Mindspace Business Parks REIT IPO subscribed 38% on the first day

The reserved portion of institutional investors was subscribed 37% and that of non-institutional investors 40%.

Jul 28, 2020 08:07 IST India Infoline News Service

Initial Public Offer, IPO
The initial public offer (IPO) of Mindspace Business Parks REIT received bids for 2,59,22,800 units against offer size of 6,77,46,400 (excluding strategic and anchor investors' book), as per data available on the exchanges showed.

The issue was subscribed 0.38 times on day 1. The reserved portion of institutional investors was subscribed 37% and that of non-institutional investors 40%.

The issue opened for bidding July 27, 2020, and it will close on Wednesday, July 29, 2020. The price band of the IPO is fixed at Rs274-275.

The total offer size of the Mindspace REIT IPO is Rs4,500cr. Out of this Rs1,000cr will be by way of fresh issue while the balance Rs3,500cr will be by way of Offer-for-sale (OFS). The company, which is launching India's second Real Estate Investment Trust (REIT), has raised Rs1,518.74cr from anchor investors and Rs1,125cr from strategic investors, taking the total proceeds to Rs2,644cr.

The Mindspace REIT on Friday has raised Rs2,644cr from the anchor and strategic investors, with HSBC Global, Fidelity and Nomura Trust, Capital Income Builder and Cohen & Steers as among major investors.

The REIT is sponsored by K Raheja Corporation (KRC) which will have a 65% holding in the REIT post the IPO. Blackstone will hold another 10% of the post IPO capital. The IPO process will commence with the anchor issue placement on July 24.

To know more about Mindspace Business Parks REIT IPO click here for FAQs

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