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The pricing range for India's Nexus Malls' 32 billion rupee ($391.1 million) initial public offering has been set at 95 to 100 rupees per unit. Nexus Malls is a portfolio of mall real estate investment trusts financed by Blackstone Inc. The REIT formerly known as Nexus Select Trust intends to issue new units worth 14 billion rupees and to make existing holders an offer to sell their existing units for 18 billion rupees as stated in the offer document.
Nexus Malls is the owner of 17 properties totalling 9.6 million sq ft across 13 Indian cities including Delhi, Mumbai and Bengaluru. Losses for the REIT which has over 3000 outlets and receives more than 135 million visitors annually, decreased to 109.5 million rupees for the year ending March 31, 2022 from nearly 2 billion rupees the previous year.
The period's operating revenue increased by 45.3%. The first-ever IPO by an Indian retail REIT occurs at a time when uncertain markets and global macroeconomic problems have scuppered or postponed a number of listing plans in India. Mamaearth, a company selling personal care products postponed its IPO and Joyalukkas, a jeweller and Fabindia, a retailer of clothing cancelled their plans earlier this year.
The deadline for anchor investors to submit bids is set for May 8 while the offer period for retail investors is May 9–May 11. The book running lead managers for the IPO included Axis Capital, IIFL Securities and BofA Securities India. Nexus Malls is scheduled to begin trading on stock exchanges from May 19.
Nexus Malls is a leading retail and entertainment destination in India known for its world-class shopping experiences, innovative design and exceptional customer service. With a portfolio of premium shopping centres in major cities across India, including Mumbai, Bangalore, Hyderabad, and Ahmedabad, Nexus Malls offers a diverse mix of domestic and international brands, fine dining options and entertainment facilities.
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