Blackstone Group-backed Nexus Select Trust, a retail mall Real Estate Investment Trust (REIT), has revealed the pricing range for its impending initial public offering (IPO) in India. The price range for each share is fixed at Rs. 95–100. The IPO’s subscription period will begin on May 9 and end on May 11, with subscriptions for anchor investors beginning on May 8. Allotment will be finalised on May 16, reimbursements will start on May 17, and stock listings on exchanges will happen on May 19.
With a fresh share issuance of up to Rs 1,400 crore and an offer for sale of up to Rs 1,800 crore, the offering’s total value is Rs 3,200 crore. The proceeds will be put to use by the firm to pay off and redeem particular financial obligations related to the Asset SPVs and the investment vehicle. Additionally, it will use Rs 1,050 crore to redeem debt securities issued by WRPL and purchase a stake in Nexus Indore Central (NMMCPL) and WRPL at 100%.
The first REIT in India with investments in rent-paying retail real estate is Nexus Select Trust. It has the largest mall platform in India, which consists of 17 high-caliber properties in 14 prestigious locations. The portfolio’s broad tenant base, which includes more than 1,000 national and international companies, has an excellent 96 percent occupancy rate.
In comparison to the prior year’s sales of Rs 906.98 crore and net loss of Rs 199.11 crore, the firm recorded FY22 revenue of Rs 1,318.21 crore and a net loss of Rs 10.95 crore. The business recorded sales of Rs. 1,463.15 crore and a net profit of Rs. 257 crore for the nine months that ended in December 2022.
The issue’s lead managers are Morgan Stanley, JP Morgan, Kotak Mahindra Capital, Axis Capital, and BoA ML.
About Nexus Select Trust:
The premier consumption centre and real estate investment trust platform in India is Nexus Select Trust. The greatest in the nation, it has 17 excellent Urban Consumption Centres spread over 14 cities. The firm has a great tenant mix that includes a variety of industries, such as but not limited to, hypermarkets, entertainment, and food and drinks (F&B).
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