In a nutshell, the response to the Mindspace REITS IPO has been much better than expected. The Mindspace Business Parks REITS IPO got oversubscribed by nearly 13 times on the last day of the IPO, which was the 29 July. The IPO was for a total sum of Rs.4500 crore of which Rs.1593 crore had already been raised from anchor investors.

In addition, there was also a commitment of Rs.1125 crore guaranteed by strategic investors, which may not really be required now considering the solid response to the IPO. Also, the pricing is now likely to be set at the upper end of the band at Rs.275, in the light of the response. The IPO is likely to be listed only in the middle of August.

As of close of 29 July, the institutional portion was subscribed 10.6 times and the non-institutional portion got subscribed 15.7 times. This is only the second REITs IPO after Embassy had come out with a REITs IPO in the middle of 2019. The response to these two IPOs has been encouraging. Brookefield of Canada could be next on the line for REITS IPO.