IPO screener: Blackstone-backed Nexus Select Trust issue closes today — May 11, 2023
Nexus Select Trust backed by Blackstone costing Rs 3,200 crore Initial public offering The REIT will close its IPO today. The issue is 57 percent oversubscribed to date.
The REIT offer comes in at €95-100 per unit and investors can bid in multiples of 150 units.
Subscription details
The offer received bids of 10.55 crore units against an offering size of 18.52 crore units, as per data available with the exchanges.
The non-bank portion was 1.05 times oversubscribed, or 105%, while the bank portion, after primary allocation, was 17% oversubscribed.
The public offering consisted of a new issue of shares totaling ₹1,400 crore and an offer to sell shares by the selling shareholders totaling ₹1,800 crore.
The main investors
As part of the IPO, REIT has raised ₹1,439.99 crore from 16 anchor investors. The Nexus Select Trust has allocated shares to 16 anchor investors at $100/unit.
Among the mutual funds, HDFC MF had the highest unit allocation at ₹280 crores, followed by IIFL AMC at ₹150 crores, ICICI Pru MF ₹100 crores and SBI MF ₹100 crores.
HDFC Life Insurance Units were subscribed at ₹175 crore, SBI Life at ₹144 crore and Star Health at ₹100 crore. Other major investors include Prusik, Morgan Stanley, and Tata Investment Corp.
funds interest
The net proceeds of the issue will be used for partial or full repayment or prepayment and redemption of the specified financial indebtedness of the special purpose asset vehicles and the investment entity; acquisition of shares and redemption of debt securities in certain special purpose assets; and general purpose.
Nexus Select Trust is the nation’s first retail-focused REIT, the asset portfolio consists of 17 malls spread across 14 cities and 9.2 million square feet, three offices and two hotels.
As of 31st December 2022, the malls had an committed occupancy of 96.2 per cent and a total market value of ₹21,146.6 crore.
For the nine months ended 31st December 2022, Nexus Select Trust reported a net profit of Rs.257 crore on revenue of Rs.1,463 crore of which mall rentals accounted for the major portion of Rs.1,259 crore.