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Nexus Select Trust IPO ends with decent subscription

Published on May 12, 2023 17:02

The initial public offer (IPO) of Nexus Select Trust received bids for 1,01,03,43,600 units as against 18,52,63,050 units on offer. The issue was subscribed 5.45 times.

The Institutional Investors category was subscribed 4.81 times and the Others category was subscribed by 6.23 times.

The issue opened for bidding on Tuesday (9 May 2023) and it was closed on Thursday (11 May 2023). The price band of the IPO was fixed at Rs 95-100 per share.

The offer comprised of a fresh issue and an offer for sale. The fresh issue was of Rs 1,400 crore out of which Rs 250 crore would be used for partial or full repayment of certain financial loans of the Asset SPVs and the investment entity, Rs 1,050 crore would be used for acquisition of stake and redemption of debt securities in certain Asset SPVs; and the balance would be used for general corporate purposes.

The offer for sale was amounted to Rs 1,800 crore. The Nexus Select Trust will not receive any proceeds from the offer for sale and the proceeds received from the offer for sale will not form part of the net proceeds.

Ahead of the IPO, Nexus Select Trust on Monday, 8 May 2023, raised Rs 1,439.99 crore from anchor investors. The board allotted 14.39 crore units at Rs 100 each to 20 anchor investors.

Nexus Select Trust is India`s leading real estate investment trust. It is India`s leading consumption centre platform with 17 Urban Consumption Centres spread across 14 cities in India including Delhi, Navi Mumbai, Bengaluru, Pune, Hyderabad, and Chennai, which constituted 30% of India`s total discretionary retail spending in FY20.

The company reported a net profit of Rs 257.02 crore and revenue from operations of Rs 1,463.15 crore for the nine months ended 31 December 2022.

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