Key Points
NEW DELHI: The Rs 405 crore-initial public offer (IPO) of Senco Gold, a prominent jewellery player, got fully subscribed on day two of the bidding process on Wednesday..
The issue has attracted bids for 1,11,32,702 shares or 1.18 times so far on Day 2 as against the issue size of 94,18,603 shares..
The company is offering its shares in the price range of Rs 301-317, and investors can bid a minimum of 47 shares in one lot.. Ahead of the IPO, the company raised Rs 121 crore in the anchor round, which saw the participation of marquee investors, including Nippon MF, White Oak, Jupiter asset management, Bandhan MF, and 3P India Equity Fund, among others. 3P India Equity Fund is owned by Prashant Jain...
"At the upper price band company is valuing at a P/E of 16x with a market cap of Rs 24,605 million post issue of equity shares and return on net worth of 18.9%..
We believe that issue is fairly priced and recommend 'Subscribe Long Term' rating to the IPO," brokerage firm Anand Rathi said.. Senco Gold boasts an extensive retail network of 136 showrooms (75 company-owned and 61 franchised), with store networks in 13 states/UTs across 96 cities..
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