Units of Nexus Select Trust rose a modest 4.3 per cent on its stock market debut on Friday. The units got listed at Rs 102.3, a 2 per cent premium to its issue price.
And they ended the session at Rs 104.3, a 4.3 per cent gain from its issue price. The initial public offering (IPO) of Nexus Select Trust, India’s first pure-play real estate investment trust (REIT), garnered 5.4x subscription. The institutional investor portion was subscribed 4.8x, and other investors subscribed to the issue 6.2 times.
The REIT raised Rs 1,440 crore from 20 anchor investors at the upper price band of Rs 100 per unit. The REIT priced its units between Rs 95 and Rs 100 per share.
The IPO consisted of a fresh issue of Rs 1,400 crore and an offer for sale of Rs 1,800 crore. The REIT plans to utilise the net proceeds of the fresh issue portion to repay debts and to acquire stakes and redeem debt securities in certain asset special purpose vehicles.
