In a significant development on Wednesday, Delhi NCR-based housing firm, Signature Global, made its debut on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), with its shares opening at a 15.58% premium from an issue price of ₹385.
The company is in the process of transitioning its business model towards mid-income housing, a strategy that has drawn the involvement of the International Finance Corporation in the offer-for-sale. The funds raised from the initial public offering (IPO) are earmarked for repaying existing borrowings and providing financial support to its subsidiaries.
Despite reporting a total income of ₹1,585.88 crore (INR100 crore = approx. USD12 million) in FY23, Signature Global's net debt stood at ₹1,100 crore. The successful IPO and subsequent share trading on the NSE and BSE are seen as crucial steps in addressing this financial imbalance and fostering future growth within the company's revised business focus.
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