Signatureglobal is into Real Estate-Construction and is looking raise funds through Initial Public Offer comprising of a Fresh Issue aggregating up to Rs. 603 crores and an Offer for Sale up to Rs. 127 crores
Signatureglobal IPO is a public offering of shares by Pradeep Kumar Aggarwal, Lalit Kumar Aggarwal, Ravi Aggarwal, Devender Aggarwal, Pradeep Kumar Aggarwal HUF Lalit Kumar Aggarwal HUF, Ravi Aggarwal HUF, Devender Aggarwal HUFand Sarvpriya Securities Private Limited.. The IPO will open on September 20 and will close on September 22. The price band is ₹366 to ₹385 per share and the lot size is 38 shares. The issue size is ₹730. crore. The shares are expected to be listed on NSE, BSE on October 04 (^). Some additional information that you may find useful are: As on March 31, 2023, company sold 27,965 residential and commercial units, all within the Delhi NCR region, with an aggregate saleable Area of 18.90 million square feet. Total Sales (net of cancellation) have grown at a compounded annual growth rate (“CAGR”) of 42.46%, from ₹ 16,902.74 million in FY21to ₹ 34,305.84 million in FY23. As of March 31, 2023, sold 25,089 residential units with an average selling price of ₹ 3.60 million per unit.: (**) - based on higher price band (^) indicative date
Promoters of the company are Pradeep Kumar Aggarwal, Lalit Kumar Aggarwal, Ravi Aggarwal, Devender Aggarwal, Pradeep Kumar Aggarwal HUF Lalit Kumar Aggarwal HUF, Ravi Aggarwal HUF, Devender Aggarwal HUFand Sarvpriya Securities Private Limited. Currently promoters hold 78.35% stake in the company.
Quick Pointers
- Company aims to raise between Rs 603 to 603 crs through this IPO.
- The net proceeds of the issue will be utilized to 1) Re-payment or pre-payment, in full or in part, of certain borrowings amounting to Rs. 264 crores and 2) Infusion of funds in certain Subsidiaries, namely Signatureglobal Homes, Signatureglobal Developers, Signatureglobal Business Park and Sternal Buildcon for re-payment or pre-payment, in full or in part, of certain borrowings availed by the Subsidiaries amounting to Rs. 168 crores
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 18-Sep-23.
- Price band for the IPO has been fixed at Rs 366 to 385 per share and bid lot are in multiple of 38 shares. The implied market cap post-issue at Rs 5,172 to 5,410 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on September 27 and share are expected to be listed on NSE, BSE on October 04.
- Company has direct competition in the Property construction space with listed players including DLF, Godrej Properties, Macrotech Developers, Prestige Estates Projects and Sobha among others.
- ICICI Securities, Axis Capital, Kotak Mahindra Capital has been appointed as Merchant Banker to the issue. Link Intime India Pvt. Ltd. has been appointed as official registrar of the issue.
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IPO Quick Snapshot
About Company
Company is in to real estate development in the National Capital Region of Delhi (“Delhi NCR”) region. Company is largely catering to the affordable housing segment. It has served the affordable and lower mid segment housing in terms of units supplied (in the below ₹ 8 million price category) between 2020 and the three months ended March 31, 2023, with a market share of 19%. (Source: Anarock Report) As of March 31, 2023, company was the largest real estate developer under the AHP in the Gurugram and Sohna region, with a market share of 18% in terms of total supply of units in the period from 2020 to the three months ended March 31, 2023.
As on March 31, 2023, company sold 27,965 residential and commercial units, all within the Delhi NCR region, with an aggregate saleable Area of 18.90 million square feet. Total Sales (net of cancellation) have grown at a compounded annual growth rate (“CAGR”) of 42.46%, from ₹ 16,902.74 million in FY21to ₹ 34,305.84 million in FY23. As of March 31, 2023, sold 25,089 residential units with an average selling price of ₹ 3.60 million per unit.
About Industry
Affordable housing today is an integral part of the national agenda with significant significance in urban areas. Entire NCR saw housing sales increase by 73% from 23,209 units in 2020 to 40,053 units in 2021. Despiterestricted supply in 2022, the absorption trend continued with sale of 63,712 units rising by 59%. Of the 31,706 units launched in NCR in 2022, Gurugram comprised 75% share and added as many as 19,099 units in 2022. The supply is expected to increase with9,941 new launches in the first quarter of 2023, contributing to 80% of NCR supply.
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