Shares of Nexus Select Trust, the first REIT backed by rent-yielding retail real estate assets, listed with a gain of 3 per cent against the issue price of Rs 100 per unit on Friday.
The stock made its debut at Rs 102.27, up 2.27 per cent on the BSE. It further climbed 4.9 per cent to Rs 104.90.
At the NSE, it started the trade at Rs 103, up 3 per cent.
The initial public offering (IPO) of Nexus Select Trust was subscribed 5.45 times on the last day of subscription on Thursday last week.
The Rs 3,200-crore share sale had a price band of Rs 95-100 per unit.
The Real Estate Investment Trust is sponsored by Blackstone.
Nexus Select Trust has a portfolio of 17 operational shopping malls, including Delhi's premium Select City Walk, across 14 major cities covering a 9.8 million square feet area. It operates two hotels with 354 keys and also office spaces as part of mixed-use development.
There are three listed REITs -- Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust -- on the Indian stock exchanges but all of them are backed by leased office assets.