Embassy REIT IPO

Embassy REIT IPO

Company Sponsors :

Embassy Sponsor, Blackstone Sponsor

Business Description : 

Embassy Office Parks REIT is the owner of a high quality office portfolio in India that comprises seven best-in-class office parks and four prime city-center office buildings totaling 32.7 msf as of 31 December 2018. These assets also include two completed and two under-construction hotels totaling 1,096 keys, food courts, employee transportation and childcare facilities.

These properties are spread in the best performing submarkets of India’s key office markets of Bengaluru, Pune, Mumbai and Noida. Approximately 80.9% of the Gross Rentals from its 160+ marquee tenant base is contracted with leading multinational corporations and approximately 43.4% is contracted with Fortune 500 companies such as JP Morgan, IBM and Microsoft, as of 31 December 2018.

Objects of the Issue:

  • Partial or full repayment or pre-payment of bank/ financial institution debt of certain Asset SPVs and the Investment Entity – INR3,710 crore
  • Payment of consideration for acquisition of the Embassy One Assets currently held by EODPL – INR460 crore
  • General Purposes

Embassy Office Parks REIT’s financial performance (in INR crore)

 

 

 

 

 

Embassy Office Parks REIT’s IPO details

  • Subscription Dates  : 18 – 20 March 2019
  • Price Band : INR299 – 300 per unit
  • Total IPO Size  : 129,556,000 units (INR3873.72 – 3,886.68 crore)
  • Minimum Order Quantity  : 800 units
  • Market Lot  : 400 units
  • Non institutional Investor portion : 25%

Valuation of Embassy Office Parks REIT’s (As of 31 Dec 2018)

  • Earnings Per Unit (EPU): INR3.33
  • Price/Earnings (PE ratio): 89.79 – 90.09
  • Net Asset Value (NAV): INR376 per share

Listing Performance of Embassy Office Parks REIT’s

Finalisation of Basis of Allotment: 28 March 2019

Initiation of refunds: 29 March 2019

Listing Date: 3 April 2019

                                                                                                  

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