In a challenging market environment, three public offerings have been making headlines this week. Yatra Online, Sai Silks (Kalamandir), and Signature Global have all opened their initial public offerings (IPOs) for subscription, each attracting varied levels of investor attention.
Today, Yatra Online, a comprehensive provider of travel and related services, concluded its bidding process. The IPO, which began on September 15, saw a tepid response from investors with only 61% of the INR 775 crore ($105 million) offer subscribed by the end of Day 3. Retail investors fully subscribed to their designated quota, while non-institutional investors (NII) and qualified institutional buyers (QIB) subscribed to just 13% and 46% of their respective quotas. The company had set the IPO price band at INR 135-142 per share.
Meanwhile, Sai Silks' IPO opened today but saw a subdued response with just 4% subscription overall. The company is known for its strong position in the women's ethnic wear segment and consistent profit margins. The retail category witnessed a slightly higher subscription rate at 7%, while NIIs accounted for a meager 2%. No bids were made in the QIB category yet. The issue will remain open until September 22. The company has set the price band at INR 210-222 per share.
Signature Global's public offer also started today and has seen a better response than Sai Silks with an overall subscription rate of 18%. Retail investors have shown the most interest, subscribing to 43% of their allotment, while NIIs have subscribed to 40%. However, the QIB category remains untouched. Signature Global is the largest real estate developer in Delhi's national capital region specializing in affordable and lower mid-segment housing. Its IPO, set to close on September 22, is composed of a fresh equity issue of INR 603 crore and an offer for sale (OFS) of INR 127 crore by International Finance Corp. The price band for the issue is set at INR 366-385 per share.
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