The public offer received bids for 1,39,30,400 shares till 5 pm as against the total issue size of 7,12,56,400 shares offered by the company.
Embassy Office Parks, a joint venture between Blackstone and Embassy, has so far raised Rs 2,619 crore from anchor and strategic investors for its REIT, which is 55 per cent of the total issue size of Rs 4,750 crore.
“After a long wait, India is finally witnessing the country’s first REIT listing. On one hand, for investors, it will provide avenues for earning annuity income and capital appreciation besides being an excellent tool for portfolio diversification. On the other hand, for the supply side, it will significantly increase the depth of the market and bring in more institutional players and capital. A successful REIT listing would provide a significant boost to the scale of commercial projects and push the commercial space into a different growth paradigm,” said Arvind Nandan, Executive Director Research, Knight Frank India.
Damani Trust, Fidelity, American Funds insurance, Aviva Investors, TT Emerging, Schroder, Citigroup, Kotak Mahindra Insurance, Wells Fargo, Lockheed Martin, Morgan Stanley France, Japan Trustee Services Bank are among the top anchor investors.
As per the regulatory filing, Embassy Office Parks has finalised allocation of 58,105,600 units to anchor investors at Rs 300 per unit, totalling 1,743.16 crore.
To invest in the IPO, investors will be required to bid for a minimum of 800 units in price band of Rs 299-300, i.e. Rs 2.39 lakh to Rs 2.40 lakh. Launched at 20 per cent discount to its NAV, the issue offers an indicative 8.25 per cent yield to be distributed in the form of dividend and interest in equal ratio.
The public offer will close on March 20.
