Brookfield India Real Estate Trust IPO: Opens today; Key details an investor should know before investing

The Rs 3,800 crore initial public offering (IPO) of Brookfield India Real Estate Trust (Brookfield REIT) will hit the capital market on Wednesday, February 3, 2021. The company has fixed the price band of the IPO at Rs 274-275 per unit. The public issue will close on February 5, 2021.

Investors can bid for a minimum 200 units and in multiples of 200 units thereafter, and this translates into a minimum application size of Rs 55,000 at the higher end of the price band. Investors can bid for a minimum 200 units and in multiples of 200 units thereafter. The company will use the funds to repay debts.

The net proceeds from the public issue will be utilised for partial or full pre-payment or scheduled repayment of the existing debt of Asset special purpose vehicles (SPVs).

Ambit, Axis Capital, IIFL Securities, JM Financial, JP Morgan India, Kotak Mahindra Capital and SBI Capital Markets are the book running lead managers to the issue, while Link Intime India is the registrar for the REIT. Bank of America, Citigroup Inc and Morgan Stanley are managing the IPO.

Bank of America, Citigroup Inc, HSBC and Morgan Stanley are managing the IPO.

The shares are likely to be listed on the BSE and NSE on February 17, 2021.

Besides, the company has already raised Rs 1,710 crore from 39 anchor investors on Tuesday, ahead of the opening of its initial public offer (IPO). The alternative asset manager allotted a total of 62,180,800 shares at ₹275 per share to anchor investors including SBI Life Insurance, Tata AIG General Insurance, Bajaj Holdings and Investments Ltd, BNP Paribas Arbitrage ODI and Societe Generale among others.

Brookfield REIT will be the third listed trust in India, after Mindspace Business Parks REIT in 2020 and Embassy Office Parks REIT in 2019, if it is successfully subscribed. The first one Embassy Office Parks REIT, backed by Blackstone and Embassy group, got listed in April 2019 after raising Rs 4,750 crore.

Brookfield Asset Management owns nearly $17-billion portfolio across real estate, infrastructure, renewable power and private equity in India. It owns and operates 42 million sq. ft. of real estate space, with campus-format office parks located at Mumbai, Noida, Gurugram and Kolkata.