Brookfield India REIT IPO Subscribed 15% On First Day

The initial public offer of Brookfield India Real Estate Investment Trust was subscribed 15% on the first day of subscription on Wednesday.

It received bids for 1.15 crore units against 7.6 crore units on offer, according to data available with the NSE.

Institutional investors category was subscribed 3% and other investors portion was 30%.

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.

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 Feb. 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.

Ambit Pvt. Ltd., Axis Capital Ltd., IIFL Securities Ltd., JM Financial Ltd., JP Morgan India Pvt. Ltd., Kotak Mahindra Capital Company Ltd. and SBI Capital Markets Ltd. are the managers to the offer.