Senco Gold IPO Day 3: Issue subscribed over 18 times so far on last day; QIB portion booked 21x

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Also Read: Senco Gold IPO Analysis: As pubic issue sails through, here are some interesting facts about the company The ₹405-crore Senco Gold IPO opened on Tuesday, July 4, and will remain open for public subscription till July 6. The company already raised ₹121.50 crore from 21 anchor investors ahead of the IPO.

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. 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 from un-organised to organised sector.

Also Read: Cyient DLM IPO: Share allotment announced. What GMP (grey market premium) signals Geojit Financial Services believes improving economic growth, rising urbanisation, increasing disposable income levels, and mandatory hallmarking are positive for the organized players in the sector.  “A strong brand name and a legacy of over five decades, strong company-operated showrooms, and an established asset-light ‘franchise’ model are expected to benefit SGL.

Therefore, we assign a "Subscribe" rating for the issue on a medium- to long-term basis," it said.   Disclaimer: The views and recommendations given in this article are those of individual analysts and brokerage firms.

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