IPO-bound Signature Global's sales bookings up 32 per cent to Rs 3,430cr last fiscal yr on better housing demand
Signature Global, which is launching its maiden public issue on Wednesday, has achieved 32 per cent growth in its sales bookings to Rs 3,430.58 crore in the last fiscal year on strong housing demand. The Gurugram-based Signature Global, which focuses on affordable and mid-income housing segment, had clocked Rs 2,590 crore worth of sales bookings in the 2021-22 fiscal.
The company, backed by HDFC Capital and IFC, will hit the capital market on September 20 with its IPO to raise Rs 730 crore.
The offer will close on September 22.
In July last year, Signature Global filed the Draft Red Herring Prospectus (DRHP) with capital markets regulator Sebi to launch its IPO.
The company has fixed the price band at Rs 366-385 per share for its maiden public issue and aims to raise Rs 330 crore from anchor investors. According to the Red Herring Prospectus (RHP) filed recently, the total size of the IPO is up to Rs 730 crore, comprising a fresh issue of shares up to Rs 603 crore and an offer for sale (OFS) of up to Rs 127 crore.
The bulk of the proceeds will be used to reduce debt.
On operational performance, Signature Global's collection from customers rose to Rs 1,920 crore last fiscal from Rs 1,282.14 crore in the previous year.
It launched 6.21 million square feet area during 2022-23 as against 4.21 million square feet in the previous year.
Signature Global delivered 4.01 million square feet area last fiscal, up from 3.03 million square feet in the previous year.
«Our net debt stood at around Rs 1,100 crore at the end of the last fiscal year. We propose to utilise Rs 432 crore for debt reduction,» Signature Global Chairman Pradeep Aggarwal told reporters recently.
The balance fund will be used for inorganic growth through land
