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Signature Global launches Rs 730 crore IPO for debt reduction and expansion
Real estate firm Signature Global has officially launched its initial public offering (IPO) today, Wednesday, aiming to raise Rs 730 crore (approx. $87.7 million). The IPO, set to close on Friday, has a price band of Rs 366-385 per share. The total size of the IPO includes a fresh issue of shares valued at up to Rs 603 crore and an offer for sale (OFS) of up to Rs 127 crore.
The Delhi-NCR-based company has already secured Rs 318.5 crore from anchor investors, including Nomura, Kotak Mahindra Trustee Co Ltd, Quant Mutual Fund, and others. These investors subscribed to 82,72,700 equity shares at Rs 385 per share.
Signature Global, which specializes in affordable and mid-income housing, had filed the draft red herring prospectus (DRHP) with SEBI in July 2022 to initiate its IPO. The company is backed by HDFC Capital and the International Finance Corporation (IFC), which is also partially selling its shares through the OFS.
According to the red herring prospectus (RHP), the primary use of the IPO proceeds will be for debt reduction. Chairman Pradeep Aggarwal stated that the company's net debt was approximately Rs 1,100 crore at the end of the last fiscal year. They plan to utilise Rs 432 crore from the IPO proceeds to reduce this debt. The remaining funds will be allocated for inorganic growth through land acquisitions and general corporate purposes.
Currently, the promoter group holds a 78.35% stake in the company, which will decrease to around 69-70% post-listing. IFC currently holds a 5.38% stake in the company.
In terms of operations, Signature Global launched 6.21 million square feet of area during 2022-23, up from 4.21 million square feet in the previous year. The company's total income increased to Rs 1,585.87 crore last fiscal year from Rs 939.60 crore a year ago. The net loss also narrowed to Rs 63.71 crore in 2022-23 from Rs 115.5 crore in 2021-22.
Since commencing operations in 2014, Signature Global has sold 27,965 residential and commercial units, all within the Delhi NCR (NYSE:NCR) region, with an aggregate saleable area of 18.90 million square feet.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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