Real estate company Signature Global’s stock settles with 18% listing gains
- The stock listed at ₹444 as compared to its IPO price of ₹385 per equity share.
- The market cap of the company is at ₹6,856 crore, according to Bombay Stock Exchange.
- It plans to use its net proceeds to pay loans and to infuse money into its subsidiaries.
Signature Global’s stock debuted on the bourses at a 15% premium, ahead of grey market’s expectations. The stock listed at ₹444 as compared to its IPO price of ₹385 per equity share.
It gained over the session, to settle at 18% listing gains.
The grey market is expecting listing gains to the tune of 10%. The market cap of the company is at ₹6,856 crore, according to Bombay Stock Exchange.
The initial public offer (IPO) of Signature Global was subscribed 11 times. The issue did not receive any bids from qualified institutional buyers (QIBs) with tepid response from non-institutional investors.
The company has fixed the price band at ₹366 to ₹385 per equity share for its maiden public offer which closed on September 22.
The public issue of shares that have a face value of ₹1 comprises fresh issuance of equity shares worth ₹730 crore and an Offer for Sale (OFS) of shares worth ₹127 crore.
Here are the listing gains of the market debuts in the last few months
|R R Kabel||15.6%|
|Jupiter Life Line Hospitals||46%|
|Ratnaveer Precision Engineering||37%|
|Vishnu Prakash R Punglia||47%|
|TVS Supply Chain||5%|
Signature Global started operations in 2014 through its subsidiary Signature Builders with the launch of 'Solera' project on 6.13 acres of land in Gurugram, Haryana. It plans to use its net proceeds to pay loans and to infuse money into its subsidiaries.
As of March 31, 2023, it 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's sales (net of cancellation) have grown at a compounded annual growth rate (CAGR) of 42.46%, from 1,690.27 crore in fiscal 2021, to 3,430 crore in fiscal 2023.
As of March 31, 2023, it had sold 25,089 residential units with an average selling price of 36 lakh per unit.
Popular on BI
- An American tourist in Seoul said he sprayed graffiti in 155 places to raise awareness about teeth grinding
- X could lose $75 million in ad revenue after a litany of controversies from Elon Musk, including his endorsement of antisemitic comments, report says
- The S&P 500 will trade near its all-time high before a recession drags it down again in a topsy-turvy 2024, Société Générale says
- White collar roles more at threat from AI
- Market cap of BSE-listed firms hits record high of Rs 331 lakh crore; just shy of entering $4-trillion club
- 10 Best honeymoon places near Delhi
- Samsung launches new smartphone with 50 MP camera in India
- Unveiling the sweet side of corn: 7 mouthwatering recipes