Nexus Select IPO to open on May 9
Expected to be the first publicly listed consumption centre REIT in India upon the listing of units on the stock exchanges
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Hyderabad: Nexus Select Trust, the owner of India’s largest portfolio of consumption centres comprising 17 best-in-class Grade A urban consumption centres, two complementary hotel assets and three office assets, said it would open May 9, 2023, an initial public offering of units for cash at a price per unit aggregating up to Rs 3,200 crore. Wynford Investments Limited (a portfolio company of Blackstone funds) is the sponsor of Nexus Select Trust and Nexus Select Mall Management Private Limited is the manager. Axis Trustee Services Limited is the trustee of Nexus Select Trust.
The public offer comprises a fresh issuance of units aggregating up to Rs 1,400 crore (the fresh issue) and an offer for sale of units by the selling unitholders aggregating up to Rs 1,800 crore (the Offer for Sale).
The price band for the offer has been fixed from Rs 95 per unit to Rs 100 per unit. The bid/offer will close on May 11, 2023. Anchor Investor bid/offer Period shall be one working day prior to the bid/offer opening date i.e. May 8, 2023.
Chris Heady, Chairman of Asia Pacific and Head of Real Estate Asia, Blackstone, said: “We are thrilled to launch Nexus Select Trust, India’s first retail-focused REIT. This reaffirms Blackstone's commitment to India, where we have built a strong presence for more than 15 years and participated in the launch of its first two REITs."
Dalip Sehgal, Chief Executive Officer of Nexus Select Mall Management Private Limited, said: “Nexus Select Trust is India’s largest mall platform and is well-positioned to capitalize on India’s unique consumption tailwinds. We are excited to be at the forefront of India’s retail journey.”
The Book Running Lead Managers to the offer include BofA Securities India Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Securities Limited, JM Financial Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited and SBI Capital Markets Limited.
