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Embassy Office Parks REIT's India IPO oversubscribed 2.57x


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Embassy Office Parks REIT's India IPO oversubscribed 2.57x

Embassy Office Parks REIT's IPO in India was oversubscribed by 2.57x as of March 20, according to the National Stock Exchange of India Ltd.

The office-focused real estate investment trust backed by Blackstone Group LP and Embassy Group is offering up to 71,256,400 new units on both the National Stock Exchange and Bombay Stock Exchange Ltd. at an indicative per-unit price of between 299 rupees and 300 rupees.

Embassy Office Parks' institutional investors subscribed for 83,375,200 new units, while other investors subscribed for 100,100,800 new units. Demand from each investor category resulted to respective oversubscriptions of 2.15x and 3.09x, according to the bourse.

Shishir Baijal, chairman and managing director of Knight Frank India Pvt. Ltd., said Embassy Office Parks' IPO is not only the first listing of a REIT in India but also the largest in Asia, The Economic Times of India reported March 20.

The office-focused trust owns an initial portfolio of four office buildings and seven office parks with four hotels across India. It is aiming to raise 47.5 billion rupees from the IPO and ahead of the float's March 18 launch, it secured 17.43 billion rupees from its anchor investors.

Morgan Stanley India Co. Pvt. Ltd., Kotak Mahindra Capital Co. Ltd., J.P. Morgan India Pvt. Ltd. and DSP Merrill Lynch Ltd. are the global coordinators of the offering. The four also serve as the IPO's book-running lead managers, together with Axis Capital Ltd., Credit Suisse Securities (India) Pvt. Ltd., Deutsche Equities India Pvt. Ltd., Goldman Sachs (India) Securities Pvt. Ltd., HSBC Securities and Capital Markets (India) Pte. Ltd., IIFL Holdings Ltd., JM Financial Ltd. and Nomura Financial Advisory and Securities (India) Pvt. Ltd.

As of March 20, US$1 was equivalent to 68.79 Indian rupees.