Mindspace Business Parks REIT IPO opens on July 27 2020| New IPO Details

Mindspace Business Parks REIT IPO

Mindspace Business Parks REIT which is jointly owned by the K Raheja Group and Blackstone has raised Rs 4,500 crore. It has set a price band for the IPO(Initial Public Offering) of band price 274-275 per share.

REITs (Real Estate Investment Trust) were introduced in India a few years ago. It is the Second public issue in the country for the (REIT) segment. The first is Embassy Office Parks REIT for Rs 4,750 crore IPO in March 2019.

The subscription will be open on July 27 and close on July 29. bids can be applied for a minimum of 200 units applied, and thereafter multiples of 200 units.

REIT has already received a commitment of Rs 1,125 crore from institutional investors GIC, capital group, fidelity, and Fullerton. With this, the IPO has already received 25 percent of the issue size. 4.09 crore units are subscribed by strategic investors have allocated at Rs 275 per share according to the offer document with SEBI.

As per the document, The net offer will be around 12.27 crore units or Rs 3,375 core. Institutional investor 75 percent around 9.20 crore units Rs 2,531 crore. Non-institutional investor 25 percent around 3.07 crore units Rs 844 crore

About the company

It has a leasable area of 29.5 million square feet comprising quality parks across various locations . its portfolio consists of five integrated business parks with various amenities and newer infrastructure. It is one of the largest grade A office portfolios in India.

Portfolio – 29.5 million sqft commercial properties in which around 24.5 million sqft has been constructed across various places located in major cities Mumbai(12.1 MSF), Pune (5 MSF), Chennai (0.8 MSF), and Hyderabad (11.6 MSF).

It has business parks in Mumbai such as Mindspace Airoli East Business Park, Mindspace Airoli West Business Park, and Paradigm Mindspace Malad.

There are various factors that you need to check before you apply in these IPO

• Competitive strengths
• Objective and Valuation of the IPO
• Financial Performance
• Future Prospects of the company
• Details regarding complete prospects of the company
• Management team

Why the company is issuing IPO 

• General expansion and upgrading purposes.
• Reduce debt facilities from banks or financial instructions by providing partial or full pre-payment.

Book running lead manager of the issue

 

Morgan Stanley India Company, Axis Capital, DSP Merrill Lynch, Citigroup Capital Markets India, JM Financial, Kotak Mahindra Capital Company, CLSA India, Nomura Financial Advisory and Securities India, UBS Securities India, HDFC Bank, Ambit Capital, IDFC Securities, and ICICI Securities.

Company Promoters

There are various promoters of the company which are Axis Trustee Services Ltd, Cape Trading LLP, and Anbee Constructions LLP.

Mindspace company information

Mindspace Business Parks

Raheja Tower, Level 8, Block 'G',

C-30, Bandra Kurla Complex,

Mumbai - 400 051

How to Apply for Mindspace REIT IPO

The Shares are to be listed on NSE and BSE.

UPI or ASBA can be used for applying IPO for Mindspace REIT.

ASBA IPO available in net banking of your bank account.

UPI – various brokers like Zerodha, Upstox, or 5Paisa.

The Allotment finalization will be done based on allotted shares and be credited to your demand account.

Details about IPO

The Minimum shares are 200 which means the retail investor needs to invest a minimum of Rs 55,000 for a share price of 275.

Open date – 27 July 2020

Close Date – 29 July 2020

IPO Price ( Per Equity Share) - Rs 274 to Rs 275

Market Lot - 200 Shares

DISCLAIMER- We do not offer any financial advice or suggestion here. The information provide here is for informational and educational purposes only. All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding the correctness of data. Don’t use this information as final, consult a financial advisor or planner before making any decision or investment.