Signature Global IPO may come by end of December

5 Dec 2022 , 11:17 AM

Signature Global Ltd., a real estate developer that primarily focuses on affordable housing, is expected to undertake its initial public offering (IPO) by the end of this month to raise Rs1,000 crore.

The capital markets watchdog Sebi approved Signature Global (India) Ltd.’s IPO on November 24.

The draft red herring prospectus (DRHP) for Signature Global’s first public offering was submitted to Sebi in July.

The company plans to file an amended DRHP soon and to enter the capital markets with an IPO by the end of this month.

According to the DRHP, the public offering would consist of a fresh issue of equity shares worth up to Rs750 crore and an offer-for-sale (OFS) worth up to Rs250 crore.

Sarvpriya Securities and International Finance Corporation, the company’s promoters, will offer equity shares worth up to Rs 125 crore each.

Signature Global intends to use the net proceeds of the new issuance to pay down debt, expand organically through land purchases, and for other company reasons.