The initial public offer (IPO) of Blackstone’s Nexus Select Trust REIT Ltd has received bids for 39,02,550 shares from non-institutional investors (NIIs) category, which includes retail, corporate and high net worth investors, according to NSE data. Individuals (HNIs) are included. 12:30 PM.
Under the NII category, individuals bid for 34,02,600 shares and corporates bid for 4,99,950 shares.
However, the Qualified Institutional Investors (QIB) portion is yet to receive any subscription.
The issue will open for subscription on Tuesday, 9th May and close on Thursday, 11th May. For the proposed IPO, the company has set a price range since 95 100 per equity share.
The company raised approx 1,440 crore through its anchor book on Monday, in which a total of 16 institutional investors were fully subscribed.
Blackstone-backed Nexus Select Trust to launch REIT IPO 3,200 crore on May 9: 10 key things to know
According to a circular posted on the BSE website on Monday, anchor investors who have received units include HDFC Mutual Fund (MF), SBI MF, HDFC Life Insurance, SBI Life Insurance, Prusik, Morgan Stanley Asia (Singapore) Pte and Tata Investment Corporation.
The basis of allotment will be finalized on Tuesday, 16 May. The stock will start trading on domestic exchanges on Friday, May 19.
IPO includes a new issue 1,400 crore and an offer for sale (OFS). 1,800 crores. size up recommended 4,000 crores, though it has been reduced. At the upper price limit of 100, the value of the IPO is 3,200 crores.
Investors can bid for 150 units and multiples thereof. Institutional investors will get around 75% of the IPO.
In India, this is the first REIT retail property offering. Three REITs are currently listed on stock exchanges, and all three are backed by office properties.
According to a document submitted to SEBI, the company has offered up to 75% to High Net Worth Individuals (HNIs) and the remaining 25% to Qualified Institutional Buyers (QIBs). The book running lead managers to the planned public offering are Morgan Stanley, JP Morgan, Kotak Mahindra Capital, Axis Capital and BOA ML.
In India, this is the first REIT retail property offering. Three REITs are currently listed on stock exchanges, and all three are backed by office properties.
View: Two IPOs coming in May: Nexus Select Trust, and Auro Impex & Chemicals; check details
The draft red herring prospectus (DRHP) for the retail REIT public offering of Nexus Select Trust was filed with the Securities and Exchange Board of India (SEBI) in November last year.
Total Net Operating Income (NOI) for the company is projected to increase by 17% 1,897.1 crore in 2025-26 1,619.8 crore in 2023-24. The NOI for the first nine months of the last financial year was approx. 1,050 crores.
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BofA Securities, Axis Capital, Citigroup, HSBC Securities, JM Financial, JP Morgan, Kotak Mahindra Capital and Morgan Stanley are the book running lead managers for the REIT IPO.
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