Senco Gold, an esteemed jewelry brand with a rich history of over five decades, achieved a remarkable entry into the stock market through its inaugural initial public offering (IPO). On the first day of bidding, the IPO received a subscription of 69 percent, showcasing the strong interest of investors. Bids were received for 65.28 lakh equity shares, out of the total IPO size of 94.18 lakh shares.
Retail investors showed great enthusiasm, as they subscribed 1.12 times the allotted quota. The high net worth individuals' portion was subscribed to 62 percent, reflecting their confidence in the company. Qualified institutional buyers participated with bids for 3,290 shares from their reserved portion.
Senco Gold has allocated 50 percent of the IPO for qualified institutional investors, while high net worth individuals will receive 15 percent and retail investors will receive 35 percent. The Kolkata-based jewelry company aims to raise Rs 405 crore through its maiden public issue, offering shares in the price range of Rs 301-317 per share.
During the anchor book stage, Senco Gold successfully raised Rs 121.49 crore, which received an overwhelming response from investors. As a result, the size of the IPO was reduced to 94.18 lakh equity shares from the initial 1.34 crore shares.
Notable investors in the anchor book include Whiteoak Capital, Jupiter India Fund, Templeton India Value Fund, Sundaram Mutual Fund, Max Life Insurance Company, BNP Paribas Arbitrage - ODI, and Societe Generale.
The proceeds from the fresh issue will primarily be used for the company's working capital requirements and general corporate purposes. With 75 owned showrooms and 61 franchisee showrooms, Senco Gold has established a strong presence in the jewelry business over the past five decades.
Investors have until July 6 to participate in the Senco Gold IPO and seize the opportunity to be a part of the company's growth and success story.