Mindspace REIT own a quality office portfolio located in four key office markets of India, namely Mumbai, Hyderabad, Pune and Chennai. Mindspace Madhapur and Mindspace Airoli East are the largest business parks in their respective Portfolio Markets.
As of June 30, 2019, their Portfolio is well diversified with 173 tenants and no single tenant contributed more than 8.7% of their Gross Contracted Rentals out of which approximately 34.8% Rental is from Fortune 500 companies.
Their tenant base comprises a mix of multinational and Indian corporates, including affiliates of Accenture, Qualcomm, BA Continuum, JP Morgan, Amazon, Schlumberger, UBS, Capgemini, Facebook, Barclays and BNY Mellon, as on June 30, 2019.
They have maintained consistently high Occupancy and achieved Committed Occupancy of 97.2%
Mindspace REIT Strengths
- Diversified and quality tenant base
- Stable cash flows and strong growth potential.
- Presence in four key office markets of India
- Strong Backing by KRC Group
Company Promoters
Anbee Constructions LLP and Cape Trading LLP are the promoters of the company.
Financial Summary : Mindspace REIT
| Rs. In Cr | |||
| 31.03.2020 | 31.03.2019 | 31.03.2018 | |
| Revenue | 2026.2 | 1679.7 | 1502.2 |
| Expenses | 654.4 | 418.3 | 477.3 |
| PAT | 513.9 | 515.4 | 161.0 |
| Profit Growth | 0% | 220% | -30% |
Mindspace REIT IPO Details
| IPO Detail | |
| Issue Dates | Jul 27 – Jul 29, 2020 |
| Issue Size (Fresh Issue) | Rs. 1000/- Cr |
| Issue Size (Offer for Sale) | Rs. 3500/- Cr. |
| Face Value | Rs. 10/- Per Share |
| Price Band | Rs. 274 – 275 |
| Min Market Lot | 200 Shares |
| Listing Platform | NSE, BSE |
| Min Investment Amt (Retail) | Rs. 55,000/- |
| Max Investment Amt (Retail) | Rs. 165,000/- |
Mindspace REIT IPO Schedule | |
| Offer Start Date | Jul 27, 2020 |
| Offer End Date | Jul 29, 2020 |
| Finalisation of basis of allotment | Aug 6, 2020 |
| Initiation of Refunds | Aug 7, 2020 |
| Credit of shares to Demat A/c | Aug 7, 2020 |
| Listing Date | Aug 12, 2020 |
Mindspace REIT IPO Registrar
Kfin Technologies Pvt Ltd
Selenium, Tower B, Plot No. 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad – 500032, Telangana, India
Phone: +91-40-6716-2222
Email: kraheja.reit@kfintech.com
Website: https://www.kfintech.com
Mindspace REIT IPO Lead Manager(s)
- Ambit Pvt Ltd
- Axis Capital Limited
- BoA Merrill Lynch
- Citigroup Global Markets India Pvt Ltd
- CLSA India Pvt Ltd
- HDFC Bank Ltd
- ICICI Securities Ltd
- IDFC Bank Ltd
- JM Financial Consultants Pvt Ltd
- Morgan Stanley India Company Pvt Ltd
- Nomura Financial Advisors & Sec (I) Pvt Ltd
- UBS Securites India Pvt Ltd
Recommendation for Mindspace Business Parks REIT IPO
REIT Companies are already feeling the Heat of COVID as most of IT companies are working from home, this scenario is likely to continue till December and it may affect Revenue and expense ratio of Company.
Investors to this IPO are advised to keep track of subscription figures and decide on the last day, it is not beneficial to risk your capital for smaller gains instead wait for better IPOs in Pipeline.
Disclaimer : Review and recommendation are personal views of author, investors are advised to go their own research and analysis or contact their financial advisor before reaching to any conclusion.