HDFC Capital-backed realty player hires bankers for Rs 1,000-crore IPO

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Housing developer Signature Global (India) Pvt Ltd has hired investment bankers to raise around Rs 1,000 crore through a public listing, according to a Mint report.

Backed by KKR & Co and HDFC Capital, Signature Global has appointed Axis Securities, ICICI Securities and Kotak Mahindra Capital Company to advise on the share sale.

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The existing investors of the Gurugram-based realty firm, including the World Bank’s investment arm International Finance Corporation (IFC), KKR, as well as HDFC Capital, may also pare their holdings through the share sale.

Over the past few years, the property developer has raised funds from IFC, HDFC Capital, ICICI Prudential’s real estate fund and the New York-based private equity giant KKR. In 2019, IFC had proposed to finance an affordable housing project of the company.

In 2017, KKR’s non-bank lending arm invested Rs 200 crore in some projects of Signature Global. In the same year, HDFC Capital invested around Rs 250 crore in some projects. Before these investments, Signature Global had raised Rs 150 crore from ICICI Prudential.

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Set up in 2014, Signature Global has presence in both commercial and residential segments. It develops affordable housing projects across Gurugram, Karnal and Ghaziabad.

So far, the company has launched 28 projects with its latest being the ‘Millennia IV Project’ under the Haryana government’s affordable housing policy. The residential projects include multi-storeyed apartments and the commercial space includes retail.