Embassy Office Parks IPO Oversubscribed On Final Day Of Bidding

Embassy Office Parks' public issue, the country's first real estate investment trust offering, subscribed 1.20 times so far on the final day of bidding.

The REIT issue received bids for 8.54 crore units against the total issue size of 7.13 crore units, according to NSE data till 2.30 p.m.

The offer subscribed 47 percent till Tuesday and is expected to raise Rs 4,750 crore.

According to a regulatory filing on Friday, Embassy Office Parks finalised allocation of 5.81 crore units to anchor investors at Rs 300 per unit, totaling Rs 1,743.16 crore.

The issue is in a price band of Rs 299-300 apiece.

REIT is an investment tool that owns and operates rent-yielding real estate assets. It allows individual investors to make investment in this platform and earn income.

Embassy Office Parks is a joint venture of Blackstone and Embassy. It had in September last year filed the draft red herring prospectus with the Securities and Exchange Board of India to launch REIT, touted as Asia's largest in terms of portfolio size of 33 million sq ft.

Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India), IIFL Holdings, JM Financial and Nomura Financial Advisory and Securities (India) are managing the public offer.

Besides, Morgan Stanley India Company, Kotak Mahindra Capital Company, JPMorgan India and DSP Merrill Lynch are the global coordinators and book running lead managers.

Embassy Office Parks, a leading player in commercial real estate, has put 33 million sq ft of office and hospitality assets under its proposed REIT comprising seven business parks and four city-centric buildings spread across Mumbai, Bengaluru, Pune and Noida.