Nexus Select Trust IPO: Issue subscribed 11% so far on Day 2; check details

As per NSE data, the non-QIB portion (NII, HNI, retail and corporate) was subscribed 25%, and the Qualified Institutional Buyers (QIB) portion has not received any subscription so far.

According to NSE data, the company received bids for 2,12,34,150 units against 18,52,63,050 units on offer.

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 fresh 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.

Nexus Select IPO: 10 things to know about India’s first retail REIT IPO

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.

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.