Jewellery retailer Senco Gold received approval of capital market regulator Securities and Exchange Board of India (Sebi) to float an initial public offer (IPO) worth up to Rs 525 crore. The proposed IPO of Senco Gold comprises fresh issuance of shares worth up to Rs 325 crore, and an offer for sale (OFS) worth up to Rs 200 crore by existing shareholder SAIF Partners India.

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The company had filed its draft prospectus in April.

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The company proposes to utilise Rs 240 crore of net proceeds from the fresh issue portion towards funding its working capital requirements and the remainder towards general corporate purposes.

Kolkata-based Senco Gold has 127 showrooms across the country, 70 of which are operated by it and 57 franchisee spread across 13 states.

Some of its franchisee showrooms are also located in Tier 2 and Tier 3 locations, providing a better reach to the company.

Senco Gold is spread in the Middle East and East Asia markets as well with showrooms in Dubai, Malaysia and Singapore.

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Senco Gold is into the business of selling gold and diamond jewellery along with silver, platinum and other precious metals as well as stones. It also sells products through various online platforms.