BackSignature Global IPO: GMP, subscription status, other details. Apply or not?
Signature Global IPO GMP: Shares of the realty company are available at a premium of ₹34 in grey market today, say market observers
PremiumSignature Global IPO: The initial public offering (IPO) of Signature Global opened for subscription on Wednesday and it will remain open for bidders till 22nd September 2023 i.e. on Friday this week. The realty company aims to raise ₹730 crore from its public offer and it has fixed Signature Global IPO price band at ₹366 to ₹385 per equity share. As per the Signature Global IPO subscription status of the public issue after day one of bidding, the public offer has been subscribed 1.62 times. As per the market observers, shares of Signature Global are available at a premium of ₹34 in grey market today.
Signature Global IPO GMP today
According to market observers, Signature Global IPO grey market premium (GMP) today is ₹34, which is ₹6 lower from its Wednesday GMP of ₹40. They said that Signature Global IPO GMP dipped on Thursday due to weak sentiments on Dalal Street as key benchmark indices and broad market indices fell on Wednesday. This got reflected in investors' response to the public issue as well but the IPO managed to pass 50 per cent mark of its original offer on day one of bidding, which is praiseworthy if we look at the size of the public issue. They expected improvement in investors' response as they generally came in bulk on last day of bidding.
Click here to read Signature Global IPO details
What this GMP mean?
Market observers said that Signature Global IPO GMP today is ₹34, which means grey market is expecting that Signature Global IPO listing price would be around ₹419 ( ₹385 + ₹34), which is around 9 per cent higher from its price band of ₹366 to ₹385 per equity share. They said that grey market is signaling that Signature Global IPO may deliver around 9 per cent listing gain to its investors even when the market mood is negative on Dalal Street.
Signature Global IPO subscription status
On day two of bidding, the public issue has been subscribed 100 per cent whereas its retail portion has been subscribed 2.55 times. The NII portion of the public offer has been subscribed 3.07 times while QIB portion has received 62%.
Signature Global IPO: Apply or not?
Giving 'subscribe' tag for long term investors, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, "The balance sheet of the company is little tricky as RERA regulation don't allow a real estate company to show the income of a project ahead of a particular stage of a project. So, at one look, the company is looking in loss but the reality can be different in next few quarters. So, those who have a long term view can only think of applying for the public issue."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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