Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Extended Sale! Save on premium data with Claim 60% OFF
Signature Global raises $43 million ahead of IPO, set to list on BSE and NSE
Editor
Published Sep 19, 2023 04:46AM ET
© Reuters.
Signature Global, an Indian real estate company, successfully raised INR 318.5 crore ($43 million) from 19 anchor investors, including Goldman Sachs and Morgan Stanley, on Tuesday. This significant investment comes just before the company's public issue, which aims to raise INR 730 crore ($98 million).
The Gurugram-based firm has allocated 82,72,700 equity shares to the anchor investors at a price of INR 385 per share. Among these investors, three domestic mutual funds received nearly a third of the total allocation through five schemes, totaling INR 94.9 crore ($13 million). These funds include Kotak Mahindra Trustee, Quant Mutual Fund - Multi Asset Fund and Dynamic Asset Allocation Fund, and Bandhan Core Equity.
The company's initial public offering (IPO) is scheduled to open on September 20 and will close on September 22. Signature Global has set the price band for its IPO at INR 366-385 per share. The shares are planned to be listed on the BSE and NSE stock exchanges by October 4.
The IPO comprises a fresh issue of equity shares worth INR 603 crore ($81 million) and an offer for sale (OFS) of shares amounting to INR 127 crore ($17 million). This is a reduction from the originally planned IPO size of INR 1,000 crore ($134 million), as stated in the draft red herring prospectus filed with SEBI in July last year.
Currently, Signature Global's promoters hold a majority stake of 78.36%, with the remaining shares held by public shareholders. Notably, the International Finance Corporation (IFC), an investment arm of the World Bank Group, owns a 5.38% stake in the company.
The proceeds from the IPO will be used for debt repayment, inorganic growth through land acquisitions, and other general corporate purposes. The minimum investment amount for the application has been set at INR 14,630.
In terms of financial performance, Signature Global posted a net loss of INR 63.7 crore ($8.5 million) for the fiscal year ending March 31, 2023. This was an improvement from the previous financial year when the company registered a loss of INR 115.5 crore ($15.5 million). The company's consolidated revenue from operations stood at INR 1,553.6 crore ($209 million) for the fiscal year ending March 31, 2023.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.