Signature Global India shares had a healthy debut, closing with little more than 19 percent gains on September 27, partly supported by the market and good IPO subscription numbers.
The stock opened at Rs 444 on the NSE, a 15.3 percent premium over the issue price of Rs 385, which was largely on expected lines.
The stock stayed above its opening price throughout the session and hit a day's high of Rs 474, before closing the first session at Rs 458.55, up 19.1 percent with a volume of 1.4 crore shares on the NSE, while on the BSE, it settled at Rs 458.40, up 19.06 percent with a volume of 4.08 lakh shares.
"The listing was in line with expectations, given the good response that the IPO received," Shivani Nyati, head of wealth at Swastika Investmart said.
Signature Global is a leading real estate developer in Delhi-NCR, but it has a history of losses and faces concentration risk and stiff competition from other developers, she said.
Also read: Signature Global | Should investors hold, sell or buy more?
The affordable housing company raised Rs 730 crore via an initial public offering last week. The price band for the offer was Rs 366-385 per share.
The company has focused on the affordable housing (AH) segment and the middle-income housing segment through GoI and state government policies. It has been involved in developing projects specifically the Affordable Housing Policy, Government of Haryana (AHP) and the Affordable Plotted Housing Policy or the Deen Dayal Jan Awas Yojana (DDJAY -APHP).
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