Senco Gold and Diamonds to open IPO on July 4

Fine jewellery business Senco Gold and Diamonds will open its initial public offer on July 4 with a fresh issue of equity shares aggregating to Rs 270 crore. The IPO will also include an offer for sale of Rs 135 crore of equity shares by shareholder Saif Partners India. 

Public subscription for the IPO will launch on Tuesday totalling Rs 405 crore, the Press Trust of India reported. The IPO’s initial share sale will run until July 6 and bidding for anchor investors will begin on July 3, the business noted in its Red Herring Prospectus. 
 
Saif Partners, which plans to sell a large stake in the business, currently owns a 19.23% stake in Senco Gold and Diamonds. Out of its fresh issue of shares, Senco Gold plans to use Rs 196 crore to fund its working capital requirements and it will put the remainder to general corporate purposes, ET Retail reported. 

Senco Gold and Diamonds is based in Kolkata and counts 127 exclusive brand outlets of which 70 are company operated and 57 are franchise operated. The brand has a retail presence in 13 Indian states and, although its company owned stores are located in metros and Tier 1 cities, some of its franchise stores are located in Tier 2 and 3 cities, giving it a wider reach across demographics.