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regular-article-logo Sunday, 16 June 2024

Senco Gold to expand in northern India

A part of IPO proceeds would be utilised to open new stores across the country but our focus would be North: Suvankar Sen

PTI Calcutta Published 18.10.22, 01:49 AM
Senco showroom in Delhi.

Senco showroom in Delhi. File picture

Senco Gold Ltd, a dominant jewellery retail player in Calcutta, is planning to step up its presence in northern India, MD & CEO Suvankar Sen said. At present, the IPO-bound company has 127 showrooms across the country, of which Bengal accounts for 63 per cent.

The company sells its products under the “Senco Gold & Diamonds” trademark through multiple channels, including 70 company-operated showrooms and 57 franchisee showrooms.

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“A part of the IPO proceeds would be utilised to open new stores across the country but our focus would be North India,” Sen said.

The company has 20 showrooms in North India, spread across, Delhi-NCR, Chandigarh, Haryana and Uttar Pradesh.

In addition, the company is aiming to increase its presence in the digital space through its online platforms as well as through online marketplaces.

The company filed its preliminary papers with capital markets regulator Sebi in April this year to raise Rs 525 crore through an IPO.

It has already received Sebi’s go-ahead to float the initial share-sale. The IPO comprises fresh issue of equity shares aggregating up to Rs 325 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs 200 crore by selling shareholder — SAIF Partners India IV.

The company proposes to use Rs 240 crore of net proceeds from the fresh issue towards funding working capital requirements and the remaining for general corporate purposes.

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