Jewellery retail player Senco Gold Ltd has successfully raised Rs 121.5 crore from anchor investors ahead of its initial share sale. The company has allocated 38.33 lakh shares to 21 funds at an average price of Rs 317 apiece, according to a circular uploaded on the BSE website. 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.
Senco Gold’s IPO is valued at Rs 405 crore and comprises a fresh issue of equity shares aggregating up to Rs 270 crore and an offer-for-sale (OFS) of equity shares worth Rs 135 crore by shareholder SAIF Partners India IV Ltd. Currently, SAIF Partners holds a 19.23% stake in the jewellery retail chain.
The IPO is set to open for public subscription on July 4 and conclude on July 6, with a price band of Rs 301 to Rs 317 apiece. Out of the net proceeds from the fresh issue, Senco Gold plans to use Rs 196 crore towards funding working capital requirements, while the remaining funds will be allocated for general corporate purposes.
Senco Gold is based in Kolkata and operates 140 showrooms across 13 states, with 63% of them located in West Bengal. The company also sells its products through various online platforms and undertakes wholesale exports of its jewellery, primarily to Dubai, Malaysia, and Singapore.
IIFL Securities Ltd, Ambit Private Ltd, and SBI Capital Markets Ltd are the book-running lead managers to the issue, and the equity shares are proposed to be listed on the BSE and NSE.
