Mindspace Business Parks REIT, backed by K Raheja Corp and Blackstone, has fixed the price band of Rs 274 to Rs 275 per unit for its initial public offering (IPO).
India’s second REIT IPO, after Embassy Office Parks REIT in 2009, is looking to raise up to Rs 4,500 crore.
The IPO consists of fresh fund raising of Rs 1,000 crore and offer for sale of Rs 3,500 crore.
Mindspace REIT has already received commitment worth Rs 1,125 crore from institutional investors, including Singapore government’s sovereign fund GIC, Fidelity, Capital Group and Fullerton Group.
These investors will be allotted 40.9 million units –a fourth of the issue size—at Rs 275 apiece.