Senco Gold IPO subscribed 2.68 times on Day 2 of subscription

The Initial Public Offer (IPO) of jewellery retail player Senco Gold was subscribed 2.68 times on the second day of subscription on Wednesday.

The Rs 405 crore-IPO received bids for 2,52,28,190 shares against 94,18,603 shares on offer, as per an update on the NSE.

The portion for Retail Individual Investors (RIIs) received 3.67 times subscription, the category for non-institutional investors got subscribed 3.58 times. The Qualified Institutional Buyers (QIBs) quota got subscribed 27 per cent.

The IPO has a fresh issue of up to Rs 270 crore and an offer for sale of up to Rs 135 crore.

Price range for the offer is at Rs 301-317 a share.

Senco Gold Ltd on Monday said it has mobilised Rs 121.5 crore from anchor investors.

Of the Rs 270 crore, the company proposes to use Rs 196 crore of net proceeds from the fresh issue towards funding working capital requirements and the remaining for general corporate purposes.

The Kolkata-based firm has 140 showrooms across 13 states and a total of 63 per cent of them are located in West Bengal. It also sells its products through various online platforms and undertakes wholesale exports of its jewellery, primarily to Dubai, Malaysia and Singapore.

IIFL Securities Ltd, Ambit Private Ltd and SBI Capital Markets Ltd are the managers to the offer.

The company's equity shares are proposed to be listed on the BSE and NSE.