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Embassy Office Parks REIT (Embassy Office Parks) Detail

March 18, 2019 - March 20, 2019

Embassy Office Parks is a book built issue of Rs 4,750.00 crores.

Embassy Office Parks bidding started from March 18, 2019 and ended on March 20, 2019. The allotment for Embassy Office Parks was finalized on Thursday, March 28, 2019. The shares got listed on BSE, NSE on April 1, 2019.

Embassy Office Parks price band is set at ₹299 to ₹300 per share. The minimum lot size for an application is 400 Shares. The minimum amount of investment required by retail investors is ₹120,000.

Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Deutsche Equities India Private Limited, Goldman Sachs (India) Securities Private Limited, Hsbc Securities & Capital Markets Pvt Ltd, Iifl Securities Ltd, Jm Financial Limited and Nomura Financial Advisory And Securities (India) Pvt Ltd are the book running lead managers of the Embassy Office Parks, while Kfin Technologies Limited is the registrar for the issue.

Refer to Embassy Office Parks RHP for detailed information.

Embassy Office Parks Details

IPO Date March 18, 2019 to March 20, 2019
Listing Date April 1, 2019
Face Value ₹300 per share
Price Band ₹299 to ₹300 per share
Lot Size 400 Shares
Total Issue Size158,333,200 shares
(aggregating up to ₹4,750.00 Cr)
Issue Type Book Built Issue REIT
Listing At BSE, NSE

Embassy Office Parks Reservation

Embassy Office Parks offers 71,256,400 shares. 38,866,800 (54.54%) to QIB, 32,389,600 (45.46%) to NII.

Investor Category Shares Offered
Anchor Investor Shares Offered-
QIB Shares Offered38,866,800 (54.54%)
NII (HNI) Shares Offered32,389,600 (45.46%)
Total Shares Offered71,256,400 (100%)

Embassy Office Parks Timeline (Tentative Schedule)

Embassy Office Parks opens on March 18, 2019, and closes on March 20, 2019.

IPO Open Date Monday, March 18, 2019
IPO Close Date Wednesday, March 20, 2019
Basis of Allotment Thursday, March 28, 2019
Initiation of Refunds Friday, March 29, 2019
Credit of Shares to Demat [.]
Listing Date Monday, April 1, 2019
Cut-off time for UPI mandate confirmation 5 PM on March 20, 2019

Embassy Office Parks Lot Size

Investors can bid for a minimum of 400 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

Application Lots Shares Amount
All Investors 1 400 ₹120,000
Lot Size Calculator

About Embassy Office Parks

Incorporated in 2012, Bengaluru based Embassy Office Parks Private Limited is in the business of real estate including renting, selling, buying and operating of leased or self-owned real estate properties. It is a joint venture of the Blackstone Group L.P, a New York City based largest alternative investment firm in the world.

Embassy Office Parks is coming up with a Real Estate Investment Trust (REIT) public issue to raise Rs 5000 Cr. The Embassy REIT is a SEBI registered REIT (as on August 3, 2017) as a real estate investment trust. The investment objective of the Embassy REIT is to own, operate and invest in rent or income generating office real estate and related assets in India in accordance with the REIT Regulations.

Real Estate Investment Trust (REIT) Explained

Under the REIT Regulations Embassy REIT has to invest a minimum 80% of the value of its assets in completed and rent and/ or income generating properties.

REIT Regulations also impose restrictions on certain investments including investments in vacant land, agricultural land or mortgages and assets located outside India.

The Embassy REIT has been given a long-term rating of [ICRA] AAA by ICRA. The outlook on the assigned rating is 'Stable'.

The competitive strengths of the company are:

� High-quality infrastructure
� Located at leading services hub in India
� Strong relationship base with multinational tenants
� Strategic set up at the top performing markets
� The good quality management system
� Well-known sponsors with local and global expertise
� Top class office properties

Company Financials

Summary of financial Information (Restated)
Particulars For the year/period ended (in Rs. millions)
31-Dec-18 31-Mar-18 31-Mar-17 31-Mar-16
Total Assets 1,37,790.86 1,35,155.22 1,11,968.97 1,05,490.00
Total Revenue 13,759.83 16,118.00 14,849.20 13,970.16
Profit After Tax 2,851.14 2,569.08 1,770.57 931.83

Objects of the Issue (Embassy Office Parks Objectives)

The Net Proceeds from the Issue will be utilised towards the following objects:

1. Partial or full repayment or pre-payment of bank/ financial institution debt of certain Asset SPVs and by the Investment Entity;

2. Payment of consideration for acquisition of the Embassy One Assets currently held by EODPL; and

3. General purposes

Embassy Office Parks Review (May apply)

[Dilip Davda]  EOP REIT invests in ready to use or leased out property acquisitions thus reducing gestation periods. This instrument is most popular in global markets. EOP REIT is the first mover in this segment with its maiden offer. It is a safe bet for long term investment as it is offering a regular dividend and the appreciation in the properties at the end of the scheme. Read detail review...


Embassy Office Parks Subscription Status (Bidding Detail)

The Embassy Office Parks is subscribed 2.57 times on March 20, 2019 5:30:00 PM. The public issue subscribed times in the retail category, 2.15 times in the QIB category, and 3.09 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)
QIB2.15
NII3.09
Total2.57

REIT Issue Structure

  • Total Issue Size: Rs 4750 Cr
  • Strategic Investors: 29,208,800 Units (Rs 876 Cr)
  • Public Issue: Rs 3874 (Institutional Investors - 75%, Non Institutional Investors - 25%)

Embassy Office Parks Prospectus

Embassy Office Parks Rating

163
3.9
Rating:Rated 3.9 stars
Vote Here ...

Embassy Office Parks Listing Details

Listing Date April 1, 2019
BSE Script Code 542602
NSE Symbol EMBASSY
ISIN INE041025011
Final Issue Price ₹300 per share

Pre-Open Session - NSE Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Open
Low
High
Last Trade
BSE
₹300.00
₹300.00
₹300.00
₹324.50
₹314.10
NSE
₹300.00
₹308.00
₹308.00
₹324.80
₹314.67

Check IPO Performance…

Embassy Office Parks Contact Details

Embassy Office Parks
Royal Oaks, Embassy Golf Links Business Park,
Off Intermediate Ring Road,
Bengaluru 560 071
Phone: +91803 322 0000
Email: compliance@embassyofficeparks.com
Website: http://www.embassyofficeparks.com

Embassy Office Parks Registrar

Kfin Technologies Limited

Phone: 04067162222, 04079611000
Email: einward.ris@karvy.com
Website: https://kosmic.kfintech.com/ipostatus/

Embassy Office Parks FAQs

Embassy Office Parks is a main-board REIT of 158,333,200 equity shares of the face value of ₹300 aggregating up to ₹4,750.00 Crores. The issue is priced at ₹299 to ₹300 per share. The minimum order quantity is 400 Shares.

The REIT opens on March 18, 2019, and closes on March 20, 2019.

Kfin Technologies Limited is the registrar for the REIT. The shares are proposed to be listed on BSE, NSE.

The Embassy Office Parks opens on March 18, 2019 and closes on March 20, 2019.

Embassy Office Parks lot size is 400 Shares, and the minimum amount required is ₹120,000.

You can apply in Embassy Office Parks online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for Embassy Office Parks will be done on Thursday, March 28, 2019, and the allotted shares will be credited to your demat account by [.]. Check the Embassy Office Parks allotment status.

The Embassy Office Parks listing date is on April 1, 2019.
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Embassy Office Parks Message Board

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80 Comments

47. Aniketiaf |   Link |  Bookmark |April 4, 2019 10:06:03 PM
IPO Guru IPO Guru (1800+ Posts, 10200+ Likes)
Sold both lots @ 325 as money required for polycab IPO.
Received a markable profit by IPO after Hdfc AMC .
46. shubhampune |   Link |  Bookmark |March 28, 2019 12:34:02 PM
as Usual no allocation 0/1 , whenever its Karvy no allocation for single bid application.
46.1. mahadikd |   Link |  Bookmark |April 4, 2019 1:14:57 PM
Some people above have got 1/1.
45. Fugit |   Link |  Bookmark |March 28, 2019 6:10:50 PM
Got allotment, applied for only one lot.
Anyone applied for multiple lots and got the allotment for multiple lots? Just was wondering.
45.1. mahadikd |   Link |  Bookmark |April 4, 2019 1:14:21 PM
Applied for one lot, did not get any. Just like some others below. Now, I'm not buying at 320.
44. mahadikd |   Link |  Bookmark |April 4, 2019 1:12:28 PM
Looks like unsatisfied retail buyers are taking the price to a new high every day. All purchasing in lots of 400 (minimum lot size, and less than IPO size). It would be interesting to see if the trend continues.
44.1. mahadikd |   Link |  Bookmark |April 30, 2019 6:49:16 PM
Buying spree seems to be fading finally.. wonder what is the market depth like. Anyone here has access to NSE L2 data?
43. Fugit |   Link |  Bookmark |April 1, 2019 4:46:44 PM
First day closing at 314, high 324.
Anyone buying more at these levels or selling?
42. DownriteVJ |   Link |  Bookmark |April 1, 2019 11:57:27 AM
IPO Guru IPO Guru (1400+ Posts, 1200+ Likes)
Listed at 308. Congrats to the lucky guyz.
41. vatsanmb |   Link |  Bookmark |March 29, 2019 9:48:53 AM
Ya, that is for retail category. What about NII category. Will that also follow same process?
40. MITUL DHOLAKIYA |   Link |  Bookmark |March 28, 2019 6:49:58 PM
Allotted 800 shares.
39. vatsanmb |   Link |  Bookmark |March 28, 2019 4:25:10 PM
When applying under NII category, whether allotment is done per Minimum lot or is it based on proportional to the amount applied?
39.1. Ajax |   Link |  Bookmark |March 28, 2019 5:38:54 PM
On Minimum lot. When IPO is oversubscribed, Allotment is usually done such that at least everyone with valid application gets one minimum lot. When IPO is undersubscribed as many lots which you have applied will be allocated, the remaining lots will be paid by the underwriter [i.e you won't get additional lots at same price ;) ]
38. Ajax |   Link |  Bookmark |March 28, 2019 4:23:09 PM
Embassy REIT IPO will list ahead of schedule on April 1

Read more at:
//economictimes.indiatimes.com/articleshow/68607623.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
37. PSR |   Link |  Bookmark |March 28, 2019 12:35:54 PM
IPO Guru IPO Guru (1200+ Posts, 700+ Likes)
Got Allotment.

Happy.

Propose to keep it for long term as a seperate class of asset.
36. Nimesh Ariwala |   Link |  Bookmark |March 27, 2019 3:41:28 PM
28/03/2019 Allotment Date
Listing 01/04/2019 (Note Done)
Good For Long Term.......
36.1. Lata venkatesh |   Link |  Bookmark |March 27, 2019 8:55:51 PM
Amount debited by ICICI Bank
35. bansal ashu |   Link |  Bookmark |March 27, 2019 11:06:19 AM
gmp of current ipo
34. bansal ashu |   Link |  Bookmark |March 25, 2019 12:23:50 PM
allotment status pl.
34.1. PSR |   Link |  Bookmark |March 27, 2019 6:52:30 AM
IPO Guru IPO Guru (1200+ Posts, 700+ Likes)
May be by Today Evening.
33. ramukaka |   Link |  Bookmark |March 19, 2019 11:25:54 PM
If a property of 1 crore market valuation is proposed to be bought by four people each contributing 40 lacs ( total 1.6 cr). will you enter this partnership.
if yes rhen you can subscribe for REIT IPO.
Market value of properties coming under embassy reit is 30100 cr ( As per DRHP document).

Issue size is 4750 cr which will constitute of 10% equity on post equity basis hence total value demanded of REIT as per IPO IS 47500 CR.THAT IS 50% MORE PREMIUN compared to market value itself, even if we forget the fact that valuation report under DRHP was commissioned by embassy group itself and we take valuation on its face value.

Now come to the returns.
As per DRHP report net distributable cash flow(NDCF) is around 2000 cr in 2021. IN 2018 it was around 1400 cr. if we divide 2000/47000 it is 4.25% yield in the year 2021. keep in mind that it is the best case scenario projected by embassy group itself wchich include rent escalation, increase in revenue due to future projected development, re leasing of propertied at significant higher rent and doesn't iclude the interest payment outgo on the proposed upcoming 4000 cr debt issue and remaining debt .

if all these things are removed, and interest outgo on 4000 cr debt and remaining current debt yield wont cross 2% before 2021. and the 50% premium which you are paying on market value will take atleast 6-7 years to recover.
33.4. Fugit |   Link |  Bookmark |March 25, 2019 6:39:39 PM
Confused about the post issue size of ipo, offer document just says "not less than 10%".
HDFC report says post issue no. of units 614 Mn ie RS. 18,420 Cr. Issue size 4,750 Cr, ie ~25%.
@Hellboy posted 20%, and @ramukaka posted 10%.

Entire valuation scenario changes due to this hence confused. HDFC report shows assets in discount to market value itself! due to this.

I spent about few hours trying to figure it out! Anyone else which much clear view?

HDFC link taken from this site itself in review section.

https://www.chittorgarh.com/documents/IPO%20note%20Embassy%20Offer%20Parks%20REIT-HDFC%20Sec%20201903161526118380096.pdf



33.5. ramukaka |   Link |  Bookmark |March 26, 2019 7:07:29 PM
My analysis was based on offer document of not less than 10%. Finally it seems post equity issue will be around 20%
32. MOHIT JAIN |   Link |  Bookmark |March 20, 2019 11:37:56 PM
miss the issue. but after seeing subscription it looks like it will definitely list at some premium. As qib actively participates(seeing issue size)
31. Sandeep H S |   Link |  Bookmark |March 20, 2019 1:35:39 PM
What is the GMP of Embassy ? why it is not available ?
31.1. PSR |   Link |  Bookmark |March 20, 2019 4:07:20 PM
IPO Guru IPO Guru (1200+ Posts, 700+ Likes)
Till now, units are not commanding any premium.

But, now onwards there may be little premium considering the subscription figures.
30. SFJ |   Link |  Bookmark |March 18, 2019 8:06:25 PM
Hello,
I tried to apply for the IPO with the ASBA option from both IDBI and BoB. In both the banks, I get an error stating "You cannot bid for more than 2L". The minimum Lot size is 800x300 which is 2.4L. Could you please let me know how I can apply for this IPO from my bank?
30.2. MITUL DHOLAKIYA |   Link |  Bookmark |March 19, 2019 5:58:40 PM
I tried too apply online from BOB Savings account but did not succeed. However I successfully applied from BOB Current account (corporate log in)
30.3. Krishna Kumaar Kedia |   Link |  Bookmark |March 20, 2019 1:36:59 PM
you should apply by entering the bid price manually and not clicking the cut off button. It wont accept if you click cut off button.
29. medge |   Link |  Bookmark |March 20, 2019 1:09:39 PM
IPO Guru IPO Guru (1200+ Posts, 1900+ Likes)
Subscription is not satisfactory, not giving confidence to subscribe
28. Bhupender Singh |   Link |  Bookmark |March 20, 2019 11:56:35 AM
How can I with draw my application
28.1. vishwas patil |   Link |  Bookmark |March 20, 2019 12:55:11 PM
I think there is no provision for withdrawal