Brookfield India REIT initial public offer subscribed 8 times
The initial public offer of Brookfield India Real Estate Investment Trust (REIT) got subscribed 8 times on the final day of subscription on Friday. It received bids for 60,59,44,400 units against 7,62,78,200 units on offer. The category meant for institutional investors was subscribed 4.80 times and those for other investors 11.78 times.
Brookfield India hit the capital market with its REIT public issue on Wednesday to raise up to Rs 3,800 crore. On Tuesday, Brookfield India’s REIT mopped up Rs 1,710 crore from anchor investors.
The initial public offer of Brookfield India REIT had a price band of Rs 274-275 apiece.
The net proceeds from the public issue will be utilised for partial or full pre-payment or scheduled repayment of the existing debt of asset special purpose vehicles. The units are proposed to be listed on BSE and NSE.
Brookfield REIT will become third such trust to be listed in the country.
The first one Embassy Office Parks REIT, backed by Blackstone and Embassy group, got listed in April 2019 after raising Rs 4,750 crore.
Mindspace Business Parks REIT, owned by K Raheja and Blackstone, was listed in August last year and had raised Rs 4,500 crore.
REIT is aimed at attracting investment in the real estate sector by monetising rent-yielding assets. It helps unlock the massive value of real estate assets and enable retail participation.
The global coordinators and book running lead managers to the offer were Morgan Stanley India Company, BofA Securities India, Citigroup Global Markets, HSBC Securities and Capital Markets.
Besides, Ambit Private Limited, Axis Capital, IIFL Securities, JM Financial, JP Morgan India, Kotak Mahindra Capital Company, and SBI Capital Markets were the book running lead managers to the offer.