Senco Gold IPO: What GMP signals ahead of subscription tomorrow?

Senco Gold, a major jewellery retailer in Eastern India, is set to launch its IPO on July 4. The IPO will consist of a combination of fresh shares and an offer for sale. The company’s shares are currently trading at a premium in the unlisted market. The IPO aims to raise Rs 270 crore for working capital and other corporate purposes. The company has a strong financial track record, with sales exceeding Rs 4000 crore in FY23. The IPO is reserved for different categories of investors, with a minimum bid of 47 shares. Book-running lead managers for the IPO include IIFL Securities, Ambit, and SBI Capital Markets.