The fundraising includes Rs 1,620 crore from anchor investors and Rs 1,200 crore from strategic institutional investors. This comes on the back of an earlier Rs 1,400 crore pre-IPO round.
The anchor book reflects institutional interest, with over 50 investors participating. LIC’s involvement in this REIT IPO is a first, and participation also came from Tata AIG, Nippon MF, Axis MF, PIMCO, SBI Pension Fund, Tata MF, and global investors like Amundi and Wells Capital. Jhunjhunwala Trust and 360 One also featured in the anchor tranche.
The earlier Rs 1,400 crore pre-IPO round saw prominent HNIs like RK Damani and Karan Bhagat Trust take part.
The IPO, priced in the range of Rs 95–100 per unit, will see a fresh issuance of units worth Rs 4,800 crore. The remaining Rs 1,400 crore came via strategic placement and pre-IPO round. Of the remaining Rs 1,980 crore open to the public, Rs 1,080 crore is reserved for institutions, and Rs 900 crore for retail and HNIs. The minimum application size is Rs 15,000.
The issue proceeds will primarily go towards repayment or prepayment of existing debt of the underlying asset SPVs and investment entities, with the rest used for general corporate purposes.This is the first REIT IPO under Sebi‘s new master circular for REITs issued on July 11. The sponsors are Sattva Developers and BREP Asia SG L&T Holding (NQ), with Axis Trustee as trustee and Knowledge Realty Office Management Services (formerly Trinity Office Management Services) managing the issue.