The highly anticipated Rs 405-crore public issue is set to commence on July 4, boasting an enticing price band of Rs 301-317 per share. Investors have until July 6 to seize this extraordinary opportunity. The initial public offering comprises a fresh issuance of shares worth Rs 270 crore, coupled with an offer for sale of Rs 135 crore by their investor, SAIF Partners India.
In a captivating turn of events, Senco Gold, a Kolkata-based jewellery retailer, astounded the market by raising a staggering sum of Rs 121.49 crore from 21 anchor investors. The timing of this achievement was remarkable, as it took place a mere day before the commencement of the public bidding for their issue. It’s worth noting that the anchor book specifically catered to qualified institutional investors, ensuring exclusivity.
The company excitedly revealed that it had successfully allocated an impressive 38.32 lakh equity shares to the anchor investors, valuing each share at a striking Rs 317, which happened to be the upper price band. This pricing undoubtedly added to the allure of the offering.
The list of marquee investors who eagerly participated in the anchor book reads like a who’s who of the investment world. Notable names include Ashoka Whiteoak Emerging Markets Trust, Nippon Life India, Whiteoak Capital, Jupiter India Fund, Bandhan Mutual Fund, Templeton India Value Fund, Sundaram Mutual Fund, Max Life Insurance Company, BNP Paribas Arbitrage – ODI, Societe Generale, and Elara India Opportunities Fund. Their presence further emphasized the appeal and potential of Senco Gold.
While Senco Gold already enjoys the distinction of being the largest organized jewellery retail player in the eastern region of India, based on the sheer number of stores, they are now poised to expand their reach even further. Their highly anticipated Rs 405-crore public issue is set to commence on July 4, boasting an enticing price band of Rs 301-317 per share. Investors have until July 6 to seize this extraordinary opportunity.
The initial public offering comprises a fresh issuance of shares worth Rs 270 crore, coupled with an offer for sale of Rs 135 crore by their investor, SAIF Partners India. It is noteworthy that the infusion of fresh issue proceeds will predominantly cater to their working capital requirements, while also being utilized for general corporate purposes. This strategic allocation demonstrates their commitment to sustainable growth.
The IPO size is meticulously divided to ensure fairness and accessibility. Half of the offering is reserved for qualified institutional investors, while 15 per cent is earmarked for non-institutional investors. The remaining 35 per cent is dedicated to retail investors, who form a crucial part of Senco Gold’s customer base.
Senco Gold’s allure lies in its wide range of exquisite offerings. Their repertoire includes gold and diamond jewellery, as well as pieces crafted from silver, platinum, and a variety of precious and semi-precious stones. Their commitment to providing diverse options ensures that they cater to the unique preferences of every customer.
Recognizing the need for expert guidance, the company has made strategic appointments to navigate this transformative phase. SSPA & Co, Chartered Accountants have been entrusted as the registered valuer, responsible for recommending a fair share exchange ratio.
Additionally, Cyril Amarchand Mangaldas – Law Firm has been engaged to handle legal due diligence, draft and finalize the scheme of amalgamation, and submit regulatory applications. These expert partners will undoubtedly play a pivotal role in shaping Senco Gold’s journey ahead.
With an air of excitement and anticipation, Senco Gold is set to captivate the market with its public offering, inviting investors to become part of its success story. The future looks promising for this renowned jewellery retailer as it continues to redefine the landscape of the industry.
