India's Embassy Office Parks REIT $690 mln IPO subscribed over 2 times [Reuters]
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Source: Reuters
India's Embassy Office Parks REIT $690 mln IPO subscribed over 2 times | Reuters 2 Min Read March 20 (Reuters) - Blackstone-backed Embassy Office Parks REIT’s 47.50 billion rupee ($689.85 million) initial public offering, the first by a real estate investment trust in India, was subscribed more than two times by 1030 GMT on the last day of sale on Wednesday. Investors bid for about 175.8 million shares, or 2.47 times the 71.3 million on offer, stock exchange data showed here The REIT, which owns offices that house multinational tenants such as JP Morgan and Google, will use proceeds of the IPO to reduce its debt and fund acquisition of assets, according to the IPO prospectus. The offering comes at a time when the primary market in India is seeing greenshoots, but analysts expect sentiment to remain cautious ahead of national elections starting in April. At a minimum lot size of 800 units and a price band of 299-300 rupees per unit, the REIT’s offering implies an investment of at leas
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