Senco Gold IPO Day 2: Issue fully subscribed on second day of sale; retail portion booked nearly 2 times so far
₹405-crore Senco Gold IPO has been fully subscribed on Wednesday, the second day of the bidding process as the issue received strong response from retail and non-institutional investors (NII). The initial public offering (IPO) of jewelry brand Senco Gold Ltd was subscribed 1.25 times in total so far as the issue received bids for 1.12 crore shares as compared to 94.18 lakh shares on the offer.
The public issue subscribed 1.98 times in the retail category and 1.23 times in the NII category till 11:20 am on July 5. Qualified Institutional Investors’ (QIB) portion did not receive any subscription yet.
Also Read: PKH Ventures withdraws IPO amid tepid demand Senco Gold IPO opened on Tuesday, July 4, and will remain open for public subscription till July 6. The company plans to mop up ₹405 crore from the public issue.
Out of this, it has already raised ₹121.50 crore from 21 anchor investors ahead of the IPO. The anchor book included marquee investors such as Nippon MF, White Oak, Jupiter asset management, Bandhan MF, 3P India Equity Fund (fund owned by Prashant Jain - 1st IPO investment by the fund), Max Life Insurance, Sundaram MF, Franklin Templeton MF.
The company fixed the price band at ₹301 to ₹317 per equity share for the IPO that comprises a fresh issuance of shares worth ₹270 crore and an offer-for-sale (OFS) of equity shares worth ₹135 crore by investor SAIF Partners India IV. Also Read: Ideaforge Technology IPO share allotment today: Here’s how to check it online Most analysts have recommended subscribing to the issues given its strong brand name, better financial performance and being well placed to benefit from the expected growth rate in the jewellery industry and also a likely beneficiary from structural shift
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