Indian REIT Nexus Malls rises 4% in trading debut, valued at $1.9 bln (updated)

Nexus Select Trust

19/05/2023 06:08

(Updates shares, adds background)
       BENGALURU, May 19 (Reuters) - India's Nexus Select Trust
 NEXE.NS  rose nearly 4% in their trading debut on Friday,
giving the Blackstone Inc  BX.N -backed retail REIT a valuation
of 157.56 billion rupees ($1.93 billion).
    The company, better known as Nexus Malls, saw its units rise
to 104 rupees, compared to the 100-rupees-a-unit price of its
initial public offering (IPO), in which it raised 32 billion
rupees.
    The IPO, the first-ever by an Indian retail REIT, comes as
public floats show signs of recovery after volatile markets and
global macroeconomic challenges spoiled several listing plans in
India.
    Nexus Malls, which will be India's first publicly traded
retail REIT, comprises 17 shopping complexes, two hotels and
three office buildings.
    Its IPO was subscribed around 5.5 times last week, in a vote
of confidence from institutional and other investors.
    Asian fund Prusik and Indian insurance firms such as SBI
Life Insurance  SBIL.NS  and Reliance General Insurance
 REGI.NS  invested in the anchor portion of the IPO.
    Axis Capital, IIFL Securities and BofA Securities India were
among the lead managers for the IPO.
 
 ($1 = 81.7800 Indian rupees)

 (Reporting by Rama Venkat and Chris Thomas in Bengaluru;
Editing by Savio D'Souza)
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