On the first day of bidding, Signature Global India’s public issue garnered a respectable response from investors, contrasting favorably with Sai Silks (Kalamandir), which witnessed only a 7% subscription. Both of these public offerings opened on September 20, despite representing different industries. Click here to subscribe the IPO.
The initial public offering of Signature Global India received a subscription rate of 54%, with bids placed for 60.4 lakh equity shares against an IPO size of 1.12 crore equity shares, based on the subscription data available from the exchanges.
Retail investors displayed strong interest, acquiring 89% of the allotted quota, which accounts for 10% of the total offer size. In contrast, high-net-worth individuals (non-institutional investors) exhibited enthusiasm on the debut day, subscribing at 1.42 times the reserved portion, which represents 15% of the IPO size.
Qualified institutional investors (QIB) subscribed to only 0.1% of the shares allocated for them.
Signature Global India aims to raise Rs 730 crore through the public issue, with the upper end of the price band set at Rs 366-385 per share. The offering includes a fresh issue of shares valued at Rs 603 crore and an offer-for-sale of 32.98 lakh shares worth Rs 127 crore by the International Finance Corporation (IFC). Notably, IFC holds a 5.38% stake, equivalent to 67.14 lakh shares, in the company.
The company plans to utilize the net fresh issue proceeds for various purposes, including repaying its own debt of Rs 264 crore and settling debts of its four subsidiaries amounting to Rs 168 crore. The remaining funds will be allocated for inorganic growth opportunities through land acquisitions and general corporate purposes.
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