Upcoming IPO: According to the draft Red Herring Prospectus (DRHP) filed on Tuesday, fresh shares worth Rs 750 crore will be issued under this IPO of Signature Global.
Signature Global IPO: Realty firm Signature Global (India) Limited is going to bring its IPO. The company has filed a draft paper with the market regulator SEBI for this. The company intends to raise Rs 1,000 crore through this IPO. According to the draft red herring prospectus (DRHP) filed on Tuesday, fresh shares worth Rs 750 crore will be issued under this IPO. At the same time, shares up to Rs 250 crore will be sold under Offer for Sale (OFS).
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Fund will be used here
As a part of the OFS, the promoter will sell equity shares of up to Rs 125 crore each in Popular Securities and Investor International Finance Corporation. The proceeds from this IPO will be used for debt repayment, for inorganic growth through land acquisition and for general corporate purposes. In addition, the funds are also to be used to pay off debts of subsidiary companies- Signature Global Homes, Signature Infrabuild, SignatureGlobal Developers and Sternal Buildcon. Kotak Mahindra Capital Company, ICICI Securities and Axis Capital is the book-running lead manager of the issue.
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Know about the company
Gurugram-based property developer Signature Global is focusing on the affordable and mid housing segment with a market share of 19 per cent. As of March 2022, Signature Global had sold 23,453 residential and commercial units within the Delhi-NCR region, of which 21.478 are residential units with an average selling price of Rs 28.1 lakh per unit. The company’s sales have grown at a CAGR of 142.47 per cent from Rs 440.57 crore in FY 2021 to Rs 2,590.22 crore in FY 2022.
(Input-PTI)
