Brookfield India REIT share lists at marginal premium over issue price

Brookfield India Real Estate Trust share listed with a marginal premium at Rs 281.70 on the National Stock Exchange today against issue price of Rs 275. On the BSE, the stock opened at Rs  275.05. The price band of the IPO was fixed at Rs 274-275 apiece.

The IPO which aimed to collect Rs 3,800 crore was subscribed 7.94 times on the last day. Qualified Institutional Investors as well as Non-Institutional Investors oversubscribed to their quota of the issue. Market cap of the REIT stood at Rs 8,328 crore today.

Canadian asset manager Brookfield Asset Management backed Brookfield India Real Estate Trust (REIT), conducted its IPO  from February 3 to February 5. The proceeds from issue will be used for partial or full repayment of existing debt, the company said in its DRHP.

Multi-national corporations like Barclays, Bank of America Continuum, RBS, TCS, Cognizant, and Accenture are some of the clients of Brookfield India Real Estate Trust. The company has campus-format office parks strategically located in Mumbai, Noida, Gurugram, and Kolkata.

For fiscal ended 2020, Brookfield REIT posted a profit of Rs 15.12 crore as against a loss of Rs 15.75 crore in a year-ago period. Its total income rose 5.54% from a year ago to Rs 981.40 crore. The company has a total debt of Rs 6952.07 crore as of March 2020.