Embassy Office Parks REIT IPO fully subscribed on the last day

The Rs4,750cr issue was subscribed 1.2 times on Wednesday, as per NSE data.

Mar 20, 2019 09:03 IST India Infoline News Service

Initial Public Offer, IPO
Embassy Office Parks REIT’s (Embassy REIT), the first ever by a Real Estate Investment Trust in India, initial public offering (IPO) was oversubscribed on its last day.

The Rs4,750cr issue was subscribed 1.2 times on Wednesday, as per NSE data. The quota for institutional investors got subscribed 1.43 times, NSE and BSE data showed. Other investors category saw a subscription of 1.05 times at the time of reporting.

Total bids received for the offer stood at 8,49,76,000 against total issue size of 7,12,56,400 units, the NSE data added.

The price band for the Embassy Office Parks REIT IPO is Rs299-300 apiece.

Embassy REIT owns one of India’s largest office portfolios and believes that replicating such a platform would be difficult given land acquisition complexities and long development timelines in India.

The Units of the Embassy REIT are proposed to be listed on the NSE and BSE.

Axis Trustee Services Limited is the Trustee to the Issue while Embassy Office Parks Management Services Private Limited is the Manager to the Issue. Embassy Property Developments Private Limited and BRE/ Mauritius Investments are the Sponsors to the issue.

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