Home >Markets >Stock Markets >Mindspace Business Parks REIT IPO subscribed 38% on first day

Mumbai: The initial public offer (IPO) of Mindspace Business Parks REIT witnessed a healthy subscription of 38% on the first day of the offering, data from stock exchanges show.

Mindspace Business Parks REIT has set a price band of 274-275 per share and the IPO closes on 29 July.

The portion of shares reserved for institutional investors was subscribed 37%, while shares reserved for other investors was subscribed 39%.

Mindspace would be the second REIT to list on stock exchanges after Embassy Office Parks REIT, which went public in March 2019.

Last week, ahead of the launch of its initial public offering (IPO), Mindspace Business Parks REIT, raised 1,518.74 crore by allocating shares to institutional investors as part of the anchor allotment for the offer.

The anchor allotment was led by foreign institutional investors (FIIs) such as the government of Singapore, funds managed by Nomura, Capital Group, Fidelity, HSBC and Schroder.

Domestic institutional investors that participated in the anchor allotment include Axis Mutual Fund, IIFL Special Opportunities Fund, ICICI Prudential MF and insurance companies such as Max Life Insurance, Star Health & Allied Insurance Co, and Aditya Birla Sun Life Insurance.

Apart from the anchor allotment, Mindspace REIT has also tied up investments worth 1,125 crore through a so-called strategic investor allotment.

Investors that participated in this share allotment included Singapore state investor GIC, Fidelity, Capital Group and Fullerton.

Mindspace Business Parks REIT has a portfolio of 29.5 million sq ft of commercial properties located in major cities such as Mumbai, Pune, Chennai and Hyderabad, out of which around 24.5 million sq ft area has been constructed.

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