September 14, 2023: Delhi-NCR based real estate company Signature Global India (SGL), proposes to open Rs 730 crore initial public offering (IPO) on September 20, 2023.
The offer comprises a fresh issue of equity shares aggregating up to Rs 603 crore and an offer of sale (OFS) of shares worth Rs 127 crore by the International Finance Corporation as the selling shareholder. The offer will close on September 22, 2023.
The price band of the offer has been fixed at Rs 366 to Rs 385 per equity share. Bids can be made for a minimum of 38 equity shares and in multiples of 38 equity shares thereafter.
ICICI Securities, Axis Capital and Kotak Mahindra Capital Company are the Book Running Lead Managers to the offer.
SGL started operations in 2014 through its subsidiary, Signature Builders, with the launch of the Solera project on 6.13 acre land in Gurugram, Haryana. In less than a decade, and as of March 31, 2023, the company has sold 27,965 residential and commercial units, all within the Delhi-NCR region, with an aggregate saleable area of 18.90 million square foot (msf). As per the company’s statement, its sales have grown at a compounded annual growth rate (CAGR) of 42.46%, from Rs 16,902.74 million in fiscal 2021 to Rs 34,305.84 million in fiscal 2023. As of March 31, 2023, it sold 25,089 residential units with an average selling price of Rs 3.60 million per unit.
The company’s investor base includes IFC and HDFC Capital Advisors who participated in multiple rounds of capital raise undertaken by it.
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