SENCO Gold Limited: IPO to commence on July 04, 2023

NEWS WAVE INDIA: Senco Gold Limited, a leading jewellery company, is set to launch its initial public offering (IPO) on July 4, 2023. The Company aims to raise a total of ₹4,050 million through the offering, which includes a fresh issue of equity shares worth ₹2,700 million and an offer for sale by SAIF Partners India IV Limited, amounting to ₹1,350 million. The IPO will be open for subscription until July 6, 2023, with the anchor investor bidding period starting on July 3, 2023.

During the IPO, the price band for each equity share has been set between ₹301 and ₹317. Interested investors can place bids for a minimum of 47 equity shares, with subsequent bids to be made in multiples of 47 equity shares.

The Company intends to utilize the net proceeds from the fresh issue to meet its working capital requirements, estimated at ₹1,960 million. The remaining funds will be allocated towards general corporate purposes.

Senco Gold Limited’s equity shares will be offered through a red herring prospectus dated June 27, 2023, which has been filed with the Registrar of Companies, West Bengal at Kolkata (ROC). The company plans to list its equity shares on both the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE), with NSE being the designated stock exchange for the IPO.