Signature Global makes a strong Dalal Street debut; shares list at a premium of 15% at Rs 445

Shares of Signature Global made a strong debut at Dalal Street on Wednesday. The real-estate player was listed at the bourses at Rs 445, with a premium of 16 per cent, over its issue price of Rs 385 per shares on BSE. It was listed at a premium of 15 per cent at Rs 444 on the National Stock Exchange (NSE).

Ahead of its listing, shares of Signature Global were commanding a premium of Rs 50 per share in the grey market, suggesting a mild listing pop to the investors. However, its premium in the unofficial market has improved over the period from Rs 35-40 during the bidding days of the issue.

Signature Global, trimmed its IPO size from earlier plans of Rs 1,000 crore and raised Rs 730 crore from its initial stake sale. The company sold its shares in the range of Rs 366-385 apiece and investors could make a bid for a minimum of 38 equity shares. The issue could be bid between September 20-22.

The issue of Signature Global was overall subscribed 12.50 times. The quota for qualified institutional bidders (QIBs) was subscribed 13.37 times, while the portion for non-institutional investors (NIIs) fetched 14.24 times bidding. The allocation reserved for retail investors was booked more than 7 times.

Signature Global is among the largest real estate players in the Delhi-NCR, majorly catering to the cities like Ghaziabad, Gurugram and Karnal, mostly in affordable and lower mid-segment housing. The company has sold 27,965 residential and commercial units.

ICICI Securities, Kotak Mahindra Capital Company and Axis Capital were the managers to the issue, while Link Intime India was the registrar for this IPO. Signature Global raised Rs 318.5 crore from 19 anchor investors.

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