Bookbuilding REIT | ₹4,500 Cr | Listed at BSE, NSE | Mon, Jul 27, 2020 - Wed, Jul 29, 2020
Mindspace ReIT REIT is a book build issue of ₹4,500.00 crores. The issue is a combination of fresh issue of 3.64 crore shares aggregating to ₹1,000.00 crores and offer for sale of 12.73 crore shares aggregating to ₹3,500.00 crores.
Mindspace ReIT REIT bidding started from Jul 27, 2020 and ended on Jul 29, 2020. The allotment for Mindspace ReIT REIT was finalized on Aug 6, 2020. The shares got listed on BSE, NSE on Aug 7, 2020.
Mindspace ReIT REIT price band is set at ₹275 per share. The lot size for an application is 200. The minimum amount of investment required by an retail is ₹55,000 (200 shares) (based on upper price).
Ambit Pvt.Ltd. is the book running lead manager and The registrar of the issue (Not declared yet).
IPO Open
Mon, Jul 27, 2020
IPO Close
Wed, Jul 29, 2020
Final Issue Price
₹275.00 per share
Market Cap (Pre-IPO)
₹23,675.00 Cr
| IPO Date | 27 to 29 Jul, 2020 |
| Listed on | Fri, Aug 7, 2020 |
| Price Band | ₹274.00 to ₹275.00 |
| Final Issue Price | ₹275.00 per share |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding REIT |
| Listing At | BSE, NSE |
| Total Issue Size | 16,36,36,200 shares (agg. up to ₹4,500 Cr) |
| Fresh Issue | 3,63,63,600 shares (agg. up to ₹1,000 Cr) |
| Offer for Sale | 12,72,72,600 shares of ₹[.] (agg. up to ₹3,500 Cr) |
| Share Holding Pre Issue | 55,66,54,582 shares |
| Share Holding Post Issue | 59,30,18,182 shares |
| BSE Script Code / NSE Symbol | 543217 / MINDSPACE |
| ISIN | INE0CCU25019 |
Mindspace ReIT REIT comprises a total issue size of 16,36,36,200 shares. Out of which, 9,20,45,400 (75.00%) are allocated to QIB, 3,06,81,800 (25.00%) allocated to NII .
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 9,20,45,400 |
| − Anchor Investor Shares Offered | 5,52,27,200 |
| − QIB (Ex. Anchor) Shares Offered | 3,68,18,200 |
| NII (HNI) Shares Offered | 3,06,81,800 |
| Strategic Investor Shares Offered | 4,09,09,000 |
| Total Shares Offered | 16,36,36,200 |
Investors can bid for a minimum of 200 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| All Investors | 1 | 200 | ₹55,000 |
Mindspace Business Parks REIT has a quality office portfolio in Mumbai, Hyderabad, Pune and Chennai. The business parks in Mumbai are Mindspace Airoli East Business Park, Mindspace Airoli West Business Park, Paradigm Mindspace Malad and The Square, BKC(2).
The properties in the Pune include Commerzone Yerwada Business Park, Gera Commerzone Kharadi Business Park and The Square, Nagar Road. The Chennai property of the company is Commerzone Porur. And, the office parks in Hydrabad are Commerzone Pocharam and Mindspace Madhapur.
The total leasable area of Mindspace Business Parks are 12.1 msf, 11.6 msf, 5.0 msf and 0.8 msf in Mumbai, Hyderabad, Pune and Chennai, respectively. With total leasable area of 29.5 msf, it is one of the largest Grade-A office portfolios in India.
The under-construction area of the company is 2.8 m sq ft. The future construction of Mindspace Business is spread across Hyderabad, Chennai, and Mumbai in a 3.6 m sq ft area.
Real Estate Investment Trust (REIT) Explained
Under the REIT Regulations Mindspace REIT has to invest a minimum of 80% of the value of its assets in completed and rent and/ or income-generating properties.
REIT Regulations also impose restrictions on certain investments including investments in vacant land, agricultural land, or mortgages other than mortgage-backed securities and assets located outside India.
As per REIT Regulations, the portfolio of the Mindspace REIT is required to be maintained for a period of minimum 3-years from the date of purchase or completion.
Real Estate Investment Trust (REIT) Explained
Competitive Strengths
1. Diversified and quality tenant base
2. Strong industry fundamentals
3. Experienced management team with KRC group support
4. Stable cash flows
| Period Ended |
|---|
| Amount in ₹ Crore |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Partial or full pre-payment or scheduled repayment of certain debt facilities of the Asset SPVs availed from banks/financial institutions(including any accrued interest and any applicable penalties/ premium) | 900.00 |
| 2 | Purchase of NCRPS of MBPPL; | 33.40 |
| 3 | General purposes | 34.80 |
The Mindspace REIT is subscribed 12.96 times on July 29, 2020 5:00:00 PM (Day 3). The public issue subscribed [.] times in the retail category, 10.61 times in the QIB category, and 15.51 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 10.61 | 3,69,52,600 | 39,21,21,600 |
| NII | 15.51 | 3,07,93,800 | 47,76,51,800 |
| Total | 12.96 | 6,77,46,400 | 87,78,24,600 |
Net Issue
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees and commission to advisors to this Offer | 101.80 |
| 2 | Fee payable to others | 43.60 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹275.00 | ₹275.00 |
| Open | ₹304.00 | ₹302.00 |
| Low | ₹299.00 | ₹300.00 |
| High | ₹308.90 | ₹307.20 |
| Last Trade | ₹303.87 | ₹303.70 |
Lead Manager Reports
Mindspace ReIT REIT is a main-board REIT of 16,36,36,200 equity shares of the face value of ₹[.] aggregating up to ₹4,500 Crores. The issue is priced at ₹275.00 per share. The minimum order quantity is 200.
The REIT opens on Mon, Jul 27, 2020, and closes on Wed, Jul 29, 2020.
is the registrar for the REIT. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Mindspace ReIT REIT using UPI as a payment gateway. Zerodha customers can apply in Mindspace ReIT REIT by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Mindspace ReIT REIT through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Mindspace ReIT REIT opens on Mon, Jul 27, 2020 and closes on Wed, Jul 29, 2020.
Mindspace ReIT REIT lot size is 200, and the minimum amount required for application is ₹55,000.
You can apply in Mindspace ReIT REIT online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Mindspace ReIT REIT will be done on Thursday, August 6, 2020, and the allotted shares will be credited to your demat account by Fri, Aug 7, 2020. Check the Mindspace ReIT REIT allotment status.
The Mindspace ReIT REIT listing date is on Fri, Aug 7, 2020.
