Mindspace REIT IPO sees 13 times more demand than shares on offer

Mindspace Business Parks REIT IPO saw 13 times more demand the shares on offer. The 67.7-million unit offering has garnered bids for 878 million units, generating demand worth more than Rs 24,000 crore.

The price band for the REIT offering is Rs 274 to Rs 275 per unit. The IPO comprised of fresh fund raise of Rs 1,000 crore and an offer for sale of Rs 3,500 crore.

Mindspace REIT has already allotted units worth Rs 2,644 crore to anchor investors. Mindspace REIT is the second REIT to hit the domestic market after Embassy Office Parks REIT. Experts said investors were drawn by the attractive yield on offer. “Investors can earn a return of 11-12 per cent, of which 7-8 per cent accrues from rental yield is as stable as debt. bs reporter