India: Mindspace REIT Sets IPO Price Band At Around $36.5m

Tuesday July 21, 2020.

IPO

Mindspace Business Parks REIT, owned by K Raheja group and Blackstone, has fixed a price band of ₹274-275 per share for its upcoming initial public offering (IPO), which opens on 27 July, the company said on Tuesday.

The IPO closes on 29 July.

The REIT, only the second in the country to aim at a public listing, plans to raise up to ₹1,000 crore of fresh capital, while its owner K Raheja group and Blackstone will sell units worth ₹3,500 crore through the IPO, taking the total size of the deal to ₹4,500 crore.

The REIT has already received commitments of ₹1,125 crore from strategic investors GIC, Capital Group, Fidelity and Fullerton at the price of ₹275 per unit.

Mindspace Business Parks REIT has a portfolio of 29.5 million sq ft of commercial properties located in major cities such as Mumbai, Pune, Chennai and Hyderabad, out of which around 24.5 million sq ft area has been constructed.

This article was first published on livemint.com.

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