Jewellery retailer Senco Gold has filed draft papers with the Securities and Exchange Board of India to raise an estimated Rs 600 crore through an initial public offering.
The company is primarily engaged in selling gold and diamond jewellery and also jewellery made of silver, platinum and precious and semi-precious stones and metals.
According to the draft red herring prospectus filed with SEBI, the initial public offering (IPO) comprises equity shares of Senco Gold aggregating up to Rs 600 crore.
Funds raised through the issue will be used for the establishment of new company operated showrooms, for working capital requirements and for other general corporate purposes. The company said it expects to achieve the benefit of listing its equity shares on the stock exchange.
IDFC Bank, ICICI Securities, IIFL Holdings, Emkay Global Financial Services and YES Securities will manage the company’s initial share-sale. The equity shares will be listed on the BSE and NSE.
At present, the company has 93 showrooms in 72 cities and towns and an employee strength of 1,290.