Signature Global hires investment bankers for Rs 1,000 crore IPO

Signature Global (India) Pvt Ltd, an affordable housing developer, has hired investment bankers to raise approximately Rs 1,000 crore fund through an initial public offering (IPO). Signature Global, which is funded by KKR & Co and HDFC Capital, has hired Axis Securities, ICICI Securities, and Kotak Mahindra Capital Company to advise on the share sale. Existing Signature Global investors, such as the World Bank's investment arm International Finance Corporation (IFC), KKR, and HDFC Capital, may reduce their shares through the share sale. IFC, HDFC Capital, ICICI Prudential's real estate fund, and New York-based private equity firm KKR have all invested in the Gurugram-based property developer in recent years. In 2019, IFC recommended funding for Signature Global's affordable housing project. Previously, the company received finance from a number of financial institutions. In 2017, KKR's non-bank lending arm invested Rs 200 crore in Signature Global's projects. In the same year, HDFC Capital invested $38.76 million or about Rs 250 crore in Signature Global's projects. Prior to these investments, Signature Global had received finance from ICICI Prudential in the amount of Rs 150 crore. Signature Global has also received an undisclosed investment from debt-ridden Altico Capital, which is currently owned by Ares SSG Capital. Signature Global, which was founded in 2014, has a presence in both the business and residential markets. It constructs low-cost housing complexes in Gurugram, Karnal, and Ghaziabad. Pradeep Aggarwal, Ravi Aggarwal, Lalit Aggarwal, and Devender Aggarwal are the company's promoters. Signature Global is also a major shareholder in SMC Group, a financial investment corporation. Signature Builders Pvt Ltd, Signature Global Developers Pvt Ltd, Sarvpriya Securities Pvt Ltd, JMK Holdings Pvt Ltd, Forever Buidtech Pvt Ltd, and Sternal Buildcon Pvt Ltd are its real estate. The company has so far launched 28 projects, the most recent of which is the Millennia IV Project, which is part of the Haryana government's affordable housing policy. Multi-story residences are included in the residential structures, while retail is included in the commercial space. Image Source Also read: Signature Global to invest in two affordable housing projects in Gurugram