NEW DELHI, May 14: Blackstone-backed Bagmane Prime Office REIT made a positive stock market debut on Thursday, with its units listing with a premium of 3.5 per cent over the issue price.
On the NSE, the unit got listed at Rs 103.50, reflecting a gain of 3.5 per cent over the issue price of Rs 100. Later, the unit pared some gains and was quoted at Rs 103.10.
On the BSE, the units made their market debut at Rs 103.40, up by 3.4 per cent from the issue price.
The company’s market valuation stood at Rs 35,071 crore on the NSE.
The Rs 3,405-crore initial public offering (IPO) of Bagmane Prime Office REIT received 23.71 times subscription on the closing day of bidding on May 7 amid strong investor participation.
The IPO garnered over 2 lakh applications, surpassing previous REIT issues, including Knowledge Realty Trust, Nexus Select Trust, Mindspace Business Parks REIT, Brookfield India REIT and Embassy Office Parks REIT.
Bagmane Prime Office REIT has raised about Rs 1,150 crore from anchor investors.
The price band for the issue was fixed at Rs 95-100 per unit of Bengaluru-based real estate investment trust (REIT), which owns and develops Grade A+ office assets.
The public issue comprised a fresh issue of units aggregating up to Rs 2,390 crore and an Offer-for-Sale (OFS) of units worth up to Rs 1,015 crore by the selling unitholder.
Bagmane Prime Office REIT’s portfolio includes six premium Grade A+ business parks, spanning 20.3 million square feet, located in key micro-markets of Bengaluru, including the Outer Ring Road (ORR) and the Secondary Business District (SBD City).
Real Estate Investment Trusts are investment vehicles that own or operate income-generating real estate, enabling investors to earn a share of the income produced without directly purchasing the properties.
At present, there are five listed REITs in India — Sattva Group and Blackstone-backed Knowledge Realty Trust (KRT), K Raheja Corp-backed Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Embassy Office Parks REIT, and Nexus Select Trust.
Of the five listed REITs, only Nexus Select Trust is backed by rent-yielding retail real estate (shopping malls), while the other four are office REITs. (PTI)
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