Last updated on July 8th, 2023 at 11:14 pm
Newzdaddy Business Updates
The company intends to use the money for general corporate needs and working capital requirements.
After ICEGATE integration, Senco was the first authorised jeweller from East India to import gold on the India International Bullion Exchange in GIFT City, Gandhinagar.
The three-day issue will end on July 6 and anchor investor bidding will start on July 3.
A minimum of 47 equity shares must be offered, and after that, bids may be made in multiples of 47 equity shares.
One of the top jewellers, Senco Gold Limited, intends to raise $405 million through an IPO that begins accepting subscriptions on July 4. A senior executive of the company made the announcement here on Saturday, July 1, 2023.
The IPO consists of a 135 crore offer for sale by SAIF Partners India IV and a 270 crore fresh equity issuance. The offer concludes on July 6 after the Monday anchor investor bid session.
The offer’s price range has been set at 301 to 317 rupees per equity share. A minimum of 47 equity shares must be offered, and after that, bids may be made in multiples of 47 equity shares.
Suvankar Sen, MD & CEO of Senco Gold, stated to navjeevanexpress.com that Senco is “well-positioned for an expansion of its showroom network as well as building its digital presence.”
Our objective is to bring the best designs from every region of the country and make jewellery items that are well-liked by customers from all demographics. We have a countrywide footprint of 136 showrooms. As we enter our next phase of expansion, our goal is to connect with both millennials and members of Generation Z. We feel that our more than five-decade track record inspires consumers’ trust in our products.
According to him, Senco has employed a number of celebrities as brand ambassadors over the years, including Kiara Advani, Vidya Balan, Olympian Dutee Chand, actress Jaya Ahsan, and former Indian men’s cricket team captain Sourav Ganguly. The company spent more than Rs 30 crore on advertising and sales promotion in FY 2022.
Following ICEGATE integration at GIFT City, Gandhinagar, Senco was the first authorised jeweller from East India to import gold on the India International Bullion Exchange.
Senco Gold & Diamonds, which the IFSCA (International Financial Services Centres Authority) designated as a Qualified Jeweller (QJ) in March 2023, is authorised to purchase Bullion Depository Receipts (BDR) on IIBX for the import of gold and successfully completed its first trade where the BDR was settled in 30 minutes. The jeweller’s initial transaction on the IIBX involved the importation of 21 kg of gold.
The business plans to allocate the net proceeds of the new equity offering to general corporate purposes with the remaining amount going towards the 196 crore working capital requirement.
Both the BSE and NSE will list the shares.
SBI Capital Markets, Ambit, and IIFL Securities are the offer’s book-running lead managers.
ICRA has given Senco’s fund-based working capital facilities a “ICRA A” grade with a stable outlook for long-term facilities.
As of the end of March, Senco has 136 showrooms spread over 96 cities and towns in 13 states, with a combined square footage of roughly 4.10 lakh sq ft. As of the end of March, there were 61 franchisee showrooms and 75 company-operated showrooms. Greater reach in tier-II locations is made possible by the fact that some of its franchisee showrooms are situated outside of metro cities and tier-I.
The company’s main product lines are jewellery composed of precious and semi-precious stones, silver, platinum, gold, and diamonds.
In order to attract as many customers as possible, it offers a wide variety of jewellery collections in the $2000 to $5 lakh price range.
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