Signature Global Shares Make Strong Debut, List at 15% Premium

27 Sep 2023 , 09:59 AM

Signature Global shares made a strong debut on the stock exchanges today, listing at a 15% premium over the issue price. On the NSE, the shares opened at Rs 444, marking a 15.32% premium, while on the BSE, they opened at Rs 445, a 15.58% premium over the issue price of Rs 385.

The public issue of Signature Global was open for subscription from September 20 to September 22. Through the IPO, the real estate developer successfully raised Rs 730 crore. The offering included a fresh issue of shares valued at Rs 603 crore and an offer-for-sale of shares worth Rs 127 crore by the International Finance Corporation.

During the subscription period, the IPO garnered significant investor interest, with an overall subscription rate of 12.5 times.

Signature Global intends to utilize the proceeds from the IPO for various purposes. A portion will be allocated for the repayment or pre-payment, either in full or in part, of certain borrowings. Additionally, funds will be infused into several of its subsidiaries, including Signatureglobal Homes, Signatureglobal Developers, Signatureglobal Business Park, and Sternal Buildcon, for repayment or pre-payment purposes. The remaining funds will be deployed for inorganic growth through land acquisitions and general corporate purposes.