Signature Global IPO Opens With Strong Demand, Subscribed 17% on Day 1 So Far

20 Sep 2023 , 12:38 PM

Signature Global Limited has commenced its initial public offering (IPO) today, with the public issue open for bidding until September 22, 2023. The IPO price band for Signature Global has been set at Rs 366 to Rs 385 per equity share, aiming to raise Rs 730 crore from this public offer. Click here to subscribe the IPO.

Subscriptions for the IPO have already reached 17% by 12.24 PM on the first day, with bids for 19,08,436 shares out of the 1,12,43,196 shares available. Both retail and non-institutional investors have shown strong interest, with each segment subscribing 38%. The Qualified Institutional Buyers portion is yet to receive any subscriptions.

Currently, the promoter group holds a 78.35% stake in the company, which will reduce to approximately 69-70% after listing.

In the IPO, the International Finance Corporation is selling a partial stake through an Offer for Sale (OFS). Currently, IFC holds a 5.38% stake in Signature Global.

On the operational side, Signature Global has recorded a 32% growth in sales bookings, amounting to Rs 3,430.58 crore, during the last fiscal year due to robust demand in the affordable and mid-income housing segment. In the preceding fiscal year, the company had achieved sales bookings worth Rs 2,590 crore.