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Mindspace REIT is a book built issue of Rs 4,500.00 crores. The issue is a combination of fresh issue of Rs 1,000.00 crores and offer for sale of Rs 3,500.00 crores.
Mindspace REIT bidding started from July 27, 2020 and ended on July 29, 2020. The allotment for Mindspace REIT was finalized on Thursday, August 6, 2020. The shares got listed on BSE, NSE on August 7, 2020.
Mindspace REIT price band is set at ₹274 to ₹275 per share. The minimum lot size for an application is 200 Shares. The minimum amount of investment required by retail investors is ₹55,000.
Ambit Private Limited, Axis Capital Limited, Bofa Securities India Limited, Citigroup Global Markets India Private Limited, Clsa India Private Limited, Hdfc Bank Limited, ICICI Securities Limited, Idfc Bank Limited, Jm Financial Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Pvt Ltd, Nomura Financial Advisory And Securities (India) Pvt Ltd and Ubs Securities India Private Limited are the book running lead managers of the Mindspace REIT,
Refer to Mindspace REIT RHP for detailed information.
| IPO Date | July 27, 2020 to July 29, 2020 |
| Listing Date | August 7, 2020 |
| Face Value | ₹ per share |
| Price Band | ₹274 to ₹275 per share |
| Lot Size | 200 Shares |
| Total Issue Size | [.] shares (aggregating up to ₹4,500.00 Cr) |
| Fresh Issue | [.] shares (aggregating up to ₹1,000.00 Cr) |
| Offer for Sale | [.] shares of ₹ (aggregating up to ₹3,500.00 Cr) |
| Issue Type | Book Built Issue REIT |
| Listing At | BSE, NSE |
| Share holding pre issue | 556,654,582 |
| Share holding post issue | 593,018,182 |
Mindspace REIT offers 67,746,400 shares. 36,952,600 (54.55%) to QIB, 30,793,800 (45.45%) to NII.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | - |
| QIB Shares Offered | 36,952,600 (54.55%) |
| NII (HNI) Shares Offered | 30,793,800 (45.45%) |
| Total Shares Offered | 67,746,400 (100%) |
Mindspace REIT opens on July 27, 2020, and closes on July 29, 2020.
| IPO Open Date | Monday, July 27, 2020 |
| IPO Close Date | Wednesday, July 29, 2020 |
| Basis of Allotment | Thursday, August 6, 2020 |
| Initiation of Refunds | Friday, August 7, 2020 |
| Credit of Shares to Demat | Friday, August 7, 2020 |
| Listing Date | Friday, August 7, 2020 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 29, 2020 |
Investors can bid for a minimum of 200 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| All Investors | 1 | 200 | ₹55,000 |
| Lot Size Calculator | |||
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
| Particulars | For the year/period ended (Rs in Million) | ||||
|---|---|---|---|---|---|
| 31-Mar-20 | 31-Mar-19 | 31-Mar-18 | 31-Mar-17 | ||
| Total Assets | 1,12,224 | 91,437 | 84,738 | 81,293 | |
| Total Revenue | 20,262 | 16,797 | 15,022 | 14,354 | |
| Profit After Tax | 5,139 | 5,154 | 1,610 | 2,313 | |
The proceeds will be utilised towards the following objects:
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);
2. Purchase of NCRPS of MBPPL; and
3. General purposes
[Dilip Davda] The first REITs of Embassy Parks have managed to give around 8% distribution rewards so far. But now this sector is set for a litmus taste as amidst COVID-19 pandemic many IT and service industry have opted for Work from Home (WFH) model. Although management claims that such a situation may not continue for long and hoping for revival which will lead to pushing in demand to keep social distancing at the workplace. Thus views on future prospects are divided among masses. Considering RISK FACTORS indicated by the company and prevalent uncertainties, cash surplus - risk savvy investors may consider investment at their own risk. Read detail review...
The Mindspace REIT is subscribed 12.96 times on July 29, 2020 5:00:00 PM. 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) |
|---|---|
| QIB | 10.61 |
| NII | 15.51 |
| Total | 12.96 |
Net Issue
| Listing Date | August 7, 2020 |
| BSE Script Code | 543217 |
| NSE Symbol | MINDSPACE |
| ISIN | INE0CCU25019 |
| Final Issue Price | ₹275 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹275.00 |
| ₹304.00 |
| ₹299.00 |
| ₹308.90 |
| ₹303.87 |
| NSE |
|---|
| ₹275.00 |
| ₹302.00 |
| ₹300.00 |
| ₹307.20 |
| ₹303.70 |
Mindspace Business Parks
Raheja Tower, Level 8, Block 'G',
C-30, Bandra Kurla Complex,
Mumbai - 400 051
Phone: +91 2656 4000
Email: reitcompliance@mindspacereit.com
Website: https://www.mindspacereit.com/
Lead Manager Reports
Mindspace REIT is a main-board REIT of [.] equity shares of the face value of ₹ aggregating up to ₹4,500.00 Crores. The issue is priced at ₹274 to ₹275 per share. The minimum order quantity is 200 Shares.
The REIT opens on July 27, 2020, and closes on July 29, 2020.
is the registrar for the REIT. The shares are proposed to be listed on BSE, NSE.
Zerodha customers cannot apply online in Mindspace REIT using UPI as a payment gateway. UPI is not an option in Mindspace REIT public issue. Zerodha customers have to apply through net-banking.
Steps to apply in Mindspace REIT through Zerodha
Bank wise detail steps to apply in Mindspace REIT
Mindspace REIT lot size is 200 Shares, and the minimum amount required is ₹55,000.
You can apply in Mindspace REIT online using ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. Note that UPI is not an option in Mindspace REIT public issue. Read more detail about apply IPO online through ICICI Bank, HDFC Bank, SBI Bank, Kotak Bank and Axis Bank.
The finalization of Basis of Allotment for Mindspace REIT will be done on Thursday, August 6, 2020, and the allotted shares will be credited to your demat account by Friday, August 7, 2020. Check the Mindspace REIT allotment status.
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