Blackstone, real estate investor has filed draft papers with market regulator Securities and Exchange Board of India (Sebi) for India’s first-ever pure-play retail mall REIT (real estate investment trust) IPO. If plans fructify, this would be the private equity giant’s third REIT listing in India, following the Embassy REIT and the Mindspace REIT, which made their market debuts earlier.
“The e-filing of the DRHP (draft red herring prospectus) has been done with Sebi. The plan is to raise $500 million via the proposed IPO which will involve a $200 million primary component and a $300 million secondary component,” said one of the people mentioned above. He warned that the size may be upsized or downsized later based on market conditions. Blackstone was targeting a valuation of $3 billion to $3.2 billion for the REIT, which will be called Nexus Select Trust, and the IPO was likely to be launched during Q1 2023.