Senco Gold IPO: Senco Gold shares listed at 35.9% premium over IPO price on NSE and BSE amid positive domestic market. The share debuted at Rs 431 on the BSE, as compared to the issue price of Rs 317. The scrip touched a high of Rs 441.85. A positive listing was expected as ahead of the market debut, Senco Gold shares were trading at a premium of Rs 103 in the grey market.
Senco Gold IPO subscription data
Senco Gold IPO opened for subscription on 4 July and the issue was fully subscribed 77.25 times on the last day of subscription, helped by overwhelming participation from institutional buyers. The Qualified Institutional Buyers (QIBs) category was subscribed 190.56 times, the portion for non-institutional investors received 68.44 times subscription and Retail Individual Investors (RIIs) quota got oversubscribed by 16.28 times.
“Following the stellar listing of IdeaForge and Cyient DLM and post listing performance, Senco Gold is also in the edge of similar listing performance on Friday. While considering undertone bullish sentiments on Dalal Street along with stronger response given by investors, we are expecting a healthy 35-40% listing gain on the back of leading position in Eastern India market and reasonably discounted ask valuations which is leaving something on the table for new investors when compared to its peers. However, we also see few risks in highly competitive sectors, fragmented and regulated businesses. Hence considering historic industry trends and economic rationales in the segment of Gold and Diamond Jewellery business, we recommend allotted investors to book profits if we get listing gains over and above 40%,” said Prashanth Tapse, Senior VP (Research), Mehta Equities ahead of the listing.
About Senco Gold
Incorporated in 1994, Senco Gold is a pan-India jewelry retailer. The products are sold under its brand name “Senco Gold & Diamonds”. Senco Gold primarily sells gold and diamond jewelry along with jewelry made of silver, platinum, precious and semi-precious stones, and other metals. The company also offers costume jewelry, gold, and silver coins, and utensils made of silver.