The initial public offering of Embassy Office Parks REIT was subscribed 100 percent on the last day of share sale on Wednesday. As of The IPO received a total subscription of 101.29 percent, which consists of 118.52 percent of bids from institutional investors and 80.61 percent bids from other investors, according to the company webiste. Anchor book subscription also closed with 100 percent subscription with 5,81,05,600 units.

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The IPO made a quick start on Monday where it covered 20 percent subscription on the first bidding day. The joint venture firm had already entered into unit subscription agreements with strategic investors like American Funds Insurance Series, New World Fund INC and Smallcap World Fund Inc to allot them 29,208,800 units for Rs 876.3 crore.

Embassy Office Parks IPO is the first REIT IPO in India which was closed today after full subscription.

The IPO was launched at a 20 percent discount to the net asset value (NAV). Embassy Office Parks is a leading player in commercial real estate, has put 33 million sq ft of office and hospitality assets under its proposed REIT comprising seven business parks and four city-centric buildings spread across Mumbai, Bengaluru, Pune and Noida. The total market value of all completed and under-construction assets is Rs 34,000 crore.

It includes two completed and two under-construction hotels, totaling 1,096 rooms, food courts, and employee transportation and childcare facilities. The company's office properties include Express Towers at Nariman Point in South Mumbai and First International Finance Centre at the Bandra Kurla Complex.

First Published:Mar 20, 2019 2:24 PM IST