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<ul><li>Signature Global’s IPO received tepid response from institutional investors on day 1.</li><li>Investors can bid for a minimum of 38 equity shares and in multiples of 38 equity shares thereafter.</li><li>It has fixed the price band at ₹366 to ₹385 per share and the issue closes on September 22.</li></ul> The initial public offer (IPO) of Signature Global was subscribed 0.54 times at the end of the first day of the issue. The issue did not receive any bids from qualified institutional buyers (QIBs) with tepid response from non-institutional investors. The company has fixed the price band at ₹366 to ₹385 per equity share for its maiden public offer which closes on Friday, September 22. Investors can bid for a minimum of 38 equity shares and in multiples of 38 equity shares thereafter. The public issue of shares that have a face value of ₹1 comprises fresh issuance of equity shares worth ₹730 crore and an Offer for Sale (OFS) of shares worth ₹127 crore. <cmsannotation type="cmsannotation" annotationid="Signature Global IPO Subscription status" comment="subhead" text="Signature Global IPO Subscription status"><keyword id="18848203" type="General" weightage="20" keywordseo="signature-global-ipo-subscription" source="Orion">Signature Global IPO Subscription</keyword> status</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times subscribed </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investors </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.42 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.9 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.54 </td></tr></tbody></table> Signature Global started operations in 2014 through its subsidiary Signature Builders Pvt Ltd with the launch of 'Solera' project on 6.13 acres of land in Gurugram, Haryana. As of March 31, 2023, it had sold 27,965 residential and commercial units, all within the Delhi-NCR region, with an aggregate saleable area of 18.90 million square feet. The company's sales (net of cancellation) have grown at a compounded annual growth rate (CAGR) of 42.46 per cent, from 1,690.27 crore in fiscal 2021, to 3,430 crore in fiscal 2023. As of March 31, 2023, it had sold 25,089 residential units with an average selling price of 36 lakh per unit. ICICI Securities Ltd, Axis Capital Ltd and Kotak Mahindra Capital Company Ltd are the book-running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/jioairfiber-launched-in-metros-plans-and-benefits-versus-the-airtel-xstream-airfiber/articleshow/103804858.cms">JioAirFiber launched – plans and benefits versus the Airtel Xstream AirFiber</a> <a href="https://www.businessinsider.in/business/auto/webstories/comparison-of-citroen-c3-aircross-vs-honda-elevate-suvs-price-and-features/slidelist/103810860.cms">Citroen C3 Aircross vs Honda Elevate – Performance and features of the similar priced SUVs</a> <a href="https://www.businessinsider.in/tech/news/new-google-bard-allows-you-to-search-gmail-work-docs-and-more/articleshow/103800570.cms">Bard gets access to Google Apps – You can now search your Gmail or Docs for information</a>

Signature Global receives over 50% subscription on day one

New Delhi, Realty firm <keyword id="3606282" type="General" weightage="20" keywordseo="Signature-Global" source="Orion">Signature Global</keyword> on Thursday reported a consolidated net loss of Rs 7.18 crore for the first quarter of this fiscal year on higher expenses. Gurugram-based Signature Global had logged a net profit of Rs 32.78 crore in the year-ago period, according to a regulatory filing. Total income also declined to Rs 178.9 crore in April-June 2023-24 from Rs 559.01 crore in the corresponding period of the previous year. This is the first quarterly result announced by the company after getting listed on stock exchanges recently. Last month, Signature Global successfully launched its Initial Public Offer (IPO). The total size of the IPO was Rs 730 crore, with a fresh issue of shares worth Rs 603 crore and an offer-for-sale (OFS) of Rs 127 crore. The public issue was subscribed 11.88 times.

Signature Global posts Rs 7.18 cr net loss for Apr-Jun quarter 2023

Mumbai: The Reserve Bank is unlikely to cut the benchmark <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword> in its forthcoming bi-monthly monetary policy review later in the week as <keyword id="19999652" type="General" weightage="20" keywordseo="retail-inflation" source="keywords">retail inflation</keyword> is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts. Earlier this month, the government reconstituted the Reserve Bank's rate-setting panel -- <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC). The reconstituted panel, with three newly appointed external members, will commence its maiden meeting on Monday. MPC Chairman RBI Governor Shaktikanta Das will reveal the outcome of the three-day discussion on Wednesday (October 9). The <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December. The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with a margin of 2 per cent on either side. In the current context, experts feel that the RBI may not follow the US Federal Reserve, which lowered the benchmark rates by 50 basis points, and the central banks of some developed nations, which have reduced the interest rates. "We do not expect any change in the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> or stance by MPC. The reason is that inflation for September and October will be above 5 per cent, and the present low inflation is due to the base effect. Besides, core inflation is inching upwards," said Madan Sabnavis, Chief Economist, Bank of Baroda. Further, the recent Iran-Israel imbroglio can intensify, and there is uncertainty here, he said. "Hence, the status quo is the most likely option even for new members. Inflation forecast may be lowered by 10-20 bps and no change in GDP forecast likely," said Sabnavis. The central bank last hiked the repo rate to 6.5 per cent in February 2023 and since then, it has held the rate at the same level. Icra Chief Economist Aditi Nayar said that given the undershooting in the initial first quarter GDP growth relative to the MPC's forecast and the likely sizeable undershooting in the second quarter CPI inflation print as well, "we believe a stance change to neutral may be appropriate in the October 2024 policy review". This could be followed by a shallow rate-cutting cycle of 25 bps each in December 2024 and February 2025, she added. "The abundant monsoon offers some insurance for crop inflation. The impact of global political developments and geopolitical uncertainty on the growth inflation dynamics remains a risk," Nayar added. An HSBC report said three developments stand out -- softer growth numbers have trickled in recently, inflation has been falling, and the external environment has moved from rate hikes to cuts. "We believe the RBI doesn't gain from waiting any longer. We think it will change its stance from a hawkish 'withdrawal of accommodation' to 'neutral' in the upcoming 9 October policy meeting, followed by repo rate cuts of 25 bps each in the December and February meetings, taking the repo rate to 6 per cent," the report said. The RBI kept the repo rate unchanged at 6.5 per cent in its August bi-monthly review amid risks from higher food inflation. This was the ninth consecutive MPC meeting, which decided to maintain the status quo on the rate front. Pradeep Aggarwal, founder and chairman, Signature Global (India) Limited, said while the real estate industry, developer community, and homebuyers are hoping for an interest rate cut in the upcoming monetary policy review, the RBI is likely to hold on to the interest rate cuts for the tenth consecutive time. "The apex bank still seems uncomfortable with the overall retail inflation scenario, particularly food inflation. As such, it is expected to maintain the status quo. The recent interest rate cut by the US Federal Reserve has ignited similar hopes even in India, but the domestic scenario is very different," he added. SBM Bank India Head Treasury Mandar Pitale believed that the MPC has persistently advocated a restrictive policy until inflation aligns durably towards the 4 per cent target. "With the unfavourable base effect taking the next couple of CPI prints near 5 per cent plus or minus, it will pose a major challenge for MPC to start easing from the October meeting," Pitale said, adding that the MPC is also expected to deliberate upon the global factors like growth-inflation behaviour in developed economies. The government has appointed Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as external members of the MPC. They have replaced Ashima Goyal, Shashanka Bhide, and Jayanth R Varma. Apart from the Governor, the other internal members are the RBI Deputy Governor in charge of monetary policy Michael Debabrata Patra and the Executive Director monetary policy department of RBI Rajiv Ranjan. In an off-cycle meeting in May 2022, the MPC raised the policy rate by 40 basis points and it was followed by rate hikes of varying sizes, in the subsequent meetings till February 2023. The repo rate was raised by 250 basis points cumulatively between May 2022 and February 2023.

Status-quo on interest rate likely, say experts ahead of RBI's policy review

<a target="_blank" href="https://www.businessinsider.com/category/e-commerce">E-commerce</a> is great for a lot of things — <a target="_blank" href="https://www.businessinsider.com/amazon-prime-shopping-rule-saves-me-money-2024-4">snagging sales</a>, stocking up on staples, buying stupid stuff we really do not need. But people's voracious appetite for online shopping does appear to have its limits, specifically when it comes to luxury.The expectation has long been that e-commerce would revolutionize luxury, just as it has so much of retail. It killed many <a target="_blank" href="https://www.businessinsider.com/shopping-mall-rise-fall-timeline-1950s-to-today-2023-1">malls</a> and bookstores; it made Walmart <a target="_blank" href="https://www.businessinsider.com/what-is-walmart-marketplace-for-third-party-sellers2023-12">go digital</a>; it transformed shipment and logistics operations across the globe. So why wouldn't it disrupt such an expensive, lucrative space?It turns out we still like to buy the nicest, most expensive items in real life, in large part because we want a luxury experience when we spend the big bucks. We like to feel fancy when we shop fancy, and dropping stuff into a virtual cart on a random website in between meetings is far from most people's definition of fancy.A recent survey from Morning Consult, a business intelligence company, explored how consumers look at luxury. It found that people generally have a strong preference for a brick-and-mortar experience when buying luxury items. Of those surveyed, 49% said they would consider buying luxury clothing or shoes from a brick-and-mortar store and 48% said the same of jewelry and watches. Thirty-nine percent said they would consider buying handbags and 40% said they would consider buying cosmetics and fragrances in a store. In every category, under 20% of consumers said they would consider making those purchases online. Gen Z was slightly more open to e-commerce and less interested in the brick-and-mortar experience, but not always by a meaningful margin. Less than 10% of all consumers said they'd buy luxury products through social media, though that number got up to the high teens for Gen Z.Consumers also said customer service was the second-most-important attribute in defining luxury shopping, right behind the quality of the product. In other words, they don't just want to buy something special — they want to be treated special while they do it."The No. 1 reason people like to shop in stores is because they want that experience of browsing and touching things and playing with things," Claire Tassin, a retail and e-commerce analyst at Morning Consult, said. "Customer service, especially in a luxury environment, is such a big part of how you justify the additional expense."Online luxury sales <a target="_blank" class="" href="https://www.businessinsider.com/americans-feel-financially-insecure-wont-stop-luxury-shopping-millennials-genz-2024-5">picked up during the pandemic</a> but have since come back down to earth. Some important names in the fashion e-commerce space, such as Matches Fashion and Farfetch, have cratered. The German-based platform Mytheresa is doing OK — its net sales grew by 18% in the quarter ending in March — but its stock is still down by more than 80% from its IPO price in January 2021. The private companies Moda Operandi and Ssense seem to be selling merchandise and retaining customers, experts say, but the sites have a niche appeal, so that's hardly made a dent. The overarching theme is that many consumers haven't warmed up to shopping luxury — namely, ultra-luxe items and brands — online. Jason Goldberg, the chief commerce strategy officer at Publicis Groupe, a global marketing firm, said the jury is still out on whether e-commerce will ever take over luxury retail, but for now, there aren't great examples of <a target="_blank" class="" href="https://www.businessinsider.com/internet-biggest-businesses-have-growth-problem-2024-1">"runaway successes" in the space</a>. There's no single answer as to why. One reasonable hypothesis could be that people simply prefer to get high-consideration and high-priced items in store, he said. What they get out of a luxury in-store experience hasn't been translated online."We try to treat luxury with the same e-commerce experience we use for paper towels, and that just doesn't work," Goldberg said. "In general, online, we have gotten very, very good at needs-fulfillment buying, but we are sucky at discovery. Nobody goes to Amazon because they go, 'I'm just in the mood to treat myself.'"When unplanned purchases happen online, they tend to happen through social discovery. You see something <a target="_blank" class="" href="https://www.businessinsider.com/social-shopping-what-social-media-sites-doing-win-e-commerce-2022-10">on Instagram or TikTok </a>and then you buy it. Those types of <a target="_blank" class="" href="https://www.businessinsider.com/impulse-spending-retirement-delayed-2024-5">impulse purchases</a> are fine to make with a few clicks, but when people spend the big bucks, they want to feel a little pampered."It is fair to say that going to a luxury store is part of the pleasure of buying a luxury product," said Luca Solca, a senior analyst covering global luxury goods at Bernstein. "Buying online is convenient and fast. But buying in store is a pleasure."An analysis from Bain &amp; Company found that the share of luxury goods sold online fell to 20% in 2023, after hitting 22% in 2020 and 2021. Solca believes 20% is on the high side and said that on average, the percentage of online sales in the luxury market hovers around the mid-teens, and sometimes even lower, noting that Burberry recently told him they were at 9%.For the most part, luxury brands prefer that customers would rather shop in-store. Sure, they all have some kind of online presence — it is 2024 after all — but not all of their products are always available online, and the internet is far from the primary area of focus. For the most high-end products, <a target="_blank" class="" href="https://www.businessinsider.com/things-learned-buying-luxury-watches-2023-11">there can even be waiting lists</a>. The general aversion to e-commerce makes sense: One way to convince people you're selling a luxury item, and price it accordingly, is to make it scarce and elusive, on top of providing the in-store luxury experience. It helps companies create and keep an aura around their brands."Luxury brands historically have actually stayed away from being very strong in the online channel, largely to do with the fact that they didn't want to be a cheap marketplace," said Nora Kleinewillinghoefer, a partner in the consumer and retail practice at Kearney, a strategy and management-consulting firm. "For them, it's about the storytelling." There are some exceptions here. The online diamond dealer Blue Nile is a giant in the engagement-ring space, and consumers are increasingly comfortable with buying their cars online. High-end beauty products can do well in e-commerce — once you know what shade of foundation or eye shadow you like, you don't need to keep going into the store. The online marketplace <a target="_blank" href="https://www.businessinsider.com/guides/style/the-real-real-review">The RealReal</a> sells a fair amount of secondhand designer and luxury merchandise, though it has long struggled with profitability. But outside these niche exceptions, high-end, luxury e-commerce isn't really a big thing yet. There's no super-prosperous Amazon for Gucci and Prada out there.So much of the fun of buying a luxury item is sensory — seeing the packaging, experiencing the store, chatting with associates whose attention is focused on you. It's a personal, rarefied experience."That dopamine rush you get from buying something fun and fancy and special is meaningful, even if it doesn't last," Tassin said.It's tough to translate to e-commerce. <a target="_blank" class="" href="https://www.businessinsider.com/avoiding-blackout-shopping-saving-money-frugal-living-youtuber-finances-2024-4">Clicking around a website</a> to buy something and a week later grabbing a box on your doorstep next to your monthly delivery of cat litter <a target="_blank" class="" href="https://www.businessinsider.com/shoppers-are-doom-spending-to-cope-with-financial-stress-2023-11">does not provide the same rush</a>.While brands want to sell to consumers however they can, including online, brick-and-mortar matters for their cultural and economic cache. When people have a premium experience in a Chanel or a Louis Vuitton store, it reinforces the brand's premium image. It's part of their top-funnel brand building. And, hey, it helps if you snap a picture in the store and post it online, whether or not any purchase ever happens there."They're not just having a premium experience to trick you into buying a handbag. They're having a premium experience to make sure that you continue to associate Louis Vuitton with this extreme luxury premium that makes you feel better about spending that money on their goods now and in the future," Goldberg said. "Part of the luxury experience is less about conversion and more about long-term brand equity."Ultra-luxe brands don't want their products to be ubiquitous in the way the internet can deliver. Companies know their high-end clients want one-of-a-kind items and personalized recommendations. These customers expect a salesperson to shoot them a text or give them a call to let them know a new shoe came in that they'll love, and they've only got one pair available in their size."Unless you have those relationships and connections with your reps, you actually will not get access to these products," Kleinewillinghoefer said. "It's that personalized touch that makes it truly unique."With their highest-net-worth clients, the in-person buying experience often doesn't feel transactional, she added — people's cards are kept on file, so no one has to think of the whole business relationship thing. And even with more aspirational consumers — people who'd be more likely to do some poking around online — brands are careful to craft their images. Companies want people to come in and feel like they're living the dream and making what they see as an investment in a high-end piece. Companies don't want to "water down" their value proposition by serving too many products to those consumers, which is what the open nature of the internet risks."The level of luxury and the type of consumer are critical factors that intersect to define a brand's approach to its consumers, shaping both engagement strategies and the practices to avoid," Kleinewillinghoefer said.While it might not feel like it, e-commerce is still in its early days. Amazon has only been around for 30 years and the iPhone for 17 years. Retailers have figured out how to make a digital version of a Target, but they haven't yet cracked the code for a digital Prada. It doesn't mean they never will. And, hey, if you want to buy your next designer watch online, go for it! But let's be honest here … you probably don't. Part of the whole schtick is going to the store and feeling fancy about it.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

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Signature Global receives over 50% subscription on day one

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