Signature Global (India) Raises Rs 318.5 Crore from Anchor Investors Ahead of IPO

19 Sep 2023 , 10:23 PM

Real estate developer Signature Global (India) successfully secured Rs 318.5 crore through an anchor book on September 18, one day before the commencement of its initial public offering (IPO).

According to the company’s filing with the exchanges, in consultation with merchant bankers, Signature Global (India) has allocated 82,72,700 equity shares to anchor investors at a price of Rs 385 per share.

A total of 19 investors, including global giants like Nomura Trust, Eastspring Investments, Lion Global Investment Funds, Troo Capital, Segantii India Mauritius, Morgan Stanley, BNP Paribas Arbitrage – ODI, Goldman Sachs, and Copthall Mauritius Investments, participated in the anchor book. Additionally, prominent domestic investors such as Kotak Mahindra Trustee, Quant Mutual Fund, Nippon India, Bandhan Mutual Fund, and Max Life Insurance Company also took part in the anchor book.

Signature Global stated, ‘Out of the total allocation of 82,72,700 shares, 24,67,530 shares were allocated to three domestic mutual funds through a total of five schemes.’

The company’s maiden public issue, valued at Rs 730 crore, will open for subscription on September 20, with the final day for bidding set for September 22.

The price band for the offering has been established at Rs 366-385 per share. The IPO comprises a fresh issuance of shares worth Rs 603 crore by the company and an offer-for-sale (OFS) of Rs 127 crore by the International Finance Corporation (IFC).

Signature Global, known for its affordable housing projects in the Delhi NCR region, intends to use the net proceeds from the fresh issue primarily for debt repayment, amounting to Rs 432 crore. The remaining funds will be directed towards inorganic growth, including land acquisitions, and general corporate purposes.