Senco Gold IPO Subscribed A Whopping 73.35 Times On Heavy Participation From Institutional Buyers

The initial public offer (IPO) of jewellery retail player Senco Gold was subscribed a whopping 73.35 times on the last day of subscription on Thursday, driven by heavy demand from institutional buyers.
    
The Rs 405 crore IPO received bids for 69,08,57,089 shares against 94,18,603 shares on offer, according to NSE data.
    
The category for qualified institutional buyers (QIBs) was subscribed 180.94 times. The portion for non-institutional investors received 64.99 times subscription and the quota for Retail Individual Investors (RIIs) got subscribed 15.46 times.
    
The initial public offer had a fresh issue of up to Rs 270 crore and an offer for sale of up to Rs 135 crore.
    
The company's IPO had a price range of Rs 301-317 a share.
    
Senco Gold Ltd on Monday said it has mobilised Rs 121.5 crore from anchor investors.
    
Of the Rs 270 crore, the company proposes to use Rs 196 crore of net proceeds from the fresh issue towards funding working capital requirements and the remaining for general corporate purposes.
    
The Kolkata-based firm has 140 showrooms across 13 states and a total of 63 per cent of them are located in West Bengal. It also sells its products through various online platforms and undertakes wholesale exports of its jewellery, primarily to Dubai, Malaysia and Singapore.
    
IIFL Securities Ltd, Ambit Private Ltd and SBI Capital Markets Ltd were the managers of the offer.
    
The company's equity shares are proposed to be listed on the BSE and NSE.