Eastern India’s leading jewellery retail chain Senco Gold Limited has set the price band at Rs 301-317 per share for its Rs 405 crore IPO. The issue will open for subscription on July 4 and close on July 6. The anchor investor bidding will be on July 3.

The shares allotment is scheduled for July 11, while the credit of shares will be on July 13. The shares will be listed on exchanges on July 14. The company is valued at Rs 2,460 crore on the upper price band.
The issue involves a fresh issue of Rs 270 crore and an offer-for-sale of up to Rs 135 crore by its promoter SAIF Partners India IV Limited. SAIF Partners has a 19.23% stake in the firm.

The income from the fresh issue worth Rs 196 crore is set for funding working capital requirements. As of March 2023, the company has an entire working capital sanction limit of Rs 2,073 crore.
IIFL Securities, Ambit Private and SBI Capital Markets are the lead managers to the issue.

The company’s focuses on selling gold and diamond jewellery, although it also offers varied jewellery crafted from silver, platinum, precious and semi-precious stones, and various other metals. All products are marketed under the trade name Senco Gold & Diamonds.

The company operates 136 showrooms across 96 cities and towns in 13 states throughout India. These showrooms together cover an expansive area of 409,882 square feet.

For FY23, Senco’s revenue was Rs 4,077.40 crore versus Rs 3,534.64 crore a year ago, while its net profit for the year stood at Rs 158.48 crore versus Rs 129.10 crore last year.