Blackstone backed Nexus Select Trust IPO - India's first retail-focused REIT will open on Tuesday, May 9 and close on Thursday May 11. The company has fixed a price band of Rs 95–100 per unit. The bidding for anchor investors will open on May 8, 2023.
The public issue comprises fresh issuance of units aggregating up to Rs 1,400 crore and an offer for sale (OFS) for Rs 1,800 crore make up the IPO. The company had earlier planned to raise around Rs 4,000 crore through the initial share sale but the size has been reduced down to a value of Rs 3,200 crore at the maximum price band of Rs 100
Learn more about Nexus Select Trust IPO IPO and its schedule
About Blackstone's Nexus Select Trust IPO
For the first time ever, subscribers can bid for REIT retail asset offerings. Currently, there are three REITs listed on stock exchanges - Mindspace Business Parks REIT, Brookfield India Real Estate Trust REIT and Embassy Office Parks REIT but all these are leased office assets.
As per the document submitted to SEBI, Nexus Select Trust comprises of 17 operating shopping malls in 14 prominent cities which comprises 30% of India's discretionary spending in FY20.
As of Dec 31, 2022 Nexus has 2,893 stores in India spread across 9.2 million square feet (msf) of retail space.
Who is The Sponsor of Nexus Select Trust?
Wynford Investments Ltd., a portfolio company of Blackstone Funds, is the sponsor of Nexus Select Trust and Nexus Select Mall Management Pvt. is the manager.
Who Are The Book-running Lead Managers Of The Nexus Select Trust IPO?
BofA Securities India, Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), IIFL Securities, JM Financial, J.P. Morgan India, Kotak Mahindra Capital, Morgan Stanley India Company, and SBI Capital Markets.
Key Dates for Blackstone's Nexus Select Trust IPO
The complete Nexus Select Trust IPO schedule is as follows:
The Nexus Select Trust REIT opens on May 9, 2023 and closes on May 11, 2023.
The finalization of Basis of Allotment for Nexus Select Trust REIT will be done on May 16, 2023, and the initiation of refunds will start on May 17, 2023
Shares of Nexus Select Trust are expected to debut on the BSE and the NSE on May 19.
Nexus Select Trust IPO: Price Band
The company has finalized the price range between Rs 95- RS 100 per equity share for this IPO. This means that the highest price band for this IPO accounts to ₹3,200 crores. As per reports submitted to SEBI, the company has segregated the offer in 75% and 25% between high-net-worth individuals and qualified institutional buyers.
Nexus Select Trust IPO: Lot Size
The Nexus Select Trust REIT lot size is 150 shares.
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