Indian REIT Nexus Malls rises 4% in trading debut, valued at $1.9 billion
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India's Nexus Select Trust rose nearly 4% in their trading debut on Friday, giving the Blackstone Inc-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 and Reliance General Insurance 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)
