Mindspace Business Parks IPO is having a quality office portfolio in India and is all set to make a debut in the stock market with an issue size of 4500 Cr.
IPO Overview
| Mindspace Business Parks REIT IPO Issue Date | 27-29 July 2020 |
| Mindspace Business Parks REIT IPO Opening Date | 27 July 2020 |
| Mindspace Business Parks REIT IPO Face Value | INR – per share |
| Mindspace Business Parks REIT IPO Price | INR 275 per share |
| Mindspace Business Parks REIT IPO Lot Size | 200 Shares |
| Issue Size | 4500 Cr |
| Offer for sale | 3500 Cr |
| Issue Type | Book built Issue IPO |
| Listing At | BSE, NSE. |
| QIB Shares Offered | 10.61 times |
| NII (HNI) Shares | 15.51 times |
| Company Promoters | Cape Trading LLP and Anbee Constructions LLP are the promoters of the company. |
IPO -Tentative Dates
| Mindspace Business Parks REIT IPO opening date | 27 July 2020 |
| Mindspace Business Parks IPO closing date | 29 July 2020 |
| Basis of Allotment | 6 Aug 2020 |
| Initiation of Refunds | 7 Aug 2020 |
| The credit of Shares to Demat | 7 Aug 2020 |
| Mindspace Business Parks IPO Listing Date | 12 Aug 2020 |
Industry Overview.
India’s office real estate landscape has changed significantly from standalone buildings with no amenities to large corporate parks with focused amenities. Developers’ focus on Grade-A commercial developments, backed by institutional investors and increasing demand from MNCs led to the onset of campus developments. Due to better amenities for occupiers and scalability options, the larger campuses tend to command a premium over standalone buildings, enjoy a higher and more stable occupancy and attract superior tenants. Cumulative private equity investment in the real estate sector has been US$ 31.6billion from2013 to 1H 2019.
Company Overview
It has a quality office portfolio in Mumbai, Hyderabad, Pune and Chennai. The business parks in Mumbai are Mindspace Airoli East Business Park, Mindspace Airoli West Business Park, Paradigm Malad and The Square, BKC(2).
The properties in Pune include Commer zone Yerwada Business Park, Gera Commer zone Kharadi Business Park and The Square, Nagar Road. The Chennai property of the company is Camerone Porur. And the office parks in Hyderabad are Commer zone Pocharam and Mindspace Madhapur.
The total leasable area of Parks are 12.1 msf, 11.6 msf, 5.0 msf and 0.8 msf in Mumbai, Hyderabad, Pune and Chennai, respectively. With total leasable area of 29.5 msf, it is one of the largest Grade-A office portfolios in India.
Objectives
- Partial or full pre-payment or scheduled repayment of certain debt facilities of the Asset SPVs availed from banks/financial institutions.
- Purchase of NCRPS of MBPPL.
Financial Statements
| Particulars | 31-Mar-20 | 31-Mar-19 | 31-Mar-18 |
| Total Assets | 1,12,224 | 91,437 | 84,738 |
| Total Revenue | 20,262 | 16,797 | 15,022 |
| Profit After Tax | 5,139 | 5,154 | 1,610 |
Strengths
- Diversified and quality tenant base.
- Strong industry fundamentals.
- Experienced management team with KRC group support.
- Stable cash flows
Company Contact Information
Mindspace Business Parks
Raheja Tower, Level 8, Block ‘G’,
C-30, Bandra Kurla Complex,
Mumbai – 400 051
Phone: +91 2656 4000
Email: reitcompliance@mindspacereit.com
Website: https://www.mindspacereit.com/
Mindspace REIT Registrar
Phone:
Email: kraheja.reit@kfintech.com
