Brookfield India REIT IPO Subscribed 77% On Day Two
Pedestrians walk near residential high-rise towers and a building under construction in the Parel area of Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Brookfield India REIT IPO Subscribed 77% On Day Two


The initial public offer of Brookfield India Real Estate Investment Trust was subscribed 77% on Thursday, the second day of subscription.

It received bids for 5.88 crore units against 7.62 crore units on offer, according to an update on NSE.

Institutional investors category was subscribed 53%, while other investors portion 1.06 times.

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

Investment firm Brookfield India's REIT on Tuesday raised Rs 1,710 crore from anchor investors.

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

Brookfield REIT, the country's only 100 per cent 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.

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.

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.

Also read: Brookfield REIT IPO: All You Need To Know

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.

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