Nexus Select Trust REIT IPO: The highly anticipated initial public offering (IPO) of Nexus Select Trust REIT has concluded on a positive note, with impressive subscription numbers on the final day of bidding. As of May 11, the IPO received bids for 29.16 crore units, surpassing the offer size of 18.52 crore shares. The overall subscription rate stood at 1.57 times, reflecting the strong investor interest in the REIT.

Notably, high net worth individuals (HNIs) displayed considerable enthusiasm for the IPO, subscribing to 1.88 times the allotted quota. On the other hand, qualified institutional buyers (QIBs) also showed substantial participation, with the QIB portion being subscribed 1.32 times.

The objective of the IPO is to raise Rs 3,200 crore, following the opening of the offer on May 9. This comprises a fresh issuance of shares valued at Rs 1,400 crore and an offer for sale (OFS) of shares worth Rs 1,800 crore. The substantial response from investors indicates their confidence in the potential of the real estate investment trust (REIT).

Prior to the IPO, Nexus Select Trust REIT successfully secured Rs 1,440 crore through its anchor book on May 8. This early investment demonstrates the trust and belief placed in the REIT’s future prospects.

The proceeds generated from the fresh issue of shares will be allocated towards various purposes. The first priority will be repaying loans associated with the asset special purpose vehicles and the investment entity. Additionally, the funds will be utilized for acquiring stakes and redeeming debt securities in specific asset SPVs. Lastly, a portion of the proceeds will be earmarked for general corporate purposes, ensuring the overall growth and stability of the company.

In conclusion, the Nexus Select Trust REIT IPO has concluded with a significant subscription rate, showcasing the strong investor confidence in the REIT’s potential. The funds raised through the IPO will play a vital role in fulfilling the company’s strategic objectives, including debt repayment, acquisition activities, and supporting overall corporate growth.