The Rs 4,500 crore Blackstone-backed Mindspace Enterprise Parks REIT IPO kicks off on Monday. The worth band of the problem is mounted at Rs 274-275 per share. Traders can bid for no less than 200 shares and in multiples of 200 shares. On the higher worth band, buyers must make investments a minimal quantity of Rs 55,000.
Mindspace Enterprise Parks REIT (Actual Property Funding Belief) is collectively owned by Ok Raheja group and Blackstone
Mindspace goals to lift as much as Rs 1,000 crore by the issuance of recent models and as much as Rs 3,500 crore by the use of provide on the market (OFS), in keeping with the paperwork filed with SEBI. The corporate will elevate Rs 1,125 crore from strategic buyers.
The REIT has already raised Rs 2,644 crore from anchor and strategic buyers, with HSBC International, Constancy and Nomura Belief, Capital Revenue Builder and Cohen & Steers as amongst main buyers.
Mindspace Enterprise Parks REIT will solely be the second of its type in India, after the success of Embassy Workplace Parks REIT. Embassy Workplace Parks REIT was listed on April 1, 2019. It had raised almost Rs 5,000 crore and has offered returns of eight per cent until date.
Actual Property Funding Trusts are well-liked actual property funding devices worldwide, however have been launched in India just a few years in the past. REITs unlock the worth of actual property belongings. Not like their fairness friends, REITs present assured returns to buyers by obligatory dividend distribution. It’s necessary upon REITs to distribute 90 per cent of their internet distributable revenue as dividend to the buyers.
Mindspace has leasable space of 29.5 million sq. ft in prime areas at Mumbai, Pune, Hyderabad and Chennai.