The Brookfield real estate investment trust (REIT) initial public offering (IPO) has received bids for 1.66 crore units against the IPO size of 7.62 crore units.
The portion set aside for institutional investor has been subscribed 3.04 per cent. The issue will close on February 5.
Brookfield REIT and its asset special purpose vehicles) SPVs received a corporate credit rating of “Provisional CCR AAA/Stable” from CRISIL.
Brookfield India Real Estate Trust IPO has been subscribed 22 per cent on Thursday on the second day of the bidding. The offer has received bids for 1.66 crore units against the IPO size of 7.62 crore units.
Brookfield REIT is the country’s only 100 per cent institutionally managed public, commercial real estate vehicle. It is offering 14 million square feet of its commercial portfolio in the REIT.
The portion set aside for institutional investors has been subscribed 3.04 per cent, and that of other investors including individuals clocked a subscription of 44.2 per cent.
The IPO will make Brookfield the third listed trust in India if it is fully subscribed. This is the fifth IPO in the current calendar year after Indian Railway Finance Corporation, Home First Finance Company, Indigo Paints, and Stove Kraft.
The company has raised Rs 1,710 crore from 39 anchor investors on Tuesday ahead of its IPO. Investors, other than anchor investors, can bid for a minimum of 200 units and in multiples of 200 units thereafter.
The REIT owns an initial portfolio of four large campus format office parks, which are located in Mumbai, Gurugram, Noida and Kolkata. The company will utilise the proceeds of the issue for repayment or prepayment of the borrowings of the Asset SPVs and general corporate purposes.