IPO tracker: Sai Silks issue subscribed 81% so far on Day 3; Signature Global's booked 3.45x
Signature Global
The initial public offer (IPO) of Signature Global, which was fully subscribed on the second day, picked up pace on the last day of the bidding process.
Overall, the issue was subscribed 3.19x so far on Day 3, led by strong NII (6.2x) and retail (4.35x) interest. The category reserved for qualified institutional buyers was booked 1.38 times.
The IPO comprises a fresh equity issue of Rs 603 crore and an offer for sale (OFS) segment of Rs 127 crore by selling shareholder International Finance Corp.
The IPO is priced in the range of Rs 366-385 per share.
Net proceeds from the IPO will be used to repay debt, infusion of funds into its subsidiaries, to pursue inorganic growth through land acquisitions and other general corporate purposes.
Signature Global is the largest real estate development company in the national capital region of Delhi in affordable and lower mid-segment housing in terms of units supplied between 2020 and the three months ended March 31, 2023, with a market share of 19%.
Sai Silks (Kalamandir)
The IPO of Sai Silks (Kalamandir) continues to receive a muted response from investors as the issue is yet to reach full subscription. The offer was subscribed 81% so far on the third day.
While the QIB category (1.54x) was fully booked, NII (86%) and retail (40%) parts lagged.
The Rs 1,201 crore-issue, which is being offered at Rs 210-222 apiece, comprises fresh equity of Rs 600 crore and an OFS of 2.7 crore.
Sail Silks is amongst the top 10 retailers of ethnic apparel, particularly sarees, in south India in terms of revenues and profit after tax in FY22.
Vaibhav Jewellers
Vaibhav Jewellers' public offer opened for subscription earlier today and is yet to take off.
