Mumbai: India's first real estate investment trust (REIT) initial public offering by Embassy Office Parks has been fully subscribed on the last day of the issue closure on Wednesday.
The public issue of REIT had already garnered subscription worth Rs 2,619 crore from anchor investors and strategic investors, before it opened for the public investors.
The remaining portion of the IPO excluding anchor and strategic investors portion of Rs 2,130.56 crore has been subscribed 2.58 times as per the data released by the merchant bankers.
The institutional investors portion of Rs 1,162.13 crore was subscribed 2.15 times while other investors portion of Rs 968.44 crore was subscribed 3.10 times.
The management of Embassy Office Park REIT in consultation with the merchant bankers had earlier allotted units worth Rs 1743 crore to the anchor investorsÂ a day before opening of the public issue and units worth Rs 876 crore were allotted to some strategic investors.
The retail response to the issue however was muted with total number of applications received being approximately 8,012.
Shishir Baijal, Chairman and MD, Knight Frank India, said, "The listing of India's first REITs was one of the most awaited events for the real estate sector as it has taken over a decade and half to come to fruition. The over subscription of REITs is therefore a very encouraging sign for the real estate sector at large and specially for the commercial segment."