Shares of Embassy Office Parks Reit which had tapped the capital markets with what was India’s first REIT. Listed on the bourses. The company had issued the same in a price band of Rs 299-300 and allotted at Rs 300. REIT is a real estate investment trust and in its earlier avatars we had two Invits from the infrastructure space.
Embassy Office Parks REIT had also introduced a new concept of strategic investor which have a lock-in of six months. This category is over and above the anchor investor who have a lock-in of one month or 30 days.
The issue size was Rs 4,750 crs and the price band was Rs 299-300. The allocation made to strategic investors was for 2,92,08,800 units at Rs 300 per unit.
Anchor investors were allotted 5,81,05,600 units at Rs 300 per unit. The anchor book consisted of 59 entities. 55% of the issue size was allocated to strategic investors and anchor investors. Amongst the anchor investors were five trusts of the promoter of Avenue Super Marts, the company which runs D-Mart who was allotted 9% of the anchor book.
The institutional and non-institutional book was subscribed 2.15 times and 3.10 times respectively, making the overall book 2.58 times. There was a total of 8,012 forms received.
The units debuted at Rs 300 on the BSE and Rs 308 on the NSE. The high was Rs 324.50 and Rs 324.80 respectively. The lows were the open on the two exchanges. The closing was Rs 314.10 on the BSE, a gain of Rs 14.10 or 4.70%. On the NSE the closing was Rs 314.67, a gain of Rs 14.67 or 4.89%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 300.00 | 324.50 | 300.00 | 314.10 | 14.10 | 4.70 | 312.23 | 278800 | 171600 | 61.55 |
| NSE | 308.00 | 324.80 | 308.00 | 314.67 | 14.67 | 4.89 | 314.80 | 2903200 | 2577600 | 88.78 |
| Total | 3182000 | 2749200 | 86.40 |
The traded volume was 31.82 lakh units which was 2.01% of the IPO size. The delivery volume was 27,49,200 units which was 86.40% of the traded volume and 1.74% of the IPO size. If one were to consider the non-anchor and non-strategic investor portion, the traded volume was 4.48% of the IPO size and delivery volume was 3.87%.
While the performance has been good so far, it would be interesting to see the deliveries and traded volumes pick up in future. Also the capital appreciation and change in NAV of the fund would be closely watched.
