Mindspace Business Parks REIT, backed by K Raheja Corp. Pvt. Ltd and The Blackstone Group Inc., is seeking to raise up to 10 billion Indian rupees from what would be India's second IPO of a real estate investment trust.

The trust's portfolio has a total leasable area of 29.5 million square feet, of which 19.8 million square feet are completed office properties, according to a draft prospectus released Dec. 31, 2019.

The portfolio is spanning the four Indian cities of Mumbai, Hyderabad, Pune and Chennai, and had a total market value of 228.12 billion rupees as of June 30, 2019. As of the same date, the properties had 173 tenants, with a committed occupancy rate at 97.2%.

The IPO has appointed 13 joint book runners. They are Morgan Stanley India Company Pvt. Ltd., Axis Capital Ltd., DSP Merrill Lynch Ltd., Citigroup Global Markets India Pvt. Ltd., JM Financial Ltd., Kotak Mahindra Capital Co. Ltd., CLSA India Pvt. Ltd., Nomura Financial Advisory and Securities (India) Pvt. Ltd., UBS Securities India Pvt. Ltd., Ambit Capital Pvt. Ltd., HDFC Bank Ltd., IDFC Securities Ltd. and ICICI Securities Ltd.

Embassy Office Parks REIT, which went public in April 2019, is currently the only listed REIT in India.

As of Dec. 31, 2019, US$1 was equivalent to 71.17 Indian rupees.