Mindspace Business Parks REIT IPO to open on July 27, raise Rs 4,500 crore
Mindspace Business Parks REIT’s initial public offer (IPO) will open on July 27. The company is looking to raise up to Rs 4,500 crore and the price band is fixed between Rs 274-275 per unit.
It will be the country’s second-ever REIT offering after Embassy Office Parks REIT in April 2019. Mindspace Business Parks REIT is an entity jointly backed by realty developer K Raheja Corp and private equity major Blackstone Group. It will be a fresh issue of units aggregating up to Rs 1,000 crore and offer for sale of units up to Rs 3,500 crore.
Mindspace Business Parks REIT has already received commitment worth Rs 1,125 crore from institutional investors including Singapore government’s sovereign fund GIC, affiliates of Fidelity Group, Capital Group, Fullerton Group, which amounts to 25 per cent of the issue size by strategic investors.
Total REIT units proposed to be subscribed by strategic investors will be 4.09 crore units and will be allotted to them at Rs 275 per piece, according to the offer document filed with the Securities and Exchange Board of India (Sebi).
Sponsored by K Raheja Corp, Mindspace has 29.5 million square feet leasable area spread across Mumbai, Pune, Hyderabad and Chennai.