Signature Global IPO Day 2: Check live subscription details here

21 Sep 2023 , 11:42 AM

Signature Global’s initial public offering (IPO) opened for subscription on Wednesday and will continue to accept bids until September 22, 2023. As of the end of the first day, the IPO had achieved a subscription rate of 54%. You can access the IPO subscription link here.

By 11:35 AM on the second day of the offering, the subscription rate had reached 0.72 times. Notably, retail investors showed strong interest, with their portion of the IPO receiving bids at 1.44 times the allocation, while non-institutional investors subscribed at 1.73 times. However, the portion designated for qualified institutional investors has not received any subscriptions at this point.

The IPO consists of 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), which currently holds a 5.38 percent stake equivalent to 67.14 lakh shares in the company.

The net proceeds from the fresh issue will be primarily used for debt repayment, including Rs 264 crore of the company’s own debt and Rs 168 crore of its four subsidiaries. The remaining funds will be allocated for strategic growth initiatives, such as land acquisitions and general corporate purposes.