Senco plans IPO by 2017-18

Jewellery company Senco Gold and Diamonds plans to raise capital through an Initial Public Offering by 2017-18.
"Whatever money we have with us is not sufficient for Senco's expansion plans and hence we want to raise capital through an IPO by 2017-18," Executive Director Suvankar Sen told PTI ahead of the launching of the firm's third retail store here.
Sen said that before getting listed, the company needs to create a strong base through its expansion plans. It is confident of getting listed because it boasts of having a good team, including excellent auditors and CFOs and CMOs, who belong to the gold and other industry, Sen said.

"We are confident of getting listed. We have got our auditors - KPMG and E&Y. We have implemented strong software like Microsoft DX to control our expansion," he said.
From Indian economy's perspective, Sen said he is optimistic of the industry benefitting from the Narendra Modi government as he feels the economy will see growth from 2017 onwards.
"Modi has made the availability of gold easy - that has helped the industry. We don't see Modi reducing the duties because gold prices have anyway come down and this industry employs a lot of people... So from 2017 onwards, the economy will see growth. I am optimistic," he said.

Asked if he sees a spurt in gold demand in the midst of dipping rates, Sen said by mid August, prices will stabilise because of the possibility of cut in interest rates in September.
From September to November prices would be seen going up, he added.