The Initial Public Offering (IPO) of Nexus Select Trust, the first REIT backed by lease yielding retail actual property belongings, was subscribed 28% on the first day of subscription on Tuesday. The ₹3,200 crore-share sale obtained bids for five,00,49,000 models in opposition to 17,60,00,100 models on offer. The Real Estate Investment Trust is sponsored by Blackstone.
The Non Institutional Investors class bought subscribed 42%, whereas Qualified Institutional Buyers (QIBs) portion obtained 17% subscription, as per an replace.
On Monday, Nexus Select Trust raised ₹1,440 crore from anchor buyers.
The offer consists of contemporary situation of models value as much as ₹1,400 crore and an Offer For Sale (OFS) of as much as ₹1,800 crore. The firm has mounted the worth band at ₹95 per unit to ₹100 per unit for the difficulty scheduled to shut on May 11.
Nexus Select Trust has a portfolio of 17 operational purchasing malls, together with Delhi’s premium Select City Walk, throughout 14 main cities protecting a 9.8 million sq. ft space. It operates two accommodations with 354 keys, and in addition workplace areas as half of combined use improvement.
Post-IPO, the shareholding of Blackstone in Nexus Select Trust will come all the way down to 43% from 60%. Select City Walk promoters’ stake will cut back barely to 24.3% from 25%.
At current, there are three listed REITs – Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust – on the Indian inventory exchanges however all of them are backed by leased workplace belongings.
This is the third REIT sponsored by Blackstone. It launched India’s first REIT Embassy Office Parks after which Mindspace Business Parks REIT.
BofA Securities India, Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), IIFL Securities, JM Financial, J P Morgan India, Kotak Mahindra Capital Company, Morgan Stanley India Company and SBI Capital Markets are the managers to the offer.
