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Mindspace Business Parks REIT (Mindspace REIT) Detail

July 27, 2020 - July 29, 2020

Mindspace REIT is a book built issue of Rs 4,500.00 crores. The issue is a combination of fresh issue of Rs 1,000.00 crores and offer for sale of Rs 3,500.00 crores.

Mindspace REIT bidding started from July 27, 2020 and ended on July 29, 2020. The allotment for Mindspace REIT was finalized on Thursday, August 6, 2020. The shares got listed on BSE, NSE on August 7, 2020.

Mindspace REIT price band is set at ₹274 to ₹275 per share. The minimum lot size for an application is 200 Shares. The minimum amount of investment required by retail investors is ₹55,000.

Ambit Private Limited, Axis Capital Limited, Bofa Securities India Limited, Citigroup Global Markets India Private Limited, Clsa India Private Limited, Hdfc Bank Limited, ICICI Securities Limited, Idfc Bank Limited, Jm Financial Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Pvt Ltd, Nomura Financial Advisory And Securities (India) Pvt Ltd and Ubs Securities India Private Limited are the book running lead managers of the Mindspace REIT,

Refer to Mindspace REIT RHP for detailed information.

Mindspace REIT Details

IPO Date July 27, 2020 to July 29, 2020
Listing Date August 7, 2020
Face Value ₹ per share
Price Band ₹274 to ₹275 per share
Lot Size 200 Shares
Total Issue Size[.] shares
(aggregating up to ₹4,500.00 Cr)
Fresh Issue[.] shares
(aggregating up to ₹1,000.00 Cr)
Offer for Sale[.] shares of ₹
(aggregating up to ₹3,500.00 Cr)
Issue Type Book Built Issue REIT
Listing At BSE, NSE

Mindspace REIT Reservation

Mindspace REIT offers 67,746,400 shares. 36,952,600 (54.55%) to QIB, 30,793,800 (45.45%) to NII.

Investor Category Shares Offered
Anchor Investor Shares Offered-
QIB Shares Offered36,952,600 (54.55%)
NII (HNI) Shares Offered30,793,800 (45.45%)
Total Shares Offered67,746,400 (100%)

Mindspace REIT Timeline (Tentative Schedule)

Mindspace REIT opens on July 27, 2020, and closes on July 29, 2020.

IPO Open Date Monday, July 27, 2020
IPO Close Date Wednesday, July 29, 2020
Basis of Allotment Thursday, August 6, 2020
Initiation of Refunds Friday, August 7, 2020
Credit of Shares to Demat Friday, August 7, 2020
Listing Date Friday, August 7, 2020
Cut-off time for UPI mandate confirmation 5 PM on July 29, 2020

Mindspace REIT Lot Size

Investors can bid for a minimum of 200 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 1 200 ₹55,000
Lot Size Calculator

About Mindspace Business Parks

Mindspace Business Parks REIT has a quality office portfolio in Mumbai, Hyderabad, Pune and Chennai. The business parks in Mumbai are Mindspace Airoli East Business Park, Mindspace Airoli West Business Park, Paradigm Mindspace Malad and The Square, BKC(2).

The properties in the Pune include Commerzone Yerwada Business Park, Gera Commerzone Kharadi Business Park and The Square, Nagar Road. The Chennai property of the company is Commerzone Porur. And, the office parks in Hydrabad are Commerzone Pocharam and Mindspace Madhapur.

The total leasable area of Mindspace Business Parks are 12.1 msf, 11.6 msf, 5.0 msf and 0.8 msf in Mumbai, Hyderabad, Pune and Chennai, respectively. With total leasable area of 29.5 msf, it is one of the largest Grade-A office portfolios in India.

The under-construction area of the company is 2.8 m sq ft. The future construction of Mindspace Business is spread across Hyderabad, Chennai, and Mumbai in a 3.6 m sq ft area.

Real Estate Investment Trust (REIT) Explained

Under the REIT Regulations Mindspace REIT has to invest a minimum of 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 other than mortgage-backed securities and assets located outside India.

As per REIT Regulations, the portfolio of the Mindspace REIT is required to be maintained for a period of minimum 3-years from the date of purchase or completion.

Real Estate Investment Trust (REIT) Explained

Competitive Strengths

1. Diversified and quality tenant base
2. Strong industry fundamentals
3. Experienced management team with KRC group support
4. Stable cash flows

Company Financials

Summary of financial Information (Restated)
Particulars For the year/period ended (Rs in Million)
31-Mar-20 31-Mar-19 31-Mar-18 31-Mar-17
Total Assets 1,12,224 91,437 84,738 81,293
Total Revenue 20,262 16,797 15,022 14,354
Profit After Tax 5,139 5,154 1,610 2,313

Key Performance Indicator

KPI Values
Market Cap (₹ Cr.)23675

Objects of the Issue (Mindspace REIT Objectives)

The proceeds will be utilised towards the following objects:

1. Partial or full pre-payment or scheduled repayment of certain debt facilities of the Asset SPVs availed
from banks/financial institutions (including any accrued interest and any applicable penalties/ premium);
2. Purchase of NCRPS of MBPPL; and
3. General purposes

Mindspace REIT Review (May apply)

[Dilip Davda]  The first REITs of Embassy Parks have managed to give around 8% distribution rewards so far. But now this sector is set for a litmus taste as amidst COVID-19 pandemic many IT and service industry have opted for Work from Home (WFH) model. Although management claims that such a situation may not continue for long and hoping for revival which will lead to pushing in demand to keep social distancing at the workplace. Thus views on future prospects are divided among masses. Considering RISK FACTORS indicated by the company and prevalent uncertainties, cash surplus - risk savvy investors may consider investment at their own risk. Read detail review...

Mindspace REIT Subscription Status (Bidding Detail)

The Mindspace REIT is subscribed 12.96 times on July 29, 2020 5:00:00 PM. The public issue subscribed times in the retail category, 10.61 times in the QIB category, and 15.51 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)

Net Issue

  • Institutional Investors: 75% of the net offer
  • Non Institutional Investors: 25% of the net offer

Mindspace REIT Prospectus

Mindspace REIT Rating

Rating:Rated 3.9 stars
Vote Here ...

Mindspace REIT Listing Details

Listing Date August 7, 2020
BSE Script Code 543217
Final Issue Price ₹275 per share

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

Listing Day Trading Information

Price Details
Final Issue Price
Last Trade

Check IPO Performance…

Mindspace Business Parks Contact Details

Mindspace Business Parks
Raheja Tower, Level 8, Block 'G',
C-30, Bandra Kurla Complex,
Mumbai - 400 051
Phone: +91 2656 4000

Mindspace REIT Registrar


Mindspace REIT FAQs

Mindspace REIT is a main-board REIT of [.] equity shares of the face value of ₹ aggregating up to ₹4,500.00 Crores. The issue is priced at ₹274 to ₹275 per share. The minimum order quantity is 200 Shares.

The REIT opens on July 27, 2020, and closes on July 29, 2020.

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

Zerodha customers cannot apply online in Mindspace REIT using UPI as a payment gateway. UPI is not an option in Mindspace REIT public issue. Zerodha customers have to apply through net-banking.

Steps to apply in Mindspace REIT through Zerodha

  1. Login to your net-banking account.
  2. Go to the IPO section.
  3. Go to the 'Mindspace REIT' row and click the 'Apply' button.
  4. Enter the Quantity and Price.
  5. ‘Submit’ IPO application form.

Bank wise detail steps to apply in Mindspace REIT

Mindspace REIT lot size is 200 Shares, and the minimum amount required is ₹55,000.

The finalization of Basis of Allotment for Mindspace REIT will be done on Thursday, August 6, 2020, and the allotted shares will be credited to your demat account by Friday, August 7, 2020. Check the Mindspace REIT allotment status.

The Mindspace REIT listing date is on August 7, 2020.
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Mindspace REIT Message Board

Ranked Members of Forum  Ranked Members | Most Liked Members



329. kiran mahadev anpat |   Link |September 19, 2020 11:51:34 PM
Can anybody applied maximum allotments and received any single allotment? Please let me know.
328. DEVBULL |   Link |September 11, 2020 10:22:58 PM (200+ Posts)
ADMIN sir, you have not uploaded Basis of Allotment for Mindspace. Kfin (i.e. Karvy) who handled this IPO has also not uploaded in it's website. Sent mail to Kfin. Can we get it from SEBI / NSE / BSE, if not received from Kfin?
327. Mohd Nazim Shaikh |   Link |August 31, 2020 11:17:25 AM
I have purchased IPO of Mindspace business Park 200 shares. Now I m trying to sell all those shares through my HDFC demat account. But I m unable to sell. It's not allowing me to place the order.
Please suggest
326. Sandeepa R |   Link |August 24, 2020 9:29:54 PM
I have try to buy mindspace IPO on 29 July at lost movement session timeout occurred and finally IPO application not completed.
But amount of around 55000 was blocked in my account for this mindspace IPO, right now not unblocked please check and do needful.
325. G.kumar |   Link |August 16, 2020 10:49:09 PM
IPO Guru IPO Guru (1000+ Posts, 700+ Likes)
am still holding 1 lot...
325.1. Ankur Goel |   Link |August 17, 2020 7:22:25 PM
IPO Mentor IPO Mentor (800+ Posts, 400+ Likes)
Keep holding
324. Aniketiaf |   Link |August 7, 2020 3:26:51 PM (1800+ Posts, 10200+ Likes)
Sold @ 302.

Jaldbaji to nahi kar di...?
324.2. Aniketiaf |   Link |August 7, 2020 4:00:19 PM (1800+ Posts, 10200+ Likes)
Totally agreed. But money required for some other purpose so I couldn't hold more than one week.
Formula for converting profit into share/unit is not applicable here that's why I have sold all.
324.3. Anurup |   Link |August 12, 2020 3:31:40 PM
@ Aniketiaf sir,
Pichhle 5 Dino se Mindspace 302 k aas paas hi trade kar Raha hai.
Ab lagta hai ki 302 par bech kar aapne koi jaldwaji nahi ki Balki kafi soch samajh kar aap Mindspace se Nikal liye.....
323. Justbeginner |   Link |August 8, 2020 12:58:51 PM
Is there anyone who did not get any lot allocated of Mindspace Business Parks IPO? If yes, then have you got refund in your account yet?
Please let me know as i have not get refund yet as 7th Aug was refund initiation date.
Thank you.
322. Aniketiaf |   Link |August 8, 2020 12:32:52 PM (1800+ Posts, 10200+ Likes)
Nomura Investment on August 7 acquired 62,63,200 units in Mindspace Business Parks REIT at Rs 302.45 per unit via open market transactions.

Capital Income Builder also bought 51,81,400 units in Mindspace at Rs 303.44 per share, bulk deals data available on the National Stock Exchange showed.
321. Black Swan |   Link |August 7, 2020 6:29:06 PM
Top Contributor Top Contributor (300+ Posts, 400+ Likes)
Quantity Traded - 2,70,14,200
Deliverable Quantity (gross across client level) - 2,38,24,600
% of Deliverable Quantity to Traded Quantity       - 88.19 %

Quantity Traded - 18,45,400
Deliverable Quantity (Gross across client level) - 14,01,000
% of Deliverable Quantity to Traded Quantity       - 75.92 %
320. sonal patel |   Link |August 6, 2020 8:17:39 PM
IPO Guru IPO Guru (1500+ Posts, 5700+ Likes)
Mindspace Business Parks REIT to debut on August 7, issue price set at Rs 275 per share

Sharad Mittal of Motilal Oswal Real Estate Fund feels from Mindspace, investors can earn a return of 11-12 percent of which 7-8 percent which accrues from rental yield is as stable as debt.
320.2. NAND KISHORE PARWAL |   Link |August 7, 2020 2:30:10 PM
Top Contributor Top Contributor (400+ Posts, 200+ Likes)
Rs.5000/ earnings on an average investment of Rs.850000/ for 10 days. About 2% return on investment.
320.3. ankur goel |   Link |August 7, 2020 5:55:36 PM
IPO Mentor IPO Mentor (800+ Posts, 400+ Likes)
Why it is investment of 850000? Money lies in your account till allotment. So ideally you invested only 55000. so from date of deducting money from account and to listing date, it is only 2 days. In 2 days you get 10%.
319. Unnikrishnan R |   Link |August 7, 2020 9:36:35 AM
Kfintech issued "Basis of Allotment". Interesting to see some ratios.
319.4. Black Swan |   Link |August 7, 2020 3:50:09 PM
Top Contributor Top Contributor (300+ Posts, 400+ Likes)
Please do not share or ask for email and phone numbers. Its risky to share on public forums
319.5. ankur goel |   Link |August 7, 2020 5:29:41 PM
IPO Mentor IPO Mentor (800+ Posts, 400+ Likes)
Upload it somewhere on public portal like dropbox or google cloud and share the link so that everybody can access.
318. ankur goel |   Link |August 7, 2020 5:25:40 PM
IPO Mentor IPO Mentor (800+ Posts, 400+ Likes)
Approax 2.90 crore units amounting 1000 crore of Mindspace traded on NSE & BSE. It means all retailers & NII units gone assuming no QIB sold his stake in open market.
317. No trade |   Link |August 7, 2020 3:37:15 PM
Top Contributor Top Contributor (300+ Posts, 200+ Likes)
Sold @305 at 11:54 AM

Is it right price?

316. Nishiket |   Link |August 7, 2020 1:11:05 PM
Worth buying at CMP for long term holding? Please advise.
316.1. Nikhil IPO Investor |   Link |August 7, 2020 1:20:43 PM
Yes, i expect this to do well in long term. But ensure you hold it for a year or 2 for good returns.
315. ajaygupta |   Link |August 7, 2020 12:59:28 PM
Not able to sale shares in kotak securities. Share not showing to broker.
314. No trade |   Link |August 7, 2020 12:57:11 PM
Top Contributor Top Contributor (300+ Posts, 200+ Likes)
Got allotment - 1 lot

Sold at - 305/-

Now relexed

& waiting for UTI AMC IPO
313. No trade |   Link |August 7, 2020 12:09:18 PM
Top Contributor Top Contributor (300+ Posts, 200+ Likes)
Any level for sale or sale at CMP
312. ashok bhansali |   Link |August 7, 2020 12:05:34 PM
Anybody faced same problem. Seniors please advise.
311. ashok bhansali |   Link |August 7, 2020 11:39:52 AM
Fund not unblocked from PNB...mail not delivered mail id., what should i do.....
310. Aniketiaf |   Link |August 7, 2020 6:57:18 AM (1800+ Posts, 10200+ Likes)
Good morning to all.
Today, there is listing of Mindspace park. Wishing a at least 10-15 % listing day gain to all of us.
310.2. Black Swan |   Link |August 7, 2020 10:50:00 AM
Top Contributor Top Contributor (300+ Posts, 400+ Likes)
Can you please share the link Sir
310.3. Aniketiaf |   Link |August 7, 2020 10:59:12 AM (1800+ Posts, 10200+ Likes)
It was flashing on Zee Business.
Actually it's 302/304