Ahead of the launch of its initial public offering (IPO), Mindspace Business Parks REIT raised Rs 1,518.74 crore by allocating shares to institutional investors as part of the anchor allotment for the offer. In an exchange filing, Mindspace REIT, only the second real estate investment trust in the country to launch a public offering, said it had allocated 5.52 crore shares under the anchor allotment.
Shares were issued to these investors at Rs 275 per share, the upper end of the price band of Rs 274-275 set for the IPO. The Mindspace REIT IPO opens on 27 July and closes on 29 July.
The anchor allotment was led by foreign institutional investors (FIIs) such as the government of Singapore, funds managed by Nomura, Capital Group, Fidelity, HSBC and Schroder. Domestic institutional investors that participated in the anchor allotment include Axis Mutual Fund, IIFL Special Opportunities Fund, ICICI Prudential MF and insurance companies such as Max Life Insurance, Star Health & Allied Insurance Co, and Aditya Birla Sun Life Insurance.
Apart from the anchor allotment, Mindspace REIT has also tied up investments worth Rs 1,125 crore through a so-called strategic investor allotment. Investors that participated in this share allotment included Singapore state investor GIC, Fidelity, Capital Group and Fullerton.
Mindspace REIT plans to raise a total of Rs 4,500 crore through the IPO. Of this, it has now raised Rs 2,644 crore through the above two allotments.
The IPO will see the REIT raise Rs 1,000 crore of fresh capital, while its owner K Raheja group and Blackstone are selling units worth Rs 3,500 crore through the IPO.
