India’s Second REIT Fully Subscribed
The Rs 4,500-crore public offer of Mindspace Business Parks REIT was fully subscribed on the second day of its bidding, driven by the demand from non-institutional investors. The issue has seen a 1.20 times subscription as it received bids for 8,13,75,200 units against IPO size of 6,77,46,400 units (excluding anchor and strategic investors’ portion), the data available on the exchange showed.
The portion set aside for non-institutional investors has been subscribed 1.65 times while institutional investors’ book saw 83 percent subscription.
Mindspace REIT, backed by K Raheja Corp and Blackstone Group, has already received a commitment of Rs 2,643.74 crore from strategic and anchor investors. Hence, the net issue is now reduced to Rs 1,856.26 crore.
The issue will close on July 29 and the bids can be made for minimum 200 units and in multiples of 200 units thereafter.