SignatureGlobal India
Book Building issueMainboard₹730 Cr issue
+15.58%
Listing gain over issue price
Issue size
₹730 Cr
1 lot at cut-off
₹14,630
Lot size
38shares
Open
20 Sep 2023
Close
22 Sep 2023
Allotment
27 Sep 2023
Listing
27 Sep 2023
Listing performance
Issue price
₹385
Listed at
₹445
Listing-day close
₹458.55
Latest price
₹710.75
Close on 23 Oct 2026
Listing gain
+15.58%
Return since issue
+84.61%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Sep 2023 – 22 Sep 2023
- Listing date
- 27 Sep 2023
- Face value
- ₹1 per share
- Issue price
- ₹385 per share
- Lot size
- 38 shares
- Issue type
- Book Building issue
- Total issue size
- ₹730 Cr
- Market cap at offer price
- ₹5,410 Cr
- Promoter holding
- 78.35% → 69.63% pre-issue → post-issue
- ISIN
- INE903U01023
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 13th Floor, Dr.Gopal Das Bhawan, 28 Barakhamba Road, Connaught Place, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 82,72,700 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 38 shares per lot, in multiples, at ₹385
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 38 | ₹14,630 |
| Retail (max) | 13 | 494 | ₹1,90,190 |
| S-HNI (min) | 14 | 532 | ₹2,04,820 |
| S-HNI (max) | 68 | 2,584 | ₹9,94,840 |
| B-HNI (min) | 69 | 2,622 | ₹10,09,470 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
82,72,700
Anchor portion
₹319 Cr
at ₹385 per share
Valuation and performance
Valuation at offer price
₹385 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −5.44 | — |
| Market cap | — | ₹5,410 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- ROCE
- 1.00%
- Debt / equity
- 34.10
- NAV per share
- ₹3.81
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About SignatureGlobal India
Signatureglobal (India) Limited is a real estate development company incorporated in India in 2000, originally as Ridisha Marketing Private Limited and renamed to Signatureglobal (India) Private Limited in 2014, then converted to public limited company status in 2022. The company develops affordable housing and lower mid-segment residential projects primarily in the Delhi-NCR region. According to the Anarock Report, as of March 31, 2023, the company was the largest real estate developer under the Haryana Affordable Housing Policy in the Gurugram and Sohna region with 18% market share in terms of total supply. The company develops projects on land either owned by it or through collaboration agreements, operating primarily under government affordable housing schemes.
Company Analysis
from RHPSignatureglobal (India) Limited is a real estate developer specializing in affordable and mid-segment residential housing in the Delhi-NCR region, particularly in Gurugram and Sohna.
Signatureglobal (India) Limited is a real estate development company incorporated in India in 2000, originally as Ridisha Marketing Private Limited and renamed to Signatureglobal (India) Private Limited in 2014, then converted to public limited company status in 2022. The company develops affordable housing and lower mid-segment residential projects primarily in the Delhi-NCR region. According to the Anarock Report, as of March 31, 2023, the company was the largest real estate developer under the Haryana Affordable Housing Policy in the Gurugram and Sohna region with 18% market share in terms of total supply. The company develops projects on land either owned by it or through collaboration agreements, operating primarily under government affordable housing schemes.
Real Estate DevelopmentAffordable HousingResidential Development
Objects of the Issue
- Re-payment or pre-payment, in full or in part, of certain borrowings availed by our Company ₹2,640.00 million p.26
- Infusion of funds in certain of our 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 our Subsidiaries ₹1,680.00 million p.26
- Inorganic growth through land acquisitions and general corporate purposes p.26
- Repayment or pre-payment of loans availed by the Company from ICICI Bank Limited p.52
- Re-payment or pre-payment, in full or in part, of certain borrowings availed by our Company ₹2,640.00 million p.100
- Infusion of funds in certain of our 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 our Subsidiaries ₹1,680.00 million p.100
- Inorganic growth through land acquisitions and general corporate purposes [●] p.100
- Not specified in this document section
Issue Structure
- Total Issue
- Up to ₹7,300.00 million
- Fresh Issue
- Up to ₹6,030.00 million
- Offer for Sale
- Up to ₹1,270.00 million
- Face Value
- ₹1 each
Business Model
The company earns revenue from the sale of real estate properties developed under the Affordable Housing Policy (AHP) and Deen Dayal Jan Awas Yojana - Affordable Plotted Housing Policy (DDJAY-APHP). Revenue is recognized upon satisfaction of performance obligations when occupancy certificates are received and substantial collections are made. In fiscal 2023, 56.20% of revenue came from AHP projects and 43.80% from DDJAY-APHP projects.
Business Segments
Residential development projects developed under the Haryana Affordable Housing Policy, 2013, supporting development of affordable residential apartments within specified sizes and price points
Residential plotted development projects developed under the Affordable Plotted Housing Policy for Low and Medium Potential Towns
Development and sale of affordable residential housing units under the Affordable Housing Policy in Gurugram targeting the below ₹8 million price category with typical unit sizes of 28-60 square metres carpet area
Development and sale of plotted residential colonies and independent floors under the Deen Dayal Jan Awas Yojana - Affordable Plotted Housing Policy in Gurugram and Sohna targeting affordable pricing in the ₹80,000-₹180,000 per square yard range
Development of commercial properties including shopping centers and office spaces as ancillary components of residential projects
Development of apartment-type housing units priced below ₹3 million per unit under Haryana's Affordable Housing Policy with standardized sizes ranging from 356-645.79 square feet. Projects include amenities such as recreational areas, gardens, open spaces and community halls.
Development of high-density plotted colonies with independent floor apartment-type housing typically priced between ₹4-8 million per unit. Unit sizes range from 568-1,440 square feet with amenities including gymnasiums, recreational spaces, swimming pools and sporting facilities.
Development of residential projects under Haryana Group Housing Policy (HGHP), New Integrated Licensing Policy (NILP), and PMAY schemes in markets including Manesar, Ghaziabad, and Raj Nagar Extension.
Development of commercial spaces including retail spaces, Shop Cum Office (SCO) units, and industrial spaces under Enterprise Promotion Policy (EPP) as part of projects.
Development and sale of residential apartments and plotted housing projects
Development and sale of commercial spaces and retail properties
Development and sale of residential and commercial properties, joint development agreements with area and revenue share arrangements
Provides construction services based on construction contracts and supplies construction materials
NBFC operations not accepting public deposits
Sale of real estate properties and development of residential and commercial projects
Construction services and contract revenue from related parties
Forfeiture income, cancellation charges, business support services, scrap sales and other service charges
Development and sale of residential and commercial real estate properties under affordable housing and middle-income housing policies
Non-banking finance company business providing financing services
Revenue from construction contracts, business support services, and sale of traded goods
Construction and development of residential, commercial, and industrial real estate projects
Non-banking financial services operations through Indeed Fincap Private Limited
Other business operations
SWOT Analysis
Strengths
- • Market leadership in affordable housing segment in Delhi-NCR(p.26)
- • Dominant position under Affordable Housing Policy in Gurugram and Sohna(p.26)
- • Strong project portfolio across multiple stages of development(p.39)
- • Improved financial performance trajectory with increasing revenue recognition(p.46)
- • Return to positive net worth in recent fiscal(p.27)
- • Extensive portfolio of completed, ongoing, and forthcoming projects(p.49)
- • Strong brand recognition with registered trademark portfolio(p.52)
- • Substantial insurance coverage for project risks(p.57)
- • Established investor backing from institutional investors(p.51)
- • Largest real estate developer in Delhi NCR affordable housing segment(p.100)
- • Market leader under Affordable Housing Policy in Gurugram and Sohna(p.100)
- • Strong sales growth with improving gross collections(p.121)
- • Significant delivery execution capability(p.121)
- • Positive operational cash flows with low debt levels(p.120)
- • Experienced promoter group with marquee institutional investors(p.120)
- • Proven track record of successful land acquisitions(p.114)
- • Largest affordable housing developer in Delhi NCR by market share(p.178)
- • 31% market share in Gurugram affordable and lower mid segment sales(p.182)
- • 42% market share under DDJAY-APHP policy in Gurugram and Sohna(p.176)
- • Strong execution with rapid project turnaround(p.179)
- • Standardized design and construction efficiency reducing costs(p.179)
- • Positive operating cash flows with low debt levels(p.186)
- • Strong brand recognition with project oversubscriptions(p.183)
- • Extensive distribution network with 593 channel partners(p.179)
- • Largest affordable housing developer in Delhi NCR with strong market position(p.428)
- • Strong sales growth trajectory with 42.46% CAGR over two years(p.428)
- • Rapid project execution with 18-month launch cycle from land acquisition(p.430)
- • High asset turnover efficiency supporting cash generation(p.430)
- • Proven project delivery track record exceeding timelines(p.430)
- • Strong brand recognition and oversubscription on AHP projects(p.429)
- • Diversified distribution network with 593 channel partners and integrated sales team(p.430)
Weaknesses
- • History of losses and negative net worth in prior periods(p.35)
- • Significant unsold inventory in commercial Ongoing Projects(p.43)
- • Subsidiaries with recurring losses and payment defaults(p.43)
- • High debt burden with negative net debt position(p.46)
- • Insufficient land conveyance for newly acquired properties(p.47)
- • Missing documentary evidence for key promoters(p.43)
- • High employee attrition rates in recent years(p.55)
- • Significant outstanding litigation and contingent liabilities(p.49)
- • Negative net worth and loss-making status(p.51)
- • High financial indebtedness(p.51)
- • Dependence on contract labour and subcontractors(p.49)
- • Reliance on independent construction contractors for all projects(p.57)
- • Substantial contingent tax liabilities(p.58)
- • Negative profitability and net worth(p.120)
- • Negative cash flows from operations(p.123)
- • High leverage with debt-to-equity ratio of 35.97:1(p.123)
- • Significant outstanding borrowings across multiple subsidiaries(p.101)
- • Weak cash interest coverage ratio(p.123)
- • Negative cash EPS(p.123)
- • Regulatory dependence on Haryana affordable housing policies(p.178)
- • Heavy concentration of projects in Gurugram and Sohna(p.206)
- • Increased net debt from ₹5.17bn to ₹10.94bn(p.187)
- • Number of units sold declined 13.78% CAGR from 2021-2023(p.181)
- • Price ceiling constraints under AHP limiting margins(p.187)
- • Significant accumulated losses and negative retained earnings(p.316)
- • Heavy debt burden with non-current borrowings of Rs. 12,987.93 million(p.316)
- • Continued operating losses in latest fiscal year(p.279)
- • Goodwill impairment of Rs. 263.85 million recognized in FY2023(p.279)
- • Negative equity position in prior years(p.277)
- • Inventory provisioning for net realizable value of Rs. 224.18 million(p.310)
- • High debt burden with significant borrowings across multiple subsidiaries(p.342)
- • Personal guarantees from promoters on multiple loan facilities create concentration risk(p.331)
- • Heavy reliance on project-specific financing with collateral dependent on project receivables(p.331)
- • Complex subsidiary structure with interconnected borrowings and guarantees(p.331)
- • Significant contingent income tax liabilities pending at various appellate stages(p.364)
- • High leverage with net debt increasing to ₹10,938.92 million(p.434)
- • Continued net losses with ₹637.15 million loss in Fiscal 2023(p.450)
- • Substantial finance costs of ₹729.24 million affecting profitability(p.434)
- • Geographic concentration with 88.61% of saleable area in Gurugram and Sohna(p.429)
- • Revenue recognition volatility and timing dependent on occupancy certificates(p.433)
- • Dependence on collaboration agreements with changing regulatory terms(p.434)
Opportunities
- • Expansion in growing Delhi-NCR affordable housing market(p.26)
- • Supply dynamics favoring new launches in Gurugram(p.26)
- • Strategic land acquisitions for organic growth(p.26)
- • Debt reduction to improve financial flexibility(p.26)
- • Government policy support for affordable housing development(p.26)
- • Growth in Indian real estate market and housing demand(p.52)
- • Expansion into additional geographical markets(p.55)
- • Tax benefits available for affordable housing projects(p.63)
- • Significant housing shortage in affordable segment(p.138)
- • Rapid urbanization driving housing demand(p.137)
- • Demographic dividend extending until 2055(p.137)
- • Substantial balance area available for affordable housing development(p.152)
- • Government support through PMAY scheme(p.140)
- • Infrastructure status for affordable housing enabling cheaper institutional funding(p.145)
- • Strong preference shift towards branded developers(p.141)
- • Improving home loan accessibility with 47.5% urban penetration(p.140)
- • Sustained demand gap in affordable housing segment(p.182)
- • Expansion in emerging micro-markets with infrastructure development(p.166)
- • Growth from Dwarka Expressway and New Gurugram micro-markets(p.170)
- • Capital raising and investor confidence from marquee investors(p.188)
- • Policy benefits from increased FAR and price ceilings(p.189)
- • Expansion to mid and high-income segments beyond affordable housing(p.188)
- • Capital-efficient growth through collaboration agreements(p.190)
- • Real estate development business in growing Indian market(p.286)
- • Multiple project locations across key markets(p.319)
- • Expansion through higher FAR and density under new policies (HGHP, NILP, TODP, TDRP)(p.428)
- • Market expansion to Middle Income Housing segment (₹4-12.5 million)(p.428)
- • Scale-up potential with 19 forthcoming projects comprising 21.29 million sq ft saleable area(p.430)
- • Leverage on established brand for geographic expansion beyond Delhi NCR(p.429)
- • Commercial component monetization with no price ceilings under AHP/DDJAY policies(p.429)
- • Growing demand for affordable housing driven by government policies and housing affordability(p.434)
Threats
- • Market dependency on Delhi-NCR region and Gurugram/Sohna micro-markets(p.35)
- • Withdrawal of benefits under Haryana Affordable Housing Policy(p.37)
- • COVID-19 pandemic impact on construction and sales(p.37)
- • Intense competition from larger consolidated developers(p.46)
- • Regulatory approval delays and permitting uncertainties(p.41)
- • Title and land ownership risks(p.41)
- • Project completion delays and construction risks(p.46)
- • Outstanding completion and occupancy certificate delays(p.47)
- • Potential work stoppages and labour unionization risks(p.49)
- • Environmental compliance and NGT restrictions on construction(p.50)
- • Non-receipt of completion certificates leading to regulatory action(p.49)
- • Regulatory changes and RERA compliance obligations(p.63)
- • Downturn in real estate market and reduced property demand(p.62)
- • Property litigation delays and land acquisition risks(p.62)
- • Compulsory land acquisition by Government(p.62)
- • Changes in property taxation and stamp duties(p.54)
- • Impact of natural disasters and pandemics on operations(p.65)
- • Global economic instability and financial market volatility(p.65)
- • Difficulty for customers in obtaining property financing(p.52)
- • Increasing interest rates impacting affordability(p.139)
- • Market consolidation reducing number of developers(p.141)
- • Competition from listed and leading unlisted developers(p.141)
- • Policy dependence with government price caps on affordable housing(p.145)
- • Regulatory restrictions under RERA(p.140)
- • Limited availability of affordable housing licenses in Gurugram(p.152)
- • Funding requirements and deployment uncertainties(p.101)
- • DDJAY policy discontinuation effective FY2031(p.173)
- • Dependence on government policy changes and regulatory approvals(p.178)
- • Construction cost inflation despite price ceilings(p.189)
- • Market concentration risk in NCR and Gurugram(p.182)
- • Execution delays from environmental and regulatory restrictions(p.186)
- • Competition from other branded developers(p.158)
- • Heavy reliance on promoter guarantees for borrowings(p.319)
- • Real estate market cyclicality and regulatory risks(p.271)
- • Concentration of projects in NCR region(p.319)
- • Exposure to construction cost inflation and input price volatility(p.279)
- • Dependency on external financing given high leverage(p.318)
- • Exposure to real estate market cyclicality and demand fluctuations(p.331)
- • Interest rate risk on variable rate borrowings of Rs. 6,865.37 millions(p.362)
- • Regulatory changes in real estate sector governance and compliance requirements(p.333)
- • Dependence on project collections and customer advance payments for liquidity(p.350)
- • Foreign exchange exposure on buyer's credit facilities denominated in USD(p.363)
- • Policy regulatory changes affecting affordable housing segment viability(p.432)
- • Price ceiling constraints on AHP residential units limiting margin potential(p.432)
- • Rising interest rates affecting customer affordability and demand(p.434)
- • Construction cost volatility and labor supply disruptions from COVID-19 and other factors(p.435)
- • Land acquisition delays and regulatory approvals impacting project timelines(p.435)
- • Competitive intensity in Delhi NCR affordable housing market(p.428)
- • Regulatory framework complexity requiring multiple approvals across authorities(p.431)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pradeep Kumar Aggarwal | Promoter | 7.37% | — |
| Lalit Kumar Aggarwal | Promoter | 7.34% | — |
| Ravi Aggarwal | Promoter | 7.14% | — |
| Devender Aggarwal | Promoter | 7.17% | — |
| Pradeep Kumar Aggarwal HUF | Promoter | 3.70% | — |
| Lalit Kumar Aggarwal HUF | Promoter | 3.78% | — |
| Ravi Aggarwal HUF | Promoter | 3.87% | — |
| Devender Aggarwal HUF | Promoter | 3.73% | — |
| Sarvpriya Securities Private Limited | Promoter | 19.50% | — |
| International Finance Corporation | Selling Shareholder | 5.38% | — |
| Pradeep Kumar Aggarwal | Promoter | 9,200,960 Equity Shares (7.37%) | — |
| Lalit Kumar Aggarwal | Promoter | 9,165,940 Equity Shares (7.34%) | — |
| Ravi Aggarwal | Promoter | 8,913,940 Equity Shares (7.14%) | — |
| Devender Aggarwal | Promoter | 8,955,960 Equity Shares (7.17%) | — |
| Sarvpriya Securities Private Limited | Promoter Group | 24,349,900 Equity Shares (19.50%) | — |
| Pradeep Kumar Aggarwal | Promoter | 7.37% | [●] |
| Lalit Kumar Aggarwal | Promoter | 7.34% | [●] |
| Ravi Aggarwal | Promoter | 7.14% | [●] |
| Devender Aggarwal | Promoter | 7.17% | [●] |
| Sarvpriya Securities Private Limited | Promoter | 19.50% | [●] |
| Pradeep Kumar Aggarwal | Promoter | — | — |
| Sarvpriya Securities Private Limited | Corporate Promoter | — | — |
| Pradeep Kumar Aggarwal | Promoter | 7.37% | — |
| Lalit Kumar Aggarwal | Promoter | 7.34% | — |
| Ravi Aggarwal | Promoter | 7.14% | — |
| Devender Aggarwal | Promoter | 7.17% | — |
| Sarvpriya Securities Private Limited | Promoter | — | — |
| Sarvpriya Securities Private Limited | Promoter Group | 21.40% | 19.50% |
| Pradeep Kumar Aggarwal | Promoter | 8.09% | 7.37% |
| Lalit Kumar Aggarwal | Promoter | 8.06% | 7.34% |
| Devender Aggarwal | Promoter | 7.87% | 7.17% |
| Ravi Aggarwal | Promoter | 7.84% | 7.14% |
| Ravi Aggarwal | Promoter | — | — |
| Pradeep Kumar Aggarwal | Promoter | — | — |
| Devendra Aggarwal | Promoter | — | — |
| Lalit Kumar Aggarwal | Promoter | — | — |
| Ravi Aggarwal | Promoter | — | — |
| Pradeep Kumar Aggarwal | Promoter | — | — |
| Lalit Kumar Aggarwal | Promoter | — | — |
| Devender Aggarwal | Promoter | — | — |
| Sarvpriya Securities Private Limited | Promoter Group | — | — |
| Sarvpriya Securities Private Limited | Promoter Group | — | — |
| International Finance Corporation | Selling Shareholder | — | — |
Leadership
Pradeep Kumar Aggarwal · Chairman and Whole-time Director
Lalit Kumar Aggarwal · Vice Chairman and Whole-time Director
Ravi Aggarwal · Managing Director
Devender Aggarwal · Joint Managing Director and Whole-time Director
Rajat Kathuria · CEO
Manish Garg · CFO
Sanjay Kumar Varshney · COO
Meghraj Bothra · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
SignatureGlobal India IPO FAQs
What is the lot size of SignatureGlobal India IPO?
The minimum lot size of SignatureGlobal India IPO is 38 shares. One lot costs ₹14,630 at the cut-off price.
When does SignatureGlobal India IPO open and close?
SignatureGlobal India IPO opened for subscription on 20 Sep 2023 and closed on 22 Sep 2023.
What is the listing date of SignatureGlobal India IPO?
SignatureGlobal India IPO listed on 27 Sep 2023.