Signature Global sets price band at Rs 366-385 for Rs 730 crore IPO

Signature Global has set the range of Rs 366-385 per share for its Rs 730 crore IPO. The subscription period will begin on September 20, 2023, and terminate on September 22, 2023. The offer from the real estate developer consists of a fresh issuance of shares worth Rs 603 crore from the company and an offer-for-sale of Rs 127 crore from the International Finance Corporation (IFC).

Investors are permitted to offer for a minimum of 38 shares and multiples of 38 thereafter.  Therefore, the minimal investment required by retail investors is Rs 13,908 (38 (lot size) x 366 (lower price band)). At its highest point, the offer amount will reach Rs 14,630.

Up to 75 percent of the issue size has been reserved for qualified institutional buyers (QIB), and up to 60 percent has been allocated for anchor investors, who can book shares on September 18. The remaining 15 percent of the issue is designated for high-net-worth individuals, while the remaining 10 percent is allocated to retail investors.

Signature Global is owned by its promoters to the extent of 78.36%, with the remaining 21.64% held by public shareholders including IFC, HCAR, DKL Broking & Infra LLP, and Credible Nivesh. The issue's merchant financiers are ICICI Securities, Axis Capital, and Kotak Mahindra Capital Company, while Link Intime India is the offer's registrar.

The company's consolidated net loss narrowed to Rs 63.7 crore in the year ended March FY23, from Rs 115.5 crore in FY22. Nevertheless, consolidated revenue from operations remained robust at Rs 1,553,6 crore, a significant increase from Rs 901,3 crore in the prior-year period.

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The proceeds will be used to repay debts totaling Rs 432 crore, while the remainder will be used for inorganic growth via land acquisitions and general corporate purposes.

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