Nexus Select IPO of Rs 3,200 Crore will be open for subscription from 9th May to 11th May 2023. The company received in-principle approvals from the BSE and NSE for listing its stock with a face value of INR 10. The IPO consists of a fresh issue of Rs 1,400 crore and an offer for sale of Rs 1,800 crore. The company filed the DRHP document with market regulator SEBI on November 17, 2023.
Nexus Select Trust REIT IPO Key Details
- Key Details of Nexus Select Trust REIT IPO
- Nexus Select Trust IPO Size – Rs 3,200 Crore
- IPO Subscription Date – Open from May 9, 2023 to May 11, 2023
- IPO Subscription Price – ₹95 to ₹100 per share
- IPO Allotment date – May 16, 2023
- Nexus Select Trust REIT share listing date – May 19, 2023
Nexus Select IPO – Business Description
Nexus Select Trust REIT is the owner of India’s leading consumption center platform. After listing in the exchange, the company will be the first publicly listed consumption center REIT in India. As of June 30, 2022, the portfolio of the company comprises 17 best-in-class Grade A urban consumption centers with a total Leasable Area of 9.8 msf, two complementary hotel assets (354 keys), and three office assets (1.3 msf).
The asset of the company is located across 14 leading cities in India such as Delhi, Navi Mumbai, Bengaluru, Pune, Hyderabad, Chennai, etc. As per the DRHP document, the company claims 93.5% average Committed Occupancy across its Portfolio as of June 30, 2022. The tenant sales grew at a CAGR of 10.7% from FY18 to FY201, and a 7.5% CAGR in Marginal Rents across our Portfolio from CY16 to CY19.
The market value of Nexus Select Portfolio as of December 31, 2022, as per the Valuer is Rs. 235 billion. With an IPO size of Rs 3,200 crore, the portfolio’s enterprise value stands at Rs 24,000 crore or $3 billion.
Nexus Select Trust REIT Leadership
Nexus Select Mall Management Private Limited is the Manager of the Nexus Select Trust. Axis Trustee Services Limited is the Trustee of the Nexus Select Trust. Wynford Investments Limited is the sponsor of Nexus Select REIT.
Nexus Select Trust REIT Revenue and Profit
The company revenue from operations remains flat from Rs 16,219.75 million in FY2020 to Rs 13,182 million in FY2022. The revenue decreased in FY2021 due to COVID-19-related rental abatements given on Minimum Guaranteed Rentals, and tenant vacancies. However, the company maintained strong Net cash generated from operating activities of Rs 8,910.76 by December 2022.
| All amounts in INR Crore (Year ended March 31) | 2020 | 2021 | 2022 | 2022 Dec |
| Total Income | 1,708.19 | 1,047.97 | 1,358.52 | 1,498.35 |
| Profit After Tax | 206.74 | -199.11 | -10.95 | 257.02 |
| Total Asset | 9,527.64 | 8,959.36 | 9,089.77 | 8,989.53 |
| Net Cash from Operating Activities | 910.61 | 413.27 | 747.5 | 891.07 |
| Total Borrowing | 5,955.67 | 6,281.38 | 6,311.20 | 5,872.31 |
Objective Behind the Nexus Select Trust REIT IPO
- The Nexus Select Trust will not receive any proceeds from the Offer for Sale.
- The Net Proceeds from the Fresh Issue will be utilized below
- The Company will utilize Rs 250 crore of the Net Proceeds for Partial or full repayment or prepayment and redemption of the certain financial indebtedness of the Asset SPVs and the Investment Entity.
- Nexus Select will use Rs1050 crore for the acquisition of stakes and redemption of debt securities in certain Asset SPVs.
Nexus Select IPO: Do you invest?
- The company is located in India which is one of the world’s fastest-growing consumption-led major economies.
- Nexus Select Trust is one of India’s largest platforms of best-in-class assets with a presence in 14 of India’s key consumption cities.
- Highly occupied by a diversified tenant base of renowned national and international brands
- Strategically located in prime in-fill locations with high barriers to entry.
- Fully integrated platform with a highly experienced management team.
- Strong parental Sponsor with global expertise and local knowledge.
- Strong and positive net cash flows
- The above points interest me to invest in the Nexus Select IPO for the long term.
Nexus Select Trust REIT IPO Details
| Nexus Select Trust IPO Details | Nexus Select IPO launch Date, Price and others |
|---|---|
| Nexus Select Trust IPO launch Date | May 9, 2023 to May 11, 2023 |
| IPO Price band | ₹95 to ₹100 per share |
| IPO Allotment date | May 16, 2023 |
| Refunds Initiation date | May 17, 2023 |
| Credit of Shares to Demat Account | May 18, 2023 |
| Nexus Select Trust IPO Listing Date | May 19, 2023 |
| Fresh Issue | ₹1,400.00 Cr |
| Offer for Sale | ₹1,800.00 Cr |
| Minimum bid (Lot size/ Amount) | 150 share / lot (Total Investment of ₹15000) |
| Face Value | INR 10 per share |
| Listing on | BSE & NSE |
Nexus Select Trust REIT Office and Lead Managers
| Contact Details | Lead Managers |
| Embassy 247, Unit No. 501, B Wing, Lal Bahadur Shastri Marg, Vikhroli West, Mumbai 400 083, Maharashtra, India Tel: +91 22 6280 5000; Fax: NA; Compliance Officer: Charu Patki; E-mail: investor.relations@nexusmalls.com; www.nexusselecttrust.com | 1. BofA Securities India Limited 2. Axis Capital Limited 3. Citigroup Global Markets India Private Limited 4. HSBC Securities and Capital Markets (India) Private Limited 5. IIFL Securities Limited 6. JM Financial Limited 7. J.P. Morgan India Private Limited 8. Kotak Mahindra Capital Company Limited 9. Morgan Stanley India Company Private Limited 10. SBI Capital Markets Limited |
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Nexus Select IPO Allotment Status
Nexus Select IPO allotment will be available on KFin Technologies website. To know your allotment status, get ready with your PAN number and click on this link.