“This is an outstanding response in an extremely volatile market. Nexus REIT was the second largest IPO in last 12 months. This speaks about the strength of the Nexus platform and increasing acceptance of Yield product in the country,” said Chirag Negandhi, Co-CEO and Joint MD, Axis Capital.

With an enterprise value of ₹23,000 crore, Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, including Select Citywalk Mall in South Delhi, with a total leasable area of 9.2 square feet (msf), two complementary hotel assets (354 keys), and three office assets (1.3 msf) as of December 31, 2022. The company’s business portfolio includes assets that are mixed-use in nature with complementary hotels and office spaces like Hyatt Regency Chandigarh and Oakwood Residence Whitefield Bangalore (together constituting 2.8% of its gross portfolio market value as of June 30, 2022), which are managed by global hotel operators, Hyatt and Oakwood.

This was Blackstone’s third REIT listing on the domestic bourses after Embassy Office Parks and Mindspace Business Parks. The American private equity firm launched India's first REIT Embassy Office Parks in April 2019 after raising about ₹4,750 crore through a public issue. Mindspace Business Parks was the second REIT that was listed in August 2022 following fundraising of ₹4,500 crore via the IPO route.

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Nexus Select Trust listing

Nexus Select Trust REIT IPO lists at 3% premium