Signature Global to float its IPO on Sept 20; All you need to know

20 Sep 2023 , 06:58 AM

Signature Global is a real estate development firm primarily active in the National Capital Region of Delhi, with a strong emphasis on affordable and mid-segment housing. The company is coming up with its initial public offer (IPO). Check all the details of IPO below:

1. IPO Dates: The IPO of Signature Global will open for subscription on September 20, 2023, and close on September 22, 2023. The anchor book opened on September 18, 2023.

2. Price Band: The company has set the price band for its shares at Rs 366-385 per share.

3. IPO Size: The IPO comprises a fresh equity issue of Rs 603 crore and an offer for sale (OFS) segment of Rs 127 crore by the selling shareholder, International Finance Corp.

4. Lot Size and Minimum Investment: The IPO lot size is 38 equity shares, and the minimum investment amount required for retail shareholders is Rs 14,630.

5. Use of Funds: The company plans to utilize the funds raised for various purposes, including repayment or prepayment of certain borrowings, infusing capital into subsidiaries, inorganic growth through land acquisitions, and general corporate purposes.

6. Share Allotment and Listing: The basis of IPO share allotment is expected to be fixed on September 27, with refunds initiated on September 29. Shares are likely to be credited to eligible allottees’ demat accounts on October 3. Signature Global shares are proposed to be listed on both the BSE and NSE on October 4, 2023.

7. Issue Reservation: Up to 75% of the issue size is reserved for qualified institutional buyers (QIBs), up to 60% for anchor investors who could book shares on September 18, 15% for high net-worth individuals, and 10% for retail investors.

8. Financial Performance: As of March 31, 2023, Signature Global had sold 27,965 residential and commercial units, all within the Delhi NCR region, with an aggregate saleable area of 18.90 million square feet. The company’s investor base includes IFC and HDFC Capital Advisors.

9. Merchant Bankers and Registrar: ICICI Securities, Axis Capital, and Kotak Mahindra Capital Company are the merchant bankers to the issue, while Link Intime India is the registrar to the offer.