The fifth IPO of the year has taken place so far on February 3. The Brookfield REIT is the third REIT IPO after the Embassy Office Parks and Mindspace Business Parks REIT in 2019 and 2020.
This public offer is supported by the Canadian Asset manager Brookfield Asset Management Inc.
So far, the issue has been subscribed 77 times on the second day.
The company has received bids cumulating around 2.78 crore units against the issue size of 7.62 crore.
QII portion has been subscribed for 0.53 times and the portion reserved for non-institutional retailers have been subscribed for 0.96 times.
The company has aimed to raise Rs 3,800 crore via its issue out which it has already collected Rs 1,710 crore through anchor booking.
The price band has been set at Rs 274-275 per unit and the issue will close on February 5,2021.
Company will be using the issue proceeds for the repayment of the debts which are availed by its SVPs.
Brookfield REIT’s portfolio acquires 14.0 million square feet which includes 10.3 msf of completed area.
Currently, the REIT’s is standing at 88.4 percent of its NAV and is lesser than its peers. Hence, this IPO is fairly priced as per the brokerage houses.
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