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IPO Market Update: Nexus Select Trust, backed by Blackstone Inc, is in discussion these days regarding its proposed IPO. This IPO is going to be the first of its kind as till now there is no REIT listed in the Indian market which manages retail real estate portfolio. This is what makes Nexus Select Trust’s REIT IPO special.
Will buy mall even after IPO
The IPO of this Mall Real Estate Investment Trust portfolio is going to open next week. Nexus Select Trust has acquired 17 shopping malls during the last 7 years. Now its Rs 3,200 crore retail writ public issue is about to be launched, but even after this the way of doing business is not going to change. Nexus Select Trust says that even after the IPO, the work of expanding the portfolio through acquisition will continue.
This is the price band of IPO
Nexus Select Trust has fixed a price band of Rs 95-100 for its IPO ie Initial Public Offering. Through this IPO, the target of the trust is to raise Rs 3,200 crore. This IPO will open for subscription on May 9 and bidding can be done till May 11. This includes fresh issue of Rs 1,400 crore and offer for sale of Rs 1,800 crore.
Issue size has been reduced
Earlier the size of this IPO was going to be Rs 4,000 crore, but later it was reduced a bit. One lot of this IPO includes 150 units. This means that to invest in this IPO, at least Rs 15,000 will be needed. 75 percent of the IPO is reserved for institutional investors. After the closure of the IPO, units will be allotted to the eligible investors on May 16 and will finally be listed on the stock market on May 19.
so different from the rest
Currently, three REITs are already listed in the Indian stock market, Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust. All three of them are office assets. Nexus Select Trust is completely different from all three, as it has retail assets. Malls owned by Nexus Select Trust include Select City Walk in Delhi, Nexus Seawoods in Navi Mumbai, Nexus Koramangala in Bengaluru, Nexus Elante in Chandigarh and Nexus Ahmedabad One in Ahmedabad.
such assets with the trust
The trust has 17 high-quality retail shopping mall assets across 14 cities in the country. These malls are built in an area of 98 lakh square feet in total. Apart from these, the trust also has 2 hotels, which have a total capacity of 354 rooms. The trust also has office space under mixed use development. Nexus Select Trust was incorporated in the year 2016.
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