New Delhi, May 11 (PTI) The initial public offering (IPO) of Nexus Select Trust, the first REIT backed by rent-yielding retail real estate assets, was subscribed 5.45 times on the last day of subscription on Thursday.

The Rs 3,200-crore share sale received bids for 101.03 crore units against 18.52 crore units on offer, according to an update available with the NSE.

Also Read | Adani Group Looks To Raise USD 2-2.5 Billion in First Share Sale Since Hindenburg Report.

The portion for non-institutional investors received 6.23 times subscriptions while Qualified Institutional Buyers (QIBs) part got subscribed 4.81 times.

On Monday, Nexus Select Trust raised Rs 1,440 crore from anchor investors.

Also Read | Imran Khan Arrest: Pakistan’s Supreme Court Directs NAB To Produce Former Prime Minister Within an Hour, Says Agency Committed ‘Contempt of Court’.

The Real Estate Investment Trust is sponsored by Blackstone.

The offer had a fresh issue of units worth up to Rs 1,400 crore and an Offer For Sale (OFS) of up to Rs 1,800 crore.

The company had fixed the price band at Rs 95 per unit to Rs 100 per unit for the issue.

Nexus Select Trust has a portfolio of 17 operational shopping malls, including Delhi's premium Select City Walk, across 14 major cities covering a 9.8 million square feet area. It operates two hotels with 354 keys, and also office spaces as part of mixed-use development.

Post-IPO, the shareholding of Blackstone in Nexus Select Trust will come down to 43 per cent from 60 per cent. Select City Walk promoters' stake will reduce slightly to 24.3 per cent from 25 per cent.

At present, there are three listed REITs -- Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust -- on the Indian stock exchanges but all of them are backed by leased office assets.

This is the third REIT sponsored by Blackstone. It launched India's first REIT Embassy Office Parks and then Mindspace Business Parks REIT.

BofA Securities India, Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), IIFL Securities, JM Financial, J P Morgan India, Kotak Mahindra Capital Company, Morgan Stanley India Company and SBI Capital Markets were the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)