IFC-backed Signature Global India has set a price band of Rs 366-386 per share for its initial public offering. The company plans to raise Rs 730 crore.
The IPO comprises a fresh issue of shares worth Rs 603 crore and an offer for sale of Rs 127 crore from International Finance Corporation. IFC holds 5.38% stake in the company.
The Delhi-NCR based real estate firm has had reduced its issue size at the time of filing the draft IPO papers from Rs 1,000 crore in July last year.
Signature Global is the largest real estate development company in the NCR region and operates in the affordable and lower mid-segment housing.
The IPO lot size is 38 equity shares and the minimum investment amount required for retail shareholders is Rs 14,630.
The company plans to utilise the net proceeds from the fresh share sale towards repayment of debts, infusion of funds in certain subsidiaries, inorganic growth through land acquisitions and general corporate purposes.
Signature Global shares are proposed to be listed at BSE and NSE on October 4.
The company commenced its operations in 2014 through their subsidiary, Signature Builders Private Limited, with the launch of their Solera project on 6.13 acres of land in Gurugram, Haryana.
They have grown their operations over the years and in less than a decade. As of March 31, 2023, they had sold 27,965 residential and commercial units, all within the Delhi NCR region, with an aggregate saleable area of 18.90 million square feet.
The company develops residential, commercial and retail projects mainly in the northern cities, including Gurugram, Karnal and Ghaziabad.