Senco Gold listed 36% higher than offer price

Kolkata: The initial public offering (IPO) of Senco Gold on Friday opened on the bourses at over 36% higher than its offer price at Rs 431 apiece. This was the third IPO from a Kolkata-based company after the ones from Vedant Fashions (Manyavar) and Shyam Metalics, which did well during their respective openings. The Senco Gold scrip closed at Rs 404 apiece on the bourses, 27% higher than its offer price. Following the successful listing, Suvankar Sen, MD and CEO of Senco Gold, told TOI that the market cap of the company has crossed Rs 3,000-crore mark following the performance on the exchanges and touched Rs 3,100 crore. The pre-listing market capitalisation of the company was Rs 2,470 crore. The upper price band of the IPO was Rs 317. The Rs 405-crore initial share sale of Senco Gold was open for public subscription from July 4, 2023 to July 6. The IPO comprised fresh issue of equity shares aggregating up to Rs 270 crore and an offer for sale (OFS) of equity shares up to of Rs 135 crore by selling shareholder SAIF Partners India IV. Sen said the company would utilise Rs 196 crore of net proceeds from the fresh issue primarily for branch expansions. “We shall have 15 more company-owned and company-operated (COCO) stores. The area of focus would be east and north India,” he added. Besides 136 retail stores, Senco currently has a manufacturing facility at the Gems and Jewellery Park, Ankurhati, in Howrah.