69 percent of the Senco Gold public offering was subscribed on the first day

On the first day of subscription on Tuesday, 69 percent of Senco Gold’s initial public offering (IPO) had been purchased. The Rs 405 crore IPO received bids for 65,28,018 shares, compared to the 94,18,603 shares offered, according to data from the NSE.

The quota for retail individual investors (RIIs) was oversubscribed by 1.12 times, while the category for non-institutional investors was 62 percent oversubscribed. The initial public offering has a fresh issue of up to Rs 270 crore and a sale of up to Rs 135 crore. The price range for the IPO is Rs 301-317 per share. On Monday, Senco Gold Ltd. announced that it had raised Rs 121.5 crore from anchor investors.

The company intends to use Rs 196 crore of the net proceeds from fresh offerings to fund working capital needs and the remainder for general corporate purposes. The Kolkata-based company has 140 showrooms in thirteen states, with 63 percent of them located in West Bengal. It also sells its products on multiple online platforms and exports its jewelry in bulk, primarily to Dubai, Malaysia, and Singapore.

The offer is managed by IIFL Securities, Ambit Private Ltd., and SBI Capital Markets. It is proposed that the company’s equity shares be listed on the BSE and NSE.