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Mindspace REIT's total portfolio value is over Rs 23,000 crore; here are a few key things to know about the IPO

Mindspace REIT's total portfolio value is over Rs 23,000 crore; here are a few key things to know about the IPO

Mindspace REIT's total portfolio value is over Rs 23,000 crore; here are a few key things to know about the IPO
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By Mousumi Paul  Jul 23, 2020 3:24:00 PM IST (Published)

Mindspace Business Parks REIT inches closer to IPO as announced to open for subscription on July 27, seeking to raise Rs 4,500 crore. The price band of the IPO is fixed at Rs 274-275.

Mindspace Business Parks REIT inches closer to IPO as announced to open for subscription on July 27, seeking to raise Rs 4,500 crore. The price band of the IPO is fixed at Rs 274-275.

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Mindspace REIT will raise the fresh issue of units aggregating to Rs 1,000 crore and offer for sale of units of Rs 3,500 crore. The bidding for public issue by anchor investors will open on July 24.
Meanwhile, institutional investors like Singapore's sovereign fund GIC, Capital Group, Fullerton Group, and Fidelity Group have already committed Rs 1,125 crore to the company.
Here's a list of key things to know before you diving into subscription:
1. Mindspace Business Parks REIT is an entity jointly backed by realty developer K Raheja Corp and private equity major Blackstone Group. Both the entities are expected to offer a part of their existing shareholding through the offer for sale.
2. The company has leased an additional 7 lakh sq ft to tenants across various properties since April 1. As per the revised filing with Sebi, it has completed an additional 3.3 million sq. ft. of new office space since its previous filing last year.
3. Its portfolio includes a total leasable area of 29.5 million sq ft with five integrated business parks and five independent offices across the Mumbai Metropolitan Region, Pune, Hyderabad, and Chennai.
4. It has about 2,500 operational hotel rooms including the ones from Chalet Hotels. It also owns 6 operational malls (including Inorbit Mall) and 278 retail outlets across India.
5. As of FY20, the company's revenue from operations rose about 10 percent YoY to Rs 15,501 crore. Net operating income (NOI) growth in FY20 stood at 11 percent while in FY19 it was 14 percent.
6. As of March-end, the total market value of its portfolio was Rs 23,675 crore, including the facility management division.
7. As of May end, committed occupancy of its portfolio stood at 92.4 percent and the average rent was Rs 52.5 per sq ft.
8. The company’s clients include the likes of Accenture, Qualcomm, UBS, JP Morgan, Amazon, Barclays, Facebook, and Capgemini.
 
(Inputs are taken from SMC Institutional Report)
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