Mindspace Business Parks REIT, backed by the Blackstone Group and real estate developer K Raheja, closed 10.5% higher than its issue price on its stock market debut.
Shares of Mindspace, the second REIT to list in India after Embassy Office Parks in April last year, began trading at Rs 302 apiece compared with the upper end of the IPO price band of Rs 275. It subsequently closed at Rs 303.8 apiece on the Bombay Stock Exchange.
The company's Rs 4,500-crore initial public offering was subscribed 13 times on the final day of bidding. The category reserved for the institutional and retail investors subscribed 10.65 times and 15.83 times, respectively.
Mindspace REIT had raised Rs 1,518 crore from 54 anchor investors at the upper end of the price band of Rs 275 apiece. The key anchor investors include the Government of Singapore, Nomura, Fidelity Group, HDFC Life and SBI Life, among others.
The REIT has five integrated business parks and five independent offices with key tenants such as Facebook, Barclays, JPMorgan and Amazon.
The market value of the REIT's portfolio as on March 31, including its facility management division, was Rs 23,675.1 crore. The portfolio is spread across Chennai, Hyderabad, Mumbai and Pune. It collected 97.8% of its rentals in April and 95.2% in May.
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