Senco Gold IPO subscribed by 69% on first day of subscription

The Initial Public Offer (IPO) of jewellery retail player Senco Gold got subscribed 69 per cent on the first day of subscription on Tuesday.

The Rs 405-crore IPO received bids for 65,28,018 shares against 94,18,603 shares on offer, according to NSE data.

The quota for retail individual investors (RIIs) received 1.12 times the subscription and the category for non-institutional investors got subscribed 62 per cent.

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

The IPO has a price range of 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.