Opinions expressed by Entrepreneur contributors are their own.
You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.
Signature Global, a real estate developer in Delhi-NCR, announced it was opening its initial public offering on September 20.
The subscription will be open with a price band of INR 366 to 385 per Equity Share and will close on September 22. The IPO will consist of a fresh issue of Equity Shares worth INR 730 crore, with the minimum bid of 38 Equity Shares and in multiples of 38 Equity Shares thereafter. Reportedly, the anchor investor bids for the issue will take place on September 18.
The company began its operations in 2014 through its subsidiary- Signature Builders Private Limited and had sold 27,965 residential and commercial units (Delhi- NCR region) as of March 31, 2023.
On Wednesday, it was reported that Signature Global had reduced its IPO size from INR 1000 crore to INR 730 crore amid high borrowing costs. The real estate developer sold properties worth Rs 1,330 crore during Arpil-September 2022.
The INR 730 crore issue will comprise INR 603 crore of fresh equity shares and INR 127 crore of offer-for-sale equity shares by the International Finance Corporation. The issue will have ICICI Securities Limited, Axis Capital Limited and Kotak Mahindra Capital Company Limited as the Book Running Lead Managers.
Signature Global reported a revenue of INR 6,842.22 crore as of September 20, 2022.