Signature Global IPO Subscribed 54% on Day 1, Much Better Than Sai Silks
The initial public offering (IPO) of Signature Global India received a decent response from investors on the first day of bidding, subscribed 54% with bids for 60.4 lakh equity shares against an IPO size of 1.12 crore equity shares. This was much better than the IPO of Sai Silks (Kalamandir), which witnessed a subscription of only 7%.
Retail investors bought 89% of the allotted quota, while high networth individuals (non-institutional investors) subscribed 1.42 times the reserved portion. Qualified institutional investors (QIBs) bid for 0.1% of the shares set aside for them.
The Delhi NCR-based real estate developer had raised Rs 318 crore from anchor investors on September 18, a day before the issue opening. The company aims to raise Rs 730 crore through the public issue at the upper end of the price band of Rs 366-385 per share.
Signature Global India plans to use the proceeds from the IPO to repay debt, make land acquisitions, and for general corporate purposes. The company has sold 27,965 residential and commercial units since 2014, all within the Delhi NCR region. Its sales grew at a CAGR of 42.46% during FY21-FY23, to Rs 3,430.58 crore in FY23.
Overall, the IPO of Signature Global India received a decent response from investors on the first day of bidding, much better than the IPO of Sai Silks. The company has a strong track record and plans to use the IPO proceeds for growth initiatives.
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