Brookfield REIT lists for IPO

Shares in the Brookfield India Real Estate Trust traded flat on market debuts, though investors piled into its virgin fleet, betting on a growing number of REITs after the nation adjusted the rules to make the vehicle more attractive.

The Canadian asset manager Brookfield Asset Management Inc.-supported trust listed at Rs 275.05 pcs. At BSE Ltd. in accordance with its issue price. At NSE Ltd. the share is listed at Rs 281.70.

Brookfield India is the third REIT to be listed in the country. Previously Embassy office parks REIT and Mindspace Business Parks REIT debuted in April 2019 and August 2020, respectively, with a listing premium of 2.7% and 10%.

The Rs 3,800-crore edition of Brookfield India was subscribed 7.97 times on the last day. While the category reserved for non-institutional investors was subscribed 11.78 times, institutional investors bid 4.8 times the offered shares.

Prior to the IPO, Brookfield REIT had raised Rs 1,709 crore from 39 anchor investors. Nearly 75% of the anchor book was distributed to domestic institutional investors, it said, with the HDFC Mutual Fund and Kotak Mutual Fund together holding more than 25% of the shares.

According to its offer document, the company uses the net proceeds from the issue for planned repayments and general purposes. The original portfolio consists of four large campus-style office parks in Mumbai, Gurugram, Noida and Kolkata, totaling 14 million square meters.

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