Shares of Brookfield India Real Estate Trust REIT made a flat market debut on February 16, listing at Rs 275.05 on the BSE against the issue price of Rs 275.
However, the scrip listed at Rs 281.70 on the NSE, up 2.44% over the issue price.
Earlier, the initial public offer of the company got subscribed 8 times on the final day of subscription on February 5.
It received bids for 60,59,44,400 units against 7,62,78,200 units on offer.
The category meant for institutional investors was subscribed 4.80 times and those for other investors 11.78 times.
The initial public offer of Brookfield India REIT had a price band of Rs 274-275 apiece.
The net proceeds from the public issue will be utilised for partial or full pre-payment or scheduled repayment of the existing debt of asset special purpose vehicles. The units are proposed to be listed on BSE and NSE.
Brookfield REIT becomes third such trust to be listed in the country. The first one Embassy Office Parks REIT, backed by Blackstone and Embassy group, got listed in April 2019 after raising Rs 4,750 crore. Mindspace Business Parks REIT, owned by K Raheja and Blackstone, was listed in August last year and had raised Rs 4,500 crore.
REIT is aimed at attracting investment in the real estate sector by monetising rent-yielding assets. It helps unlock the massive value of real estate assets and enable retail participation.