Day 2: Brookfield India REIT initial public offer gets subscribed 18% so far

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The initial public offer (IPO) of Brookfield India Real Estate Investment Trust (REIT) got subscribed 18% so far on the second day of subscription on Thursday.

It received bids for 1,39,60,400 units at around 11 am (IST) against 7,62,78,200 units on offer, according to data available with the NSE.

Brookfield India hit the capital market with its REIT public issue on Wednesday to raise up to Rs 3,800 crore.

Earlier, the company on Tuesday raised Rs 1,710 crore from anchor investors.

Brookfield REIT will be the third listed trust in India if it is successfully subscribed.

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.

The initial public offer of Brookfield India REIT has a price band of Rs 274-275 apiece and will close on February 5.

Brookfield REIT, the country’s only 100% institutionally managed public commercial real estate vehicle, is issuing units aggregating up to Rs 3,800 crore.

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.

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.

The global coordinators and book running lead managers to the offer are Morgan Stanley India Company, BofA Securities India, Citigroup Global Markets, HSBC Securities and Capital Markets.

Besides, Ambit Private Limited, Axis Capital, IIFL Securities, JM Financial, JP Morgan India, Kotak Mahindra Capital Company and SBI Capital Markets are the book running lead managers to the offer.