Real estate company Signature Global and ethnic apparel retailer Sai Silks Kalamandir are set to debut on the bourses in the T+3 timeline on September 27.
Since the start of September, several companies have preferred to go for listing in the new T+3 timeline (issue closing date + three working days) instead of T+6, though it is voluntary to list in the new timeline till November 30 this year.
The Securities and Exchange Board of India (SEBI) in June announced that companies launching IPOs since September 1 can voluntarily list in the T+3 timeline, while it will be mandatory for IPOs launching after December 1 this year.
Ratnaveer Precision Engineering, Samhi Hotels, and Zaggle Prepaid Ocean Services listed their shares in the new timeline in the recent past, while only RR Kabel went for the T+2 timeline, becoming the first to use it.
Signature Global
Delhi NCR-based Signature Global (India) closed the Rs 730-crore initial public offering on September 22, with 11.88 times subscription. The issue was opened on September 20.
All the investors provided good support to the issue with retail investors buying 6.82 times, high networth individuals 13.54 times, and qualified institutional buyers (QIB) 12.71 times the allotted quota.
Its offer comprised a fresh issue of Rs 603 crore worth of shares and an offer-for-sale of Rs 127 crore by the International Finance Corporation. The price band for the offer was Rs 366-385 a share.
The affordable housing company with operations only in the National Capital Region will repay its and subsidiaries' debt of Rs 432 crore from the fresh issue proceeds. As of June 30, the company had a debt of Rs 495.26 crore, while the borrowings by four subsidiaries stood at Rs 123.86 crore.
The remaining fresh issue funds will be used for land acquisitions and general corporate purposes.
Sai Silks Kalamandir
Sai Silks (Kalamandir) had received a decent response to its IPO from investors as the offer was subscribed 4.4 times during September 20-22.
Qualified institutional buyers and high networth individuals had bought 12.35 times and 2.47 times the allotted quota, while the reserved portion of retail investors was subscribed 88 times.
The Nagakanaka Durga Prasad Chalavadi-founded company raised Rs 1,201 crore through its public issue which consisted of a fresh issuance of shares worth Rs 600 crore and an offer-for-sale (OFS) of shares worth Rs 601 crore by promoters.
The Andhra Pradesh-based company offering various types of ultra-premium and premium sarees through its 54 stores network will utilise fresh issue proceeds mainly for the setting up of 30 new stores, two warehouses, working capital requirements and repaying debts.
The price band for the offer was Rs 210-222 per share.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
