Signature Global gets 318.5 crore from anchor investors ahead of its IPO!
Signature Global got a huge sum of money from anchor investors – almost 730 crore! The IPO committee finalized the allotment of 82.72 million shares to 19 investors on Monday (18 September 2023) at an all-in price of 385 rupees per share. The funds were allocated to 3 domestic mutual funds through 5 different schemes, with the total amount allocated to these funds being 94.9 crores. The domestic anchor investors were Goldman Sachs (2), Eastspring Investments (1), Morgan Stanley (2), Nomura Trust (3), Lion Global Investment Fund (4), BNP PARIBAS Arbitrage (ODI) (5), and COPTHALL Mauritius Investments (6).
The real estate company is hoping to raise around Rs. 730 crore in its IPO on September 20. It’s set the price between Rs. 363 and 385 per share. It’s backed by IFCO and plans to raise 603 crore in a fresh issue and 127 crore in an Off-Overseer Securities (OST). Last July, it scaled down its IPO from 1,000 to 500 crore rupees. According to the Debt Restructuring Plan, the company’s promoter group had planned to sell 125 crore shares but later dropped the plan.
The promoters of Signature Global control almost all the company’s shares – 78.36%. The remaining 21.64% are owned by public shareholders like IFC and HDFC Capital. The World Bank Group investment arm, IFC, has 5.38% and HDFC Capital has 3.5%. The Signature Global IPO will close on September 22 and the shares will be launched on October 4. Bidders will be credited with their shares on October 3.
The company has set a minimum investment amount of 14,630 rupees for the IPO lot size of 38 equity shares, and the multiples after that. It has reserved up to 75%, 15%, and 10% of the offer for QIBs, NIIs, and regular investors respectively. The money raised from the sale of the new shares is expected to be used to pay off debts, expand non-core activities like land, and for other corporate purposes. The company had a net loss for the last fiscal year, with revenue from operations amounting to 1.553.3 crore. It had a net loss in the previous fiscal year of 115.7 crore.
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