Realty developer Signature Global to raise Rs 730 crore through its initial public offering
Signature Global has proposed to raise Rs 730 crore through its initial public offering which will open on September 20.The company had filed the draft red herring prospectus with capital markets regulator SEBI in July last year.
Price band for Signature Global (India) Limited is fixed at Rs 366 to Rs 385 per equity share of face value of Rs 1 each and the offer will close on Friday, September 22, 2023.
Bids can be made for a minimum of 38 equity shares and in multiples of 38 equity shares thereafter.
ICICI Securities Limited, Axis Capital Limited and Kotak Mahindra Capital Company Limited are the book running lead managers to the offer.
Signature Global (India) Ltd. started operations in 2014 through its subsidiary, Signature Builders Private Limited, with the launch of Solera project on 6.13 acres of land in Gurugram, Haryana.
As of March 31, 2023, it had sold 27,965 residential and commercial units, all within the Delhi NCR region, with an aggregate saleable area of 18.90 million square feet.
The company's investor base includes IFC and HDFC Capital Advisors who participated in multiple rounds of capital raise undertaken by the Company.
According to the red herring prospectus, which was filed on Tuesday, the total size of the IPO is up to Rs 730 crore, comprising fresh issue of shares up to Rs 603 crore and offer for sale of up to Rs 127 crore.
The company said it plans to utilise Rs 264 crore for repayment or prepayment of certain borrowings, in full or in part.
