Signature Global shares listed at 15.32 % premium over IPO price on bourses amid negative domestic market. The share debuted at Rs 444 on the NSE, as compared to the issue price of Rs 385. The investors have made a profit of Rs 59 per share as the scrip gave more than 15% return to investors on the listing.
“The listing was in line with expectations, given the good response that the IPO received. Signature Global is a leading real estate developer in Delhi-NCR, but it has a history of losses and faces concentration risk and stiff competition from other developers. After this listing, investors should consider booking profit; however, those who want to hold it should maintain a stop loss at 400,” said Shivani Nyati, Head of Wealth, Swastika Investmart.
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Signature Global IPO opened for public subscription on Wednesday, September 20, 2023 and closed on Friday, September 22, 2023. The total size of the Signature Global IPO was up to Rs 730 crore, comprising a fresh issue of shares worth up to Rs 603 crore and an offer for sale (OFS) of up to Rs 127 crore. The price band for its public issue was at Rs 366-385 per equity share of face value Rs 1 each. The IPO was subscribed 12.50 times. The portion for non-institutional investors received a 14.24-time subscription, and the Retail Individual Investors (RIIs) quota was subscribed 7.17 times. The GMP of Signature Global IPO rose 12.99% ahead of its listing.
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Signature Global is the largest real estate development company in the NCR region and operates in affordable and lower mid-segment housing. The company develops residential, commercial and retail projects mainly in the northern cities, including Gurugram, Karnal and Ghaziabad. It commenced its operations in 2014 through its subsidiary, Signature Builders, with the launch of its Solera project on 6.13 acres of land in Gurugram, Haryana.
