Mindspace Business Parks REIT IPO Review

IPO Status: Closed [27th Jul 2020 to 29th Jul 2020]

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Mindspace Business Parks REIT IPO here presents all the relevant information about the business overview, its strengths, weaknesses, financials, IPO objective, important IPO dates, and others.The Mindspace Business Parks REIT IPO opens on 27th July 2020 and closes on 29th July 2020 (Tentative).

  • Company Incorporated Year: 2019
  • Sector: Real estate sector
  • Fresh Issue: Rs. 10,000 million
  • Issue Size:Rs. 4,500 Cr
  • Employee Reservation Portion: Nil
  • Employee Discount: Nil
  • Website:https://www.mindspacereit.com/home/

About Mindspace Business Parks REIT

Mindspace Business Parks REIT is a real estate investment trust backed by K Raheja Corp (KRC) and a private equity firm – Blackstone. It is one of India’s largest Grade-A office portfolios company that has many quality portfolios across major office markets. Mindspace REIT’s product portfolio is expanded across 4 key regions including Pune, Hyderabad, Mumbai region, and Chennai that accounts overall 62.3% of the total Grade-A offices.

The company is primarily engaged in pro-active property management, building construction, assets improvement, and tenant engagement. It generates contractual revenues from leasing or renting its properties to tenants. Mindspace REIT has a large tenant base covering leading MNCs and Fortune 500 companies. Some of its major clients are Accenture, Qualcomm, JP Morgan, Amazon, Schlumberger, UBS, Capgemini, Facebook, Barclays, and others. It further has 5 well-integrated office parks embedded with advanced infrastructure and all the amenities i.e. restaurants, outdoor sports, etc. and also have 5 independent quality offices.

The aim of the business is to offer a community-based ecosystem to satisfy the demand of new-age businesses therefore, it is one of the topmost choices of domestic as well as multinational corporations. It has also taken many sustainability initiatives such as clean energy, recycling, and others to provide a sustainable environment to tenants. Well-diversified and well-positioned portfolio enable the firm to achieve further growth through lease-up vacant space, re-leasing of market rents, contractual rent escalation, and others.

Mindspace Madhapur and Mindspace Airoli East are the largest projects in its portfolio markets. Mindspace REIT has been recognized with many awards and accolades such as Best Environment-Friendly Office Space, Best Commercial Project of the Year, and 5-star rating by British Safety Council along with the Best Sustainable Project award for Midspace Airoli project in Navi Mumbai.

Real Estate Investment Trust (REIT) Details Explained

Mindspace Business Parks REIT for Retail Investors (Special Note)

REIT is a new investment category in Equity Market, as this kind of investment is available in Mutual Funds and National Pension System (NPS) . Retail investors can get exposure for REIT in past but not directly.

Still SEBI don’t want to give retails investor to take a risk in REIT space directly so when REIT goes public, there is no retail or RII category. Retail investors can invest via NII category with minimum of 1 lot worth of Rs 55,000.

Mindspace REIT IPO Objective

The net proceeds from the Mindspace REIT IPO will be used for the following purposes;

  • To meet the partial or full payment of the company’s debt obligations towards banks and other financial institutions.
  • To buy NCRPS (Non-convertible redeemable preference shares) of MBPPL (Mindspace Business Parks Private Limited).
  • To satisfy the general business purposes.

Mindspace REIT IPO Details

Mindspace REIT IPO details includes issue size, issue price, discount information, minimum and maximum order quantity, promoters holding details, NSE and BSE code.

Mindspace REIT IPO Details
Mindspace REIT Issue Details Values
IPO Category Mainline
IPO Issue Type Book Built Issue IPO
IPO Issue Size ₹4,500 Cr.
Offer for Sale ₹3,500 Cr.
Fresh Issue ₹1,000 Cr.
Face Value 10 Per Equity Share
IPO Issue Price ₹274-₹275
IPO Discount NA
Market Lot 200
Min Order Qty 200
Max Retail Qty NA
Promoter Holding Pre IPO TBD
Promoter Holding Post IPO TBD
IPO Listing At BSE, NSE
BSE Code
NSE Code

Mindspace REIT IPO Live Subscription (NSE + BSE)

The table below is live update of IPO bidding details from NSE and BSE.

  • Qualified Institutional Buyers: 36,952,600
  • Non-Institutional Investors: 30,793,800
IPO Bidding Live Updates from BSE + NSE
127th Jul 2020 17:020.37x0.26x0.33x
228th Jul 2020 17:020.83x1.64x1.23x
329th Jul 2020 17:0210.61x15.51x12.96x

Mindspace REIT Financials for past 3 Years

Past performance and financial results of Mindspace REIT.

Mindspace REIT financial
Mindspace REIT IPO Financials 31-Mar-2020 31-Mar-2019 31-Mar-2018
Total Assets ₹11,222.5 Cr. ₹9,143.7 Cr. ₹8,473.8 Cr.
Total Revenue ₹2,026.2 Cr. ₹1,679.7 Cr. ₹1,502.2 Cr.
Net Profit/Loss ₹513.9 Cr. ₹515.4 Cr. ₹161.0 Cr.

Mindspace REIT IPO Strengths

  • Mindspace REIT is a gateway to one of India’s largest A-Grade office portfolios.
  • Well-diversified portfolio across major commercial markets i.e. retail, residential, corporate, hospitality, etc. in Mumbai, Hyderabad, Pune, and Chennai.
  • Sponsored by India’s leading Real Estate Player, Anbee Constructions LLP (ACL), and Cape Trading LLP (CTL) that are the part of K Raheja Corpo (KRC) Group.
  • Five integrated business parks and five quality independent office assets.
  • Credible tenant base with a low concentration rate.
  • Significant business growth opportunities in the future.

Mindspace REIT IPO Threats/Weaknesses

  • Exposure to rising NPAs (Non-performing assets).
  • High regulatory compliance.
  • Significant loan concentration to specific borrowers or a specific segment.
  • Operational risks.

Mindspace REIT IPO Important Dates

In this section we have covered all imporatant dates related to Mindspace REIT IPO. Dates are updated as they are announced. The most noted dates are IPO start date and IPO end date, which one should use to participate in IPO.

Mindspace REIT IPO important dates
IPO Activity Date
IPO Issue Open Date 27th Jul 2020
IPO Issue Close Date 29th Jul 2020
Basis of Allotment Finalisation Date* 6th Aug 2020
Refunds Initiation* 7th Aug 2020
Credit of Shares to Demat Account* 7th Aug 2020
IPO Listing Date* 12th Aug 2020

* - Tentative Dates

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  NRI Form ⇒

Mindspace REIT IPO Draft Prospectus >>Document

Mindspace REIT IPO Red Herring Prospectus >>Document

Mindspace REIT IPO Allotment Status >>Link

Company Address

Raheja Tower, Level 8, Block ‘G’, C-30,
Bandra Kurla Complex,
Mumbai 400 051, Maharashtra, India
Website: https://www.mindspacereit.com/
Email: [email protected]
Phone: 91-22-2656 4000


KFin Technologies Private Limited
Selenium, Tower B, Plot No. 31 & 32
Financial District, Nanakramguda, Serilingampally,
Hyderabad, 500032, Telangana
Phone: +91 40 6716 2222
Email: [email protected]
Website: http://www.kfintech.com

Lead Manager

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  7. HDFC Bank Limited
  8. Nomura Financial Advisory and Securities Private Limited
  9. CLSA India Private Limited
  10. UBS Securities India Private Limited
  11. Ambit Capital Private Limited
  12. IDFC Securities
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Mindspace REIT IPO Important dates - Issue Open Date, close Date, IPO Listing Date. IPO Details - Offer Size, Issue Size, Type of IPO, Issue Price, Market Lot, BSE Cd, NSE Cd, IPO Listing date. What is the issue open date and close date for Mindspace REIT? Should I apply in Mindspace REIT IPO?

Last Updated on 2020-08-04T23:12:39+00:00

Mindspace REIT IPO FAQs

  1. 1. How to subscribe Mindspace REIT IPO with Zerodha?

    Zerodha allows to apply online in IPOs via their back office software "console". UPI payment mode is to be used to apply online through Zerodha. However, Mindspace REIT IPO case is bit different. As this is REIT, only QIB and NII category (HNI) can apply in this IPO. No quota is allocated for retail investor as lot size is very high.

    In such case you have left with only option of ASBA. To purchase Mindspace REIT IPO with Zerodha you need to use net banking and apply with ASBA process. You need to use Zerodha Demat Account detail so after allotement, you will get shares in your Zerodha demat account.

    Steps to apply in Mindspace REIT through Zerodha

    1. Login to your bank account online via Net Banking.
    2. Go to Investment Option > Other Investment > IPO Investment
    3. Select 'Mindspace REIT IPO' from the list.
    4. Enter the Quantity, Price, Zerodha DP Account details.
    5. Submit your application.

    ASBA Process Explained

    Other relevant questions :

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  2. 2. How to apply in Mindspace REIT IPO online?

    Apply in Mindspace REIT IPO online

    To subscribe or apply in Mindspace REIT IPO, you can use the following methods:

    Mindspace REIT IPO Applying ModeMethodDetails
    Online Application3-in-1 Trading Account

    If your broker is 3-in-1 service provider, you can apply in Mindspace REIT IPO directly with your brokers website. Example HDFC Securities, ICICI Direct, AxisDirect are 3-in-1 brokers provide you direct IPO investment.

    Online Application2-in-1 Trading Account

    Brokers like Zerodha, TradeSmart Online provides access to applying in Mindspace REIT IPO with their in-house developed platform. You need to apply in IPO via UPI payment method. You must have access of your UPI mandate to apply in IPO online.

    Online ApplicationASBA

    This is one of the most popular mode of applying in Mindspace REIT IPO. Most of the Syndicate Banks provide access to apply in Mindspace REIT IPO via ASBA process. You must have your net banking access, DP ID information to apply in Mindspace REIT IPO via ASBA. Bank like Axis, SBI allows you to apply maximum 5 application from one bank account. However, ICICI, HDFC bank have limit of one IPO ASBA application per account.

    Offline ApplicationPhysical Form

    You can apply in Mindspace REIT IPO via physical form, but not with ASBA. Physical Forms need to be filled using UPI mode of payment and need to approve the mandate of UPI with your registered phone number with your UPI provider. You can use BHIM app or banks mobile app who support UPI process like SBI, HSBC, Axis, ICICI, HDFC, Yes Bank, Citi Bank mobile app.

    Mindspace REIT IPO Review and Important Updates

    Other relevant question on same topics are:

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  3. 3. How to download online application form for Mindspace REIT IPO?

    Applying in Mindspace REIT IPO is very easy and quick process via ASBA. You can use your net banking user id and password to apply in IPO. In case you want to submit physical application, you can download Mindspace REIT IPO application online and submit to the nearest bank or to your broker. With new mandate from SEBI, all physical application need to use UPI mode of payment. In such case you have to setup UPI and provide your UPI information in physical application. Once your bank receives your application they will use UPI ID to block your money. You will get UPI mandate and need to approve the same to submit your application.

    For more details on how to use UPI payment method to apply Mindspace REIT IPO, please refer article >> Link

    Mindspace REIT IPO Review and Important Updates

    Steps to download the online application form for Mindspace REIT IPO

    • Step1:Click here.
    • Step2: Click on “Bid-cum Application Form Download
    • Step3: Above Step will open an online form.
    • Step4: Enter your Name, PAN, DP Type, DP Information, UPI No, Bank information (Do not enter), Address, email, phone, Transaction Type - "ASBA".
    • Step5: Fill bid details - min 200 and max NA.
    • Step6: Now fill the character given in Box, read and agree on terms and conditions and click on the download button.
    • Step7: This will fill your application online and give you a pdf file.
    • Step8: Take a print of this document and go to your bank for UPI transactions.
    • Or

    • You can download “Blank Application Form Download” and fill all the required filed and submit to the nearest bank for UPI transaction.

    Other relevant questions:

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  4. 4. What is the listing date of Mindspace REIT IPO?

    Mindspace REIT IPO is going to be list on 12-08-2020.

    Other relevant questions:

    When Mindspace REIT IPO will be listing? Mindspace REIT IPO listing date?Mindspace REIT IPO date of listing


  5. 5. When Mindspace REIT IPO will be allocated?

    Mindspace REIT IPO Allotment Date is 06-08-2020.

    Other relevant questions:

    Mindspace REIT IPO share allotment date?Mindspace REIT IPO allotment date?


  6. 6. When Mindspace REIT IPO will open?

    Mindspace REIT IPO Issue Open Date is 27-07-2020.

    Other relevant questions:

    Mindspace REIT IPO start date? When Mindspace REIT IPO Open Date? When to invest in Mindspace REIT IPO?


  7. 7. When Mindspace REIT IPO will close?

    Mindspace REIT IPO Issue Close Date is 29-07-2020.

    Other relevant questions:

    Mindspace REIT IPO end date? When Mindspace REIT IPO Close Date? Last Date to invest in Mindspace REIT IPO?


  8. 8. What is the price of Mindspace REIT IPO for retail investor?

    Mindspace REIT IPO is a special category and there is no specific Retail category. Only QIB and Other investor’s (NII) category is open for this IPO. The price for the investor is ₹274-₹275. The lot size is 200 and multiple of 200 units thereafter. Retail Investors need to apply min 1 lots which is 200 share worth of ₹55,000 .


  9. 9. What is the lot size of Mindspace REIT IPO for retail investor?

    Mindspace REIT IPO lot size for investor is 200. As this is a special category, retail investor need to apply via NII path. Minimum investment is required 1 lots worth of Rs 55,000. Shares of REIT will trade in . SEBI change its guidelines for REIT from Min 1 lakh to 50,000 in 2019. With that investor can apply in 1 lot worth of 55,000 Rs.

    Other relevant questions:

    Mindspace REIT IPO lot details? Mindspace REIT IPO market lot? Mindspace REIT IPO details lot size?


  10. 10. Can I invest in Mindspace REIT IPO via UPI?

    No, you can not invest in Mindspace REIT IPO via UPI. As UPI option is not available you need to use ASBA only when applying online via Net Banking.


  11. 11. What is the minimum amount retail investor need to pay for one application of Mindspace REIT IPO?

    To apply in one application of Mindspace REIT IPO you need ₹274-₹275(Issue Price) - X 200 (Minimum Order Qty) =₹55000.


  12. 12. What is the max amount a retail investor can put in for MINDSPACE reit?

    There is no limit for Retail investors under Mindspace REIT IPO. As you are going to apply via the NII process. The minimum lot is 1 which is 55,000 Rs, you can apply as many lots as you want.


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User Comments

4. Devender kumar  7/21/2020 9:45:39 AM Reply
Price Band has been fixed @275 and lot size is 200. Only QIB and other investor category, no plan for the retail category. Min investment is 110,000 Rs.
4.1. CA Sachin Jain  7/21/2020 11:23:55 AM
Hello Sir, Through a circular issued on 23 April, Sebi reduced the minimum subscription limit for REITs from Rs2 lakh to Rs50,000
3. CA Sachin Jain  7/19/2020 10:54:42 AM Reply
In my personal opinion, the next 2 years will be challenging for the company with office space. Maximum IT companies are thinking to reduce cost by moving towards WFH facilities. Rental and office property will lose the market significantly. We need to wait for expert''s comments, but we should think twice before applying to Mindspace Business Parks REIT IPO.
3.1. CA Sachin Jain  7/19/2020 11:01:18 AM
July 17th 2020: Mindspace Business Parks REIT, a real estate investment trust sponsored by K Raheja Corp and private equity firm Blackstone, has raised Rs 1,125 crore ($150 million) from a bunch of investors ahead of its initial public offering.

The REIT allotted 40.9 million units to a handful of foreign institutional investors including Singapore sovereign wealth fund GIC Pte Ltd at Rs 275 per unit, according to the offer document.

GIC and US-based Capital Group, which is among the world’s largest investment firms, each acquired Mindspace REIT units worth Rs 450 crore.

Other investors include US asset manager Fidelity (Rs 135 crore), Singapore state firm Temasek-owned Fullerton (Rs 38.6 crore) and Singapore insurance company NTUC Income (Rs 51.4 crore).

News>>Mindspace REIT ropes in GIC, US asset managers as investors ahead of IPO
3.2. Vinay Jain  7/19/2020 11:05:15 AM
Looks like the price band is going to be between 275 and 300.
2. Goldy Keswani  7/19/2020 10:45:44 AM Reply
Good Morning Admin, Please confirm RHP details for Mindspace REIT
2.1. Rajan K  7/19/2020 10:58:18 AM
RHP is not yet available on the SEBI site.
1. Prakash Banjara  7/19/2020 10:46:44 AM Reply
What is 2020 Financial, I can see in DRHP the details are updated till June 2019.
5.1. CA Sachin Jain  7/19/2020 10:57:22 AM
Mindspace 2020 Financial Details - Assets 11,222.5 Cr, Revenue: 2026.2 Cr and Net Profit: 513.9 Cr

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