Embassy Office Parks REIT (Embassy Office Parks) Detail

Mar 18, 2019 - Mar 20, 2019

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

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 Details

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

Embassy Office Parks Tentative Timetable

Embassy Office Parks opens on Mar 18, 2019, and closes on Mar 20, 2019. The Embassy Office Parks bid date is from Mar 18, 2019 10.00 A.M. to Mar 20, 2019 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.

Event Tentative Date
Opening Date Mar 18, 2019
Closing Date Mar 20, 2019
Basis of Allotment Mar 28, 2019
Initiation of Refunds Mar 29, 2019
Credit of Shares to Demat [.]
Listing Date Apr 3, 2019

Embassy Office Parks Lot Size

The Embassy Office Parks lot size is 400 shares. A retail-individual investor can apply for up to 0 lots ( shares or ).

Application Lots Shares Amount
Retail (Min) 1 400 ₹120,000
Retail (Max) 0
S-HNI (Min)
B-HNI (Min)

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 Review

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 Mar 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)

Embassy Office Parks Prospectus

Embassy Office Parks Rating

Rating:Rated 3.9 stars
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Embassy Office Parks Listing Date

Listing Date Monday, April 1, 2019
BSE Script Code 542602
Listing In
ISIN INE041025011
IPO Price ₹300 per share
Face Value ₹300 per share

Listing Day Trading Information

IPO Price
Last Trade

Company Contact Information

Embassy Office Parks
Royal Oaks, Embassy Golf Links Business Park,
Off Intermediate Ring Road,
Bengaluru 560 071
Phone: +91803 322 0000

Embassy Office Parks Registrar

KFin Technologies Limited

Phone: 04067162222, 04079611000

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 Mar 18, 2019, and closes on Mar 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 Mar 18, 2019 and closes on Mar 20, 2019.

Embassy Office Parks lot size is 400 Shares and the minimum order quantity is .

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, Edelweiss, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for Embassy Office Parks will be done on Mar 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 Monday, April 1, 2019.
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Embassy Office Parks Message Board

Ranked Members of Forum  Ranked Members | Most Liked Members



47. Aniketiaf |   Link |Apr 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 |Mar 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 |Apr 4, 2019 1:14:57 PM
Some people above have got 1/1.
45. Fugit |   Link |Mar 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 |Apr 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 |Apr 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 |Apr 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 |Apr 1, 2019 4:46:44 PM
First day closing at 314, high 324.
Anyone buying more at these levels or selling?
42. DownriteVJ |   Link |Apr 1, 2019 11:57:27 AM
IPO Guru IPO Guru (1300+ Posts, 1200+ Likes)
Listed at 308. Congrats to the lucky guyz.
41. vatsanmb |   Link |Mar 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 |Mar 28, 2019 6:49:58 PM
Allotted 800 shares.
39. vatsanmb |   Link |Mar 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 |Mar 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 |Mar 28, 2019 4:23:09 PM
Embassy REIT IPO will list ahead of schedule on April 1

Read more at:
37. PSR |   Link |Mar 28, 2019 12:35:54 PM
IPO Guru IPO Guru (1100+ Posts, 700+ Likes)
Got Allotment.


Propose to keep it for long term as a seperate class of asset.
36. Nimesh Ariwala |   Link |Mar 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 |Mar 27, 2019 8:55:51 PM
Amount debited by ICICI Bank
35. bansal ashu |   Link |Mar 27, 2019 11:06:19 AM
gmp of current ipo
34. bansal ashu |   Link |Mar 25, 2019 12:23:50 PM
allotment status pl.
34.1. PSR |   Link |Mar 27, 2019 6:52:30 AM
IPO Guru IPO Guru (1100+ Posts, 700+ Likes)
May be by Today Evening.
33. ramukaka |   Link |Mar 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 |Mar 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.

33.5. ramukaka |   Link |Mar 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 |Mar 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 |Mar 20, 2019 1:35:39 PM
What is the GMP of Embassy ? why it is not available ?
31.1. PSR |   Link |Mar 20, 2019 4:07:20 PM
IPO Guru IPO Guru (1100+ 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 |Mar 18, 2019 8:06:25 PM
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 |Mar 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 |Mar 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 |Mar 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 |Mar 20, 2019 11:56:35 AM
How can I with draw my application
28.1. vishwas patil |   Link |Mar 20, 2019 12:55:11 PM
I think there is no provision for withdrawal