Nexus Select Trust, the owner of India’s largest portfolio of consumption centres (Source: CBRE Report, by Completed Area) comprising 17 best-in-class Grade A urban consumption centres, two complementary hotel assets and three office assets, proposes to open on Tuesday, May 9, 2023, an initial public offering of Units for cash at a price per Unit aggregating up to Rs. 32,000.00 million. Wynford Investments Limited (a portfolio company of Blackstone funds) is the Sponsor of Nexus Select Trust and Nexus Select Mall Management Private Limited is the Manager. Axis Trustee Services Limited is the Trustee of Nexus Select Trust.

The public offer comprises a fresh issuance of Units aggregating up to Rs. 14,000.00 million (the “Fresh Issue”) and an offer for sale of Units by the Selling Unitholders aggregating up to Rs. 18,000.00 million (the “Offer for Sale” and together with the Fresh Issue, the “Offer”).

The Price Band for the Offer has been fixed from Rs. 95 per Unit to Rs. 100 per Unit. The Bid/Offer will close on Thursday, May 11, 2023. Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date; i.e., Monday, May 8, 2023.

Photo: Dalip Sehgal, Executive Director & Chief Executive Officer, Nexus Select Mall Management Pvt. Ltd addressing the gathering on the announcement of Nexus Select Trust’s REIT Initial public Offer (IPO).

Chris Heady, Chairman of Asia Pacific and Head of Real Estate Asia, Blackstone, said: “We are thrilled to launch Nexus Select Trust, India’s first retail-focused REIT. This reaffirms Blackstone's commitment to India, where we have built a strong presence for more than 15 years and participated in the launch of its first two REITs." 

Photo: Asheesh Mohta, Senior Managing Director, Blackstone addressing the gathering on the announcement of Nexus Select Trust’s REIT Initial public Offer (IPO).

Dalip Sehgal, Chief Executive Officer of Nexus Select Mall Management Private Limited, said: “Nexus Select Trust is India’s largest mall platform and is well-positioned to capitalize on India’s unique consumption tailwinds. We are excited to be at the forefront of India’s retail journey.”

The Book Running Lead Managers to the Offer include BofA Securities India Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Securities Limited, JM Financial Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited and SBI Capital Markets Limited.  

All capitalised terms used herein but not defined shall have the same meaning as ascribed to them in the Offer Document dated April 28, 2023 available on the websites of SEBI and the Stock Exchanges.

Investors should note that investment in units may involve risks and for details relating to such risks, prospective investors should carefully read the Offer Document, including sections titled “Risk Factors” and “Forward-Looking Statements”. Prospective investors should not rely on the Draft Offer Document filed with the SEBI and the recognized Indian stock exchanges in making any investment decision.

Disclaimer:

Nexus Select Trust, acting through its Manager, is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial offer of its Units representing an undivided beneficial interest in Nexus Select Trust, and has filed the Offer Document with SEBI and the Stock Exchanges on April 28, 2023. The Offer Document is available on the website of SEBI at www.sebi.gov.in, BSE at www.bseindia.com, NSE at www.nseindia.com as well as on the websites of the Book Running Lead Managers i.e. BofA Securities India Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Securities Limited, JM Financial Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, and SBI Capital Markets Limited at www.ml-india.com, www.axiscapital.co.in, www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, www.business.hsbc.co.in/en-gb/in/generic/ipo-open-offerand-buyback, www.iiflcap.com, www.jmfl.com, www.jpmipl.com, https://investmentbank.kotak.com, www.morganstanley.com and www.sbicaps.com, respectively. Potential investors should note that investment in the Units involves a degree of risk, and for details relating to the same, should refer to the section “Risk Factors” of the Offer Document.

The Units have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction. The Units have not been and will not be registered under the US Securities Act of 1933 (“U.S. Securities Act”) or any state securities laws in the United States and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable United States state securities laws.

SEBI Disclaimer: It is to be distinctly understood that submission of the Offer Document to SEBI should not in any way be deemed or construed that the same has been cleared or approved by SEBI. SEBI does not take any responsibility either for the financial soundness of any scheme or the project for which the issue is proposed to be made or for the correctness of the statements made or opinions expressed in the Draft Offer Document, the Offer Document or the Final Offer Document.

NSE Disclaimer: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to the Offer Document for the full text of the “Disclaimer clause of NSE” on page 5 of the Offer Document.

BSE Disclaimer: It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the Offer Document has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to the Offer Document for the full text of the Disclaimer clause of the BSE on page 4 of the Offer Document.

Cover Photo:

L to R -  

Raj Balakrishnan, MD & Co-head of Investment Banking, BofA Securities India Limited

Atul Mehra, MD & Co-CEO of Investment Banking, JM Financial Limited

Arjun Sharma, Vice Chairman & Director, Nexus Select Mall Management Pvt. Ltd

Asheesh Mohta, Senior Managing Director, Blackstone

Dalip Sehgal, Executive Director & Chief Executive Officer, Nexus Select Mall Management Pvt. Ltd

Rajesh Deo, Chief Financial Officer, Nexus Select Mall Management Pvt. Ltd                                                                                                                   

Narayanan Sadanandan, Advisor - Equity Capital Markets, SBI Capital Markets Limited

Mr. Nitin Idnani, Executive Director, Investment Banking, Axis Capital Limited at the press conference on the announcement of Nexus Select Trust’s REIT Initial public Offer (IPO)