Senco Gold files fresh papers for ₹525-cr IPO
Premium- Earlier, the gold jewellery retailer had shelved its fund-raising plans after filing a draft prospectus with Sebi in August 2018
MUMBAI : Jewellery retailer Senco Gold Ltd has filed fresh draft papers with the Securities and Exchange Board of India (Sebi) for a ₹525-crore initial public offering (IPO).
Earlier, the gold jewellery retailer had shelved its fund-raising plans after filing a draft prospectus with Sebi in August 2018. The proposed IPO comprises a fresh issue of shares of up to ₹325 crore and an offer for sale of up to ₹200 crore by SAIF Partners India IV Ltd, the filings showed.
The proceeds of the IPO will be used to meet working capital requirements and expand its store count, besides general corporate purposes.
The company may consider a pre-IPO placement of shares of up to ₹65 crore and If it goes through, it will bring down its fresh issue size by the amount raised, Senco said.
Incorporated in Kolkata in 1994, the company sells gold, diamond, silver, and platinum jewellery, as well as semi-precious and precious stones. It caters to men, women, and children and offers a variety of schemes to customers to buy its products, according to the company’s website.
It operates 127 showrooms with a total area of approximately 393,342 sq. ft across 89 cities in 13 states.
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Revenue from operations grew at a CAGR of 9.92% from ₹2,420 crore on 31 March 2020 to ₹2,660 crore on 31 March 2021. Its operating revenue for the eight months ended 30 November 2021 was ₹2,467 crore on a consolidated basis and profit was more than ₹100 crore.