Signatureglobal (India) IPO ends with good subscription

Published on Sep 25, 2023 10:25

The Qualified Institutional Buyers (QIBs) category was subscribed 12.71 times. The Non Institutional Investors (NIIs) category was subscribed 13.54 times. The Retail Individual Investors (RIIs) category was subscribed 6.82 times.

The initial public offer (IPO) of Signatureglobal (India) received bids for 13,36,05,074 shares as against 1,12,43,196 shares on offer. The issue was subscribed 11.88 times.

The issue opened for bidding on 20 September 2023 and it closed on 22 September 2023. The price band of the IPO was fixed at Rs 366-385 per share.

The offer comprised of a fresh issue and an offer for sale (OFS). The fresh issue was of Rs 603 crore out of which Rs 264 crore would be used towards re/pre-payment (in full or part) of certain borrowings availed by the company, Rs 168 crore will be used towards fund infusion in certain subsidiaries of the company for re/pre-payment (in full or part) of certain borrowings availed by the subsidiaries and the balance is towards inorganic growth through land acquisitions and general corporate purposes.

The OFS included sale of equity shares aggregating upto Rs 127 crore by International Finance Corporation (IFC), the investor selling shareholder.

On post-issue expanded equity, the holding of IFC will decline to 2.74% from 5.38% of the pre-issue equity capital.

Gross total debt of the company as of end 31 March 2023, was Rs 1,709.75 crore.

Ahead of the IPO, Signatureglobal (India) on Monday, 18 September 2023 raised Rs 318.49 crore from anchor investors. The board allotted 82.72 lakh shares at Rs 385 each to 19 anchor investors.

Signatureglobal (India) is a real estate development company, primarily focused on affordable and lower mid segment housing (below Rs 80 lakh housing category) in the National Capital Region of Delhi (Delhi NCR) realty market.

The company reported a consolidated net loss of Rs 63.86 crore and net sales of Rs 1,553.57 crore for the twelve months ended on 31 March 2023.