Jewellery retail major Senco IPO price band at Rs 301-317 per share

Jewellery retail major Senco Gold Ltd has fixed a price band of Rs 301 to Rs 317 for its Rs 405 crore initial public offering (IPO), which will open for public subscription on July 4, the company said on Monday.

The initial share sale will conclude on July 6 and the bidding for anchor investors will open on July 3, according to the Red Herring Prospectus.

The bids have to be made for a minimum of 47 shares of Rs 10 each and multiples thereof.

The Senco IPO comprises a fresh issue of equity shares aggregating up to Rs 270 crore and an offer-for-sale of equity shares to the tune of Rs 135 crore by selling shareholder SAIF Partners India IV Ltd, the RHP said.

At present, SAIF Partners has 19.23 per cent stake in the jewellery retail chain. It will be offloading its stake by 8-9 per cent in this issue, Senco managing director and CEO Suvankar Sen said.

Another PE fund sponsored by the Oman Investment Authority and State Bank of India which has invested Rs 75 crore in the Kolkata-base