Signoria Creation
Book Building issueSME₹9.28 Cr issue
+101.54%
Listing gain over issue price
Issue size
₹9.28 Cr
1 lot at cut-off
₹1,30,000
Lot size
2,000shares
Open
12 Mar 2024
Close
14 Mar 2024
Allotment
15 Mar 2024
Listing
19 Mar 2024
Listing performance
Issue price
₹65
Listed at
₹131
Listing-day close
₹137.55
Latest price
₹126
Close on 23 Oct 2026
Listing gain
+101.54%
Return since issue
+93.85%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Mar 2024 – 14 Mar 2024
- Listing date
- 19 Mar 2024
- Face value
- ₹10 per share
- Issue price
- ₹65 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹9.28 Cr
- Market cap at offer price
- ₹30.93 Cr
- Promoter holding
- 100.00% → 70.00% pre-issue → post-issue
- ISIN
- INE0RDE01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Holani Consultants Pvt.Ltd.
- Registered office
- 324, Ayekar Nagar II, Near RICCO Industrial Area, Mansarovar, Rajasthan
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 | 3,20,000 | — | — |
| Market maker | 72,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹65
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,30,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,60,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,10,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,40,000 |
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
3,20,000
Anchor portion
₹2.08 Cr
at ₹65 per share
Valuation and performance
Valuation at offer price
₹65 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.94 | 3.28 |
| P/E (×) | 9.37 | 19.82 |
| Price to book (×) | 1.11 | — |
| Market cap | — | ₹30.93 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 9.96%
- ROCE
- 7.38%
- PAT margin
- 9.88%
- NAV per share
- ₹58.36
- Price to book
- 1.11
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Signoria Creation
Signoria Creation Limited, incorporated as a Private Limited Company on September 30, 2019, and converted to a Public Limited Company on August 17, 2023, is engaged in manufacturing and marketing of women apparel including kurtis, tops, gowns, and dupattas under the brand name 'Signoria'. The company is known for kurtis with traditional designs offering a wide range of colors, patterns, and sizes. The company generates revenue through manufacturing activities and operates in Jaipur, Rajasthan. As of March 31, 2023, the company reported revenue from operations of Rs. 1,914.92 lakhs and net worth of Rs. 583.23 lakhs.
Company Analysis
from RHPSignoria Creation Limited manufactures and markets women's apparel, particularly kurtis, with the brand 'Signoria' operating in the Indian fashion and apparel industry.
Signoria Creation Limited, incorporated as a Private Limited Company on September 30, 2019, and converted to a Public Limited Company on August 17, 2023, is engaged in manufacturing and marketing of women apparel including kurtis, tops, gowns, and dupattas under the brand name 'Signoria'. The company is known for kurtis with traditional designs offering a wide range of colors, patterns, and sizes. The company generates revenue through manufacturing activities and operates in Jaipur, Rajasthan. As of March 31, 2023, the company reported revenue from operations of Rs. 1,914.92 lakhs and net worth of Rs. 583.23 lakhs.
women apparel manufacturingfashion retailwomen's fashion wear
Objects of the Issue
- Working Capital Requirements 627.51 lakhs p.24
- General corporate purposes p.25
- Funding working capital requirements of our Company Rs. 627.51 Lakhs p.95
- General corporate purposes p.100
- Funding capex for the new plant
Issue Structure
- Total Issue
- Up to 14,28,000 Equity Shares, aggregating up to Rs. [●] lakhs
- Fresh Issue
- Up to 14,28,000 Equity Shares, aggregating up to Rs. [●] lakhs
- Offer for Sale
- NIL
- Price Band
- [●] (to be determined)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- Rs. 10/- each
Business Model
The company manufactures women apparel products and sells them to customers, including through e-commerce platforms and online portals. Sales are primarily in the spot market without long-term fixed contracts. The company derives revenue from manufacturing activities. Cost of material consumed represents a significant portion of revenue (84.21% for the period ended September 30, 2023). The company operates on a just-in-time model sourcing raw materials from suppliers.
Business Segments
Three-piece outfit comprising kurti, pant and dupatta
Two-piece outfit comprising kurti and pant
Single kurti
Gown garments
Single top garment
Two-piece coordinated outfit set
A set of three pieces comprising kurti (loose shirt), pant (outer garment covering legs from waist to ankle), and dupatta (scarf/accessory)
A set of two pieces comprising kurti and pant
A single piece loose shirt falling either just above or somewhere below the knees
An item of clothing that covers at least the chest and usually covers most of the upper human body between neck and waistline
A set of two pieces of clothing - top and bottom wear designed and paired from same or similar material to give uniform look
Usually loose outer garment from knee to full length
Three-piece women's ethnic wear set comprising kurti, pant and dupatta
Two-piece women's ethnic wear set comprising kurti and pant
Single piece women's ethnic wear - kurti
Women's gowns and similar ethnic wear
Co-ordinated sets of women's ethnic wear
Single piece women's tops/ethnic wear tops
SWOT Analysis
Strengths
- • Growing market with forecasted 9.2% CAGR in women apparel segment(p.24)
- • Established brand identity with market recognition(p.24)
- • No prior public trading creates fresh market opportunity(p.57)
- • Established manufacturing facility with integrated production control(p.136)
- • Experienced and dedicated management team in textile industry(p.136)
- • Strong track record of revenue growth(p.136)
- • Focus on quality and safety with ISO certification(p.135)
- • Harmonious labour relations with no disputes(p.137)
- • Cost efficiency through backward integration and vendor management(p.137)
- • Experienced promoter group with manufacturing expertise(p.225)
- • Rapid revenue growth trajectory(p.225)
- • Strong profitability improvement and margin expansion(p.237)
- • Established manufacturing facilities with quality certifications(p.237)
- • Growing customer base and market acceptance(p.237)
- • ISO 9001:2015 Quality Management System certification(p.255)
- • Diversified product portfolio expansion(p.225)
Weaknesses
- • Extreme supplier concentration with 66.68% of purchases from top 10 suppliers(p.32)
- • Significant dependence on group company suppliers (42.56% of purchases)(p.32)
- • Severe customer concentration with top 10 customers representing 70.46% of revenue(p.33)
- • High raw material cost as percentage of revenue (84.21% for recent period)(p.34)
- • Significant negative cash flows from operations in prior years(p.40)
- • High trade receivables indicating collection issues (153.08% of revenue as of Sept 2023)(p.42)
- • Properties on leased basis with renewal risk(p.36)
- • Trademark registration still pending with objections on main business class(p.42)
- • Unsecured demand loans of Rs. 283.99 lakhs subject to recall(p.43)
- • Regulatory non-compliance history with delayed EPF and ESIC filings(p.50)
- • Significant dependence on extended credit terms to customers(p.96)
- • High working capital requirements tied up in inventory and receivables(p.95)
- • Negative operating cash flows in recent years(p.67)
- • Limited scale relative to peer companies(p.109)
- • High concentration among top customers(p.145)
- • High concentration among top suppliers(p.145)
- • Limited capacity utilization in recent period(p.143)
- • Relatively new brand compared to established players(p.133)
- • B2B business model dependency on wholesalers(p.137)
- • High debt-to-equity ratio indicating leverage burden(p.240)
- • Minimal cash reserves creating liquidity vulnerability(p.241)
- • Heavy dependence on relatively few major customers(p.227)
- • Significant raw material supplier concentration(p.227)
- • High capital work-in-progress with depreciation risk(p.203)
- • Negative operating cash flow in prior fiscal year(p.241)
- • Outstanding criminal litigation against promoter(p.251)
Opportunities
- • Expansion into new geographical markets and global presence(p.50)
- • Increasing casualization of fashion driving new product categories(p.24)
- • Rising organized retail share in apparel market(p.24)
- • Capacity expansion strategy to increase production capabilities(p.50)
- • Expansion of production capacity and market reach(p.96)
- • Growing market presence from fashion exhibitions and awards(p.96)
- • Strong revenue growth trajectory across multiple years(p.96)
- • Benefits from improved working capital management post-IPO(p.98)
- • Growing women apparel market with strong CAGR(p.128)
- • Rapid growth in organized retail segment for women apparel(p.128)
- • Strong growth in Indian wear segment especially SKD category(p.132)
- • Expansion opportunity through pan-India distribution(p.135)
- • E-commerce channel growth and digital presence(p.131)
- • Government support for textile industry through PLI scheme(p.125)
- • Fashion forward positioning to capture premium segments(p.133)
- • India's dominance in global kurti exports with growing international demand(p.228)
- • Strong domestic demand for ethnic wear and designer clothing(p.226)
- • Pan-India expansion and distribution network development(p.226)
- • Online sales channel development and e-commerce penetration(p.228)
- • Rising consumer purchasing power and fashion spending trends(p.228)
- • Premium product segment targeting higher-income demographics(p.237)
- • Leverage industry exhibitions for brand visibility and bulk orders(p.237)
Threats
- • Highly competitive and fragmented apparel manufacturing industry(p.35)
- • No long-term agreements with raw material suppliers exposing to price volatility(p.34)
- • Fashion industry sensitivity to trend changes beyond company control(p.32)
- • Designs not registered and vulnerable to competitor copying(p.42)
- • Dependence on third-party transportation with no definitive agreements(p.49)
- • Electricity supply dependence with limited backup arrangements(p.45)
- • Restrictive covenants in debt agreements limiting operational flexibility(p.49)
- • Share price volatility and uncertain market conditions post-listing(p.57)
- • Dependence on Indian economic growth and consumer purchasing power(p.59)
- • Regulatory and tax policy changes including GST complexity(p.60)
- • Inflation and monetary policy risks affecting consumer demand(p.59)
- • Global economic slowdown and financial market instability(p.61)
- • Limited liquidity in SME platform trading(p.61)
- • Intense competition from organized and unorganized players(p.145)
- • Established brands with stronger market positioning(p.133)
- • Global inflation and commodity price pressures(p.121)
- • Tightened global financial conditions affecting supply chains(p.122)
- • Vulnerability to supply chain disruptions and input costs(p.121)
- • Risk of currency depreciation affecting imports(p.121)
- • COVID-19 impact on retail and consumption(p.130)
- • Intense and growing competition from organized and unorganized players(p.227)
- • Volatility and inflation in raw material costs(p.227)
- • Rapid fashion trend changes and consumer preference volatility(p.228)
- • Economic slowdown impact on apparel consumption(p.228)
- • Customer contract renewal risk and reliance on purchase orders(p.227)
- • Debt covenant restrictions and banking relationship dependency(p.247)
- • Supply chain disruptions from raw material sourcing risks(p.227)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vasudev Agarwal | Promoter | 26.000% | — |
| Babita Agarwal | Promoter | 26.000% | — |
| Mohit Agarwal | Promoter | 24.000% | — |
| Kritika Chachan | Promoter | 23.997% | — |
| Babita Agarwal | Promoter | 26.000% | — |
| Vasudev Agarwal | Promoter | 26.000% | — |
| Mohit Agarwal | Promoter | 24.000% | — |
| Kritika Chachan | Promoter | 23.997% | — |
| Neha Garg | Promoter Group | 0.001% | — |
| Dropadi Devi Agarwal | Promoter Group | 0.001% | — |
| Shivani Agarwal | Promoter Group | 0.001% | — |
| Vasudev Agarwal | Promoter/Chairman and Managing Director | 26.00% | — |
| Babita Agarwal | Promoter/Whole-Time Director | 26.00% | — |
| Mohit Agarwal | Promoter/Non-Executive Director | 24.00% | — |
| Kritika Chachan | Promoter/President | 23.997% | — |
| Babita Agarwal | Promoter | 26.00% | — |
| Vasudev Agarwal | Promoter | 26.00% | — |
| Mohit Agarwal | Promoter Group | 24.00% | — |
| Kritika Chachan | Promoter Group | 24.00% | — |
Leadership
Vasudev Agarwal · Managing Director
Ashish Jain · CFO
Swati Jain · 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.
Signoria Creation IPO FAQs
What is the lot size of Signoria Creation IPO?
The minimum lot size of Signoria Creation IPO is 2,000 shares. One lot costs ₹1,30,000 at the cut-off price.
When does Signoria Creation IPO open and close?
Signoria Creation IPO opened for subscription on 12 Mar 2024 and closed on 14 Mar 2024.
What is the listing date of Signoria Creation IPO?
Signoria Creation IPO listed on 19 Mar 2024.