Embassy REIT units made their debut with gains of 3.7%. The unit was trading at Rs 312 at 10.20 am, trading higher by 4 per cent, compared with the IPO price band of Rs 299-300.
Embassy REIT opened its IPO for public subscription on March 18. This joint venture between the Embassy Group, a Bangalore-based property developer and the private equity firm Blackstone Group LP has about 33 million square feet of commercial office space in seven different business parks and four citycentric buildings across Mumbai, Bangalore, Pune, and Noida.
It is the first REIT to be listed in India. A REIT is an investment tool that owns and operates rent-yielding assets in the real estate sector.
The IPO issue will be listed a week in advance on April 1 as against the otherwise mandatory listing date.
REITs are required to be listed on recognised stock exchange within 12 days of closure of offer.
At the last day of the offer i.e. March 20, the REIT has been subscribed 2.57 times.
Analysts given the expansion in the portfolio which boast of good-quality assets and increasing rentals are positive on the issue.