showrooms across 96 cities and towns in 13 states throughout India.

Source: Media reports