Mindspace Business Parks REIT IPO – Review, Update
Update:
Institutional Buying Activity
Daily report available on the NSE suggests that THE VANGUARD GROUP INC A/C VANGUARD EMERG. MKTS STOCK INDEX FD A SERIES OF V I E I F has bought 51,19,600 shares of the company at an average price of INR 321.88 on December 18.
The stock ended 1.32% or Rs. 4.32 lower and ended at INR 321.87 when the market closed.
July 26, 2020
Mindspace Business Parks REIT – backed by Mumbai-based realtor K Raheja Corp and private equity firm Blackstone Group – is planning to raise INR 4500 Cr via IPO [1000 Cr Fresh Issue + 3500 Cr OFS]
Mindspace Business Parks REIT: Company Profile
Mindspace Business Parks REIT has a quality office portfolio in (1) Mumbai, (2) Hyderabad, (3) Pune, and (4) Chennai.
- The Business Parks in the Mumbai Region include Mindspace Airoli East Business Park, Mindspace Airoli West Business Park, Paradigm Mindspace Malad, and The Square, BKC(2)
- The office parks in Hyderabad are Mindspace Madhapur and Mindspace Pocharam.
- In Pune, the properties include Commerzone Yerwada Business Park, Gera Commerzone Kharadi Business Park, and The Square, Nagar Road.
- The Chennai property is Commerzone Porur, the offer document said.
Mindspace Business Parks: Leasable Area
- In Mumbai, the total leasable area with the company is 12.1 msf with occupancy of 86.5%.
- In Hyderabad, the total leasable area is 11.6 msf with occupancy 97.4%.
- In Pune, the total leasable area is 5.0 msf with occupancy of 90%, and
- In Chennai, the total leasable area is 0.8 msf, sources said.
Mindspace Business Parks REIT: Portfolio
The company has a total of 32 buildings in its portfolio and 16.2 msf of the leasable area as on March 31, 2020, were LEED/ IGBC Gold/ Platinum-certified/pre-certified.
The under-construction area with the company is around 2.8 m sq ft. Future construction is spread across Mumbai, Chennai and Hyderabad and is spread across 3.6 m sq ft, officials said.
As on fiscal 2020, it has a well-diversified portfolio with 172 tenants and no single tenant contributing more than 7.7% of Gross Contractual Rental.
Approximately 84.9% of the Gross Contractual Rental was derived from multinational corporations and approximately 39.4% from Fortune 500 companies, realty experts said.
Company Promoters:
Cape Trading LLP and Anbee Constructions LLP are the promoters of the company.
IPO Opening / Closing Date
IPO Details – Price, Minimum Bid and Other
Financial Performance
CONCLUSION
Considering company’s valuation, financial parameters, and the sector potential, FinBlab recommends SUBSCRIBE ratings (only high-risk investors) on Mindspace Business Parks REIT IPO
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