Blackstone-backed Embassy Office Parks files for India's first REIT IPO
Photo Credit: Reuters

Embassy Office Parks REIT filed for an initial public offering (IPO) consisting of a fresh issue worth up to Rs 52.50 billion ($722.84 million) on Monday, setting the stage for India's first real estate investment trust listing.

The IPO will also comprise an offer for sale, according to the filing which did not disclose the value of the component.

The real estate investment trust (REIT) is sponsored by U.S.-based equity investor Blackstone Group LP and Indian commercial developer Embassy Group, it said in a filing.

The REIT, set up in March 2017, operates in the top Indian office markets such as Bengaluru, Pune, Mumbai and Noida.

The units will be listed on the National Stock Exchange of India Ltd and BSE Ltd.

Morgan Stanley India, Kotak Mahindra Capital, J.P. Morgan India, DSP Merrill Lynch are the global coordinators and book running lead managers for the IPO.

Axis Capital, Credit Suisse Securities, Deutsche Equities India, Goldman Sachs (India), HSBC Securities And Capital Market, IIFL Holdings, JM Financial And Nomura Financial Advisory And Securities (India) are book running lead managers for the IPO.

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