Senco Gold makes a strong D-St debut; stock lists with a premium of 36% at Rs 431

Senco Gold raised Rs 405-crore from primary markets, which was overall subscribed 77.25 times during the three-day bidding process

Shares of Senco Gold made a strong debut on Dalal Street on Friday as the stock was listed at Rs 431 on the BSE, a premium of 36 per cent over its issue price of Rs 317. The stock kicked off its maiden trading session with a premium of 36 per cent at Rs 430 on the National Stock Exchange (NSE).

A day before its listing, shares of Senco Gold were commanding a premium of Rs 125-130 apiece in the grey market, which dropped around Rs 100-105 by the end of session. The grey market premium was around Rs 135-140 apiece on Wednesday and investors are expecting another listing pop at the debut.

Senco Gold, a pan-India jewelry retailer, raised Rs 405-crore from primary markets, which was overall subscribed 77.25 times during the three-day bidding process. The issue was open for subscription between July 4-6 in the price range of Rs 301-317 per share.

The quota reserved for qualified institutional bidders (QIBs) was subscribed a whopping 190.56 times, while the portion for non-institutional bidders (NIIs) was booked 68.44 times. The allocation of retail investors was subscribed 16.28 times during the three-day bidding process.

Incorporated in 1994, Senco Gold is a pan-India jewelry retailer, which sells its products under its brand name ‘Senco Gold & Diamonds’ through its 136 showrooms across 96 cities and towns in 13 states throughout the country. It is the largest organized jewelry retailer in eastern India in terms of number of stores.

Senco Gold majorly sells gold and diamond jewelry along with jewelry made of silver, platinum, precious and semi-precious stones, and other metals. It also offers costume jewelry, gold, and silver coins, and utensils made of silver. The company also manufactures machine-made lightweight gold and diamonds jewelry and source jewelry from third-party vendors.

Courtesy : Business Today