Signature Global to raise Rs 730 crore through IPO
Signature Global Developers Limited (SGDL) has fixed the price band of its initial public offering (IPO) at ₹366-₹385 per share. The offer will open for subscription on September 20, 2023, and will close on September 22, 2023. The IPO consists of a fresh issue of shares worth ₹603 crore and an offer-for-sale (OFS) of shares worth ₹127 crore by the International Finance Corporation (IFC).
The minimum investment for retail investors is ₹13,908 (38 shares x ₹366 per share). The QIB portion has been reserved for qualified institutional buyers (QIBs), which include domestic and foreign institutional investors, mutual funds, and insurance companies. Up to 75% of the issue size has been reserved for QIBs, and up to 60% of this has been reserved for anchor investors. The HNI portion has been reserved for high-net-worth individuals, and the retail portion has been reserved for retail investors.
The proceeds from the IPO will be used to repay debt, fund land acquisition, and for general corporate purposes. The company has a strong track record of delivering projects on time and within budget. It has a diversified portfolio of projects in Delhi-NCR, Bangalore, and Pune. The company is well-positioned to benefit from the growing demand for real estate in India.
Here are some key highlights of the IPO:
- Price band: ₹366-₹385 per share
- Minimum investment for retail investors: ₹13,908
- Issue size: ₹730 crore
- Fresh issue: ₹603 crore
- OFS: ₹127 crore
- QIB allocation: 75%
- Anchor investor allocation: 60% of QIB
- HNI allocation: 15%
- Retail allocation: 10%
- Proceeds from the IPO: Debt repayment, land acquisition, and general corporate purposes
The IPO is expected to be a good opportunity for investors to participate in the growth of the real estate sector in India. However, it is important to do your own research before investing in any IPO.
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