The public offer of Mindspace Business REIT is set to open for subscription on July 27 and the closing date is July 29.
It is the second REIT to come out with IPO after Embassy Office Park REIT which launched its Rs 4,750 crore IPO in March 2019.
The units of the REIT will be listed on both BSE and NSE.
Things to know about the issue:
Mindspace Business Parks REIT, which is an irrevocable trust registered with SEBI as Real Estate Investment Trust, has a quality office portfolio of 295 lakh square feet of office properties in key markets - Mumbai, Pune, Chennai and Hyderabad, which comprises of 230 lakh square feet of completed area, 28 lakh square feet of under-construction area and 36 lakh square feet of the future development area, as of March 31, 2020.
The total market value of its portfolio, which comprises the market value of the portfolio and the facility management division, as of March 2020, as per the valuer, is Rs 23,675.1 crore, company said in its RHP.
The company plans to raise up to Rs 4,500 crore from the issue which consists of a fresh issue of up to Rs 1,000 crore and an offer for sale of up to Rs 3,500 crore by selling unit holders.
The company already raised Rs 1,518.74 crore from anchor investors ahead of its public issue opening. It finalized allocation of 5,52,27,200 units at Rs 275 per unit to anchor investors including Capital Income Builder, Cohen & Steers, Fidelity, Nomura, HSBC Global, Singapore Government among others.
The price band for the public issue has been fixed at Rs 274-275 per share.
Competitive Strengths
Its competitive strengths are as follows:
> Portfolio with significant scale
> Diversified and quality tenant base with long-standing relationships
> Stable cash flows and strong growth potential
> Strong industry fundamentals
> Presence in four key office markets of India.
