scorecardresearchSenco Gold makes strong debut; lists at ₹430, almost 36% premium to IPO

Senco Gold makes strong debut; lists at 430, almost 36% premium to IPO price

Updated: 14 Jul 2023, 10:00 AM IST
TL;DR.

Shares of Senco Gold made a strong debut on the bourses today. On NSE, the stock listed at 430, a premium of 35.65 percent versus its issue price of 317.

Senco Gold listing

Senco Gold listing

Shares of Senco Gold made a strong debut on the bourses today. On NSE, the stock listed at 430, a premium of 35.65 percent versus its issue price of 317. On BSE as well, the stock listed at 431, a premium of almost 36 percent.

The issue received a robust response from all kinds of investors and was subscribed 77.25 times till the final day of bidding. It received bids for 69 crore equity shares against 89.43 lakh shares on offer.

The qualified institutional buyer's (QIB) quota was subscribed 190.56 times while the non-institutional investors' (NII) portion was subscribed 68.44 times. Also, the part reserved for retail investors witnessed 16.28 times subscription.

The 405 crore initial public offering (IPO) opened for subscription on between July 4-6 with a price band of 301-317. This was the first IPO for the month of July and the second half of the current calendar year. The offer comprises a fresh issuance of shares worth 270 crore and an offer-for-sale (OFS) of 135 crore by investor SAIF Partners India IV.

Most brokerages had assigned a ‘subscribe’ rating to the issue on the back of a strong brand name and a five-decade legacy. Strong financial performance, robust growth outlook and the attractively priced IPO also kept the brokerages positive.

Incorporated in 1994, Senco Gold Limited is a pan-India jewellery retail player with a legacy of more than five decades. It is the largest organised jewellery retail player in the eastern region of India based on a number of stores.

The company primarily sells gold and diamond jewellery as well as jewellery made of silver, platinum and precious and semi-precious stones, other metals, costume jewellery, gold & silver coins and utensils made of silver. The company has a network of 136 stores as on Mar '23 out of which 75 are company-operated and 61 are franchisee showrooms. The products are sold under its brand name 'Senco Gold & Diamonds'.

 

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First Published: 14 Jul 2023, 09:58 AM IST