Senco Gold, a renowned jewellery retailer, witnessed a staggering 73 times oversubscription for its initial public offering (IPO). The IPO, valued at Rs 405 crore, received bids exceeding Rs 20,000 crore. The institutional investor segment was subscribed 181 times, while the retail category saw demand 15 times higher than the available shares.

The two sub-categories designated for high net worth individuals (HNIs) also experienced substantial oversubscription. In contrast, another company, PKH Ventures, had to withdraw its share sale earlier this week due to insufficient demand. However, Senco, along with Ideaforge and Cyient DLM, attracted frenzied bidding.

Out of the total IPO, Senco issued new shares worth Rs 270 crore, while the rest constituted a secondary share sale. The company, led by fourth-generation entrepreneurs, holds the position of the largest organized jewellery retail player in the eastern region of India in terms of store count. As of March 2023, Senco operated 75 company showrooms and 61 franchisee showrooms.

In the fiscal year 2022-2023, Senco Gold recorded a net profit of Rs 159 crore on revenues amounting to Rs 4,077 crore. The IPO was priced between Rs 301 and Rs 317 per share, valuing Senco at Rs 2,462 crore on a post-dilution basis when considering the top-end of the price range.