Signature Global IPO: 10 things to know before subscribing to Rs 730-crore issue

Signature Global's IPO opened for subscription today i.e. September 20, 2023, and will end on September 22, 2023.

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Signature Global’s (India) Rs 730-crore IPO opened for subscription on September 20. Ahead of the IPO, the company raised Rs 318.5 crore from 19 anchor investors. The offer comprises fresh issuance of shares worth Rs 603 crore and an offer-for-sale (OFS) of Rs 127 crore by the International Finance Corporation (IFC).

Here are 10 key things to know before subscribing to the offer:

1) IPO Dates

The IPO opened for subscription today i.e. September 20, 2023, and will end on September 22, 2023.

2) Price Band

The price band for the issue has been fixed at Rs 366-385.

3) Offer Details

Signature Global (India) plans to raise Rs 703 crore via IPO. Ahead of the IPO, the company has raised Rs 318.5 crore from 19 anchor investors. Nomura Trust, Eastspring Investments, Lion Global Investment Funds, Troo Capital, Segantii India Mauritius, Morgan Stanley, BNP Paribas Arbitrage - ODI, Goldman Sachs, Copthall Mauritius, Kotak Mahindra Trustee, Quant Mutual Fund, Nippon India, Bandhan Mutual Fund and Max Life Insurance Company participated in the anchor book.

4) Objectives of Issue

The company will use the proceeds for the re-payment or pre-payment, in full or in part, of certain borrowings and will infuse funds in certain of its subsidiaries, namely Signatureglobal Homes, Signatureglobal Developers, Signatureglobal Business Park and Sternal Buildcon for re-payment or pre-payment. The remaining funds will be utilized for inorganic growth through land acquisitions and general corporate purposes.

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5) Lot Size

Investors can bid for a minimum of 38 equity shares and multiples of 38 after that. Hence the minimum investment by retail investors would be Rs 13,908 (38 (Lot size) x 366 (lower price band)). At the upper end, the bidding amount will increase to Rs 14,630.

6) Company Profile

SignatureGlobal (India) is the largest real estate development company in the Delhi NCR region in affordable and lower mid-segment housing between 2020 and the three months that ended March 31, 2023, with a market share of 19 percent.

7) Financials

The company’s net loss narrowed to Rs 63.7 crore in FY23 from Rs 115.5 crore in FY22. Total income jumped to Rs 1,585.88 crore in the year ended March 2023 from Rs 939.6 crore in the year-ago period.

8) Merchant Bankers

Book-running lead managers for the issue are ICICI Securities, Axis Capital and Kotak Mahindra Capital Company. The registrar for the issue is Link Intime India Private Limited.

9) Key Risks

“SGL has incurred net loss and negative Net Worth in the past, and it may not be able to achieve or maintain profitability in the future. Business and profitability are significantly dependent on the performance of the real estate market in the Delhi- NCR region, generally, and particularly in Gurugram and Sohna micro-markets in Haryana. Fluctuations in market conditions may affect SGL’s ability to sell its projects at expected prices, which may adversely affect revenues and earnings,” according to HDFC Securities.

10) Listing Date

Signature Global’s shares will be listed on both NSE and BSE. The stock is expected to list on Wednesday, October 4, 2023. However, no official announcement has been made till now.