Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Embassy Office Parks REIT / Equity Capital Markets

<section><div id="ember1549">
<div><a href="https://www.smartkarma.com/entities/embassy-office-parks-reit" target="_blank" data-smartkarma-citation="entities:27925:1" rel="noopener">Embassy Office Parks REIT (EOP IN) </a> plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement, later in the year.  </div>
<div>The stock was listed in Apr 2019 and we have covered the listing and previous placement as well, links for which are below: </div>
<div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-good-assets-but-projections-might-be-a-tad-too-bullish" target="_blank" rel="noopener">Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish</a></li>
<li>
<a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-comparison-with-ait-and-a-look-at-the-required-yield" target="_blank" rel="noopener">Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield</a>, and</li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-ipo-fy19-revised-down-yield-propped-up-by-zero-coupon-bond" target="_blank" rel="noopener">Embassy Office Parks REIT IPO - FY19 Revised Down, Yield Propped up by Zero Coupon Bond</a></li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-trading-update-lowest-volume-traded-for-any-indian-listing-since-2018" target="_blank" rel="noopener">Embassy Office Parks REIT Trading Update - Lowest Volume Traded for Any Indian Listing Since 2018</a></li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-placement-to-big-to-swallow-if-its-not-a-reverse-enquiry" target="_blank" rel="noopener">Embassy Office Parks REIT Placement - To Big to Swallow if Its Not a Reverse Enquiry</a></li>
</ul></div>
</div></section>In this insight, I'll take an early look at the deal.


Embassy Office Parks REIT (EOP IN)  plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement, later in the year.  
The stock was listed in Apr 2019 and we have covered the listing and previous placement as well, links for which are below: 

Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish

Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield, and
Embassy Office Parks REIT IPO - FY19 Revised Down, Yield Propped up by Zero Coupon Bond
Embassy Office Parks REIT Trading Update - Lowest Volume Traded for Any Indian Listing Since 2018
Embassy Office Parks REIT Placement - To Big to Swallow if Its Not a Reverse Enquiry

In this insight, I'll take an early look at the deal.

Embassy Office Parks REIT Placement - Early Look - Big Deal but Will Come with Ample Warning

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Two Key Industries Underpinning Singapore’s Strongest YTD Performers

Capitaland India Trust / Equity Bottom-Up

<figure>
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 <div class='content-caption'>a-iTrust-CEO</div>
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Prudence is very much a watchword for chartered accountant by training Sanjeev Dasgupta.

The CEO of the trustee-manager of SGX-listed Ascendas India Trust, whose early career spans corporate finance, investment banking, as well as private equity real estate, is big on risk management.

“I learned many lessons from the Global Financial Crisis that hit India’s real estate sector between 2009 and 2012,” he recalled. “For one, managing risk has to be a critical part of a sustainable and responsible growth strategy for any organisation.”

“During boom times, there’s a tendency to be over-aggressive on investing, with less focus on risk mitigation, which means there’s quite a bit of pain once a crisis hits.”

The second lesson came from an ex-colleague’s pithy remark: Nobody makes money when they invest – only when they divest. “During good times, everyone is focused on investing – they, at times, miss the crux of the issue, which is being able to make a meaningful profit when you exit the investment,” he added.

Dasgupta, a Bachelor of Commerce graduate from Mumbai University who also holds a Master in Business Administration from London Business School, joined a-iTrust in January 2014. Prior to this role, he held the position of President, Real Estate, at ICICI Venture Funds Management between 2009 and 2013, and was the Managing Director of Future Capital Real Estate from 2005 to 2009.

For Dasgupta, the differences between the worlds of private equity and listed REITs are stark.

“The key differentiator for REITs is their corporate governance framework, which investors draw a lot of comfort from. DPUs also keep REIT management teams disciplined, as they need to prioritise risk management to ensure distributions to unitholders are not compromised,” he noted, referring to distributions per unit, a closely watched industry metric.

“In comparison, private equity structures, arguably, have much more freedom and flexibility, but much greater risk.”

Ascendas India Trust (a-iTrust) was listed on SGX in August 2007 as Asia’s first Indian property trust. Its principal objective is to own income-producing real estate used primarily as business space in India. a-iTrust may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion.

a-iTrust’s portfolio – which has a healthy committed occupancy rate of 98% – comprises seven world-class IT business parks and one logistics park in India. Assets under management (AUM) stood at S$2.1 billion as at 30 June 2020.

a-iTrust, structured as a business trust, offers stable income distributions similar to a real estate investment trust. It is managed by Ascendas Property Fund Trustee Pte Ltd, a wholly owned subsidiary of SGX-listed CapitaLand Ltd.

CapitaLand became the Sponsor of the trust in June 2019 after its acquisition of Ascendas Pte Ltd and Singbridge Pte Ltd. CapitaLand is one of Asia’s largest diversified real estate groups, with AUM of more than S$130 billion. The Group has a significant global footprint in the real estate investment management business, managing seven listed REITs and business trusts as well as over 20 private funds.

DPU-Accretive

For a-iTrust, one primary growth driver has been its ability to execute value-add growth strategies. One example is its use of forward purchase deals to acquire assets in India at lower prices, instead of buying overpriced income-producing assets.

“The Ascendas Group has a 25-year operating history on the ground in India, with strong leasing, project execution and property management expertise. This gives us the confidence to deal with potential risks if the environment becomes challenging,” Dasgupta added.

More acquisitions are also on the cards for a-iTrust. “The assets must, first and foremost, be DPU-accretive,” he noted. “We’ve set a certain hurdle rate for our investments in India, and they have to be at or above that rate.”

The geographic focus remains on the country’s six metro cities, which are relatively large in size and have a lot of untapped potential. Staying within the IT corridors in those six cities is also a must, he added.

The logistics sector remains a key focus area for a-iTrust, which acquired its first logistics asset two years ago. “India doesn’t have a large base of Grade A warehouse assets, so there’s a need to create that pipeline for ourselves,” Dasgupta pointed out. “At the Sponsor level, we have created a platform with a local partner, which gives us the requisite expertise to grow faster in this asset class.”

“Following COVID-19, logistics has also become the one of the most coveted asset classes among investors globally, due to the acceleration of e-commerce growth.”

Another sector that a-iTrust is evaluating is data centres. “We’re looking at how we can participate in the growth of this asset class, which will, in part, be driven by the government’s data localisation regulations that require financial services and healthcare data to be kept onshore,” Dasgupta said.

According to the Ericsson Mobility Report 2020, Indians used about 12GB of data per month on average in 2019, the highest consumption globally, and this figure is expected to double to over the next five years. “So this is one sector that merits close attention, and we’re optimistic about its outlook,” he added.

Currently, IT business parks comprise 93% of a-iTrust’s portfolio, with logistics accounting for the remaining 7%. “IT business parks are still growing, and the IT services sector is expanding at a reasonable pace, even during COVID, due to the acceleration of digital transformation,” Dasgupta said.

“Over time, we expect logistics and data centres – which are at a nascent growth stage – to account for a larger proportion of the overall portfolio, and India will continue to be an exciting market on all three fronts.”

Mitigating Risks

Notwithstanding the robust outlook, a-iTrust continues to grapple with foreign currency risks, although these are mitigated by its hedging strategy, said Dasgupta.

“The fact that the rupee is a long-term depreciating currency – relative to the US dollar and Singapore dollar – is a big challenge.”

“We try to achieve a growth that is meaningfully higher than the annual currency depreciation rate of 2.5%-3.0%,” he added. “Over the last six years, we’ve been able to deliver 9%-10% dividend growth in Sing dollar terms to investors, which translates to 12%-13% rupee growth. This has helped us to mitigate the FX risks.”

a-iTrust’s financial position remains robust – it has a low gearing ratio of 29%, with cash and undrawn committed facilities totalling S$198 million. Of its total borrowings, 82% are effectively on a fixed-interest rate basis and 65% are hedged into rupees.

Meanwhile, the next biggest – and most obvious – challenge for the trust remains COVID-19, with India’s infection rate still climbing.

Following the economic consequences of the outbreak, the country’s gross domestic product is forecast to contract 5.9% in 2020 and recover to 3.9% next year, according to a UN Conference on Trade and Development (UNCTAD) report published in last month.

“We continue to monitor our physical occupancy levels closely,” Dasgupta said. “We also see this as an opportunity to differentiate our properties by bringing in know-how and infrastructure from Singapore, like thermal scanners and air purification technology, to keep our park population safe. The fact that we’re doing more than other landlords is very much appreciated by our tenants.”

Nonetheless, Dasgupta remains optimistic about a-iTrust’s portfolio occupancy rates. “The cost of real estate for IT parks in India is not high, whereas companies have to reimburse staff for bandwidth and utility costs for work-from-home protocols, so actually, the cost-benefit analysis in terms of rental savings doesn’t really work for India, unlike in other developed markets,” he added.

Looking ahead, Dasgupta has made it his personal target to develop a-iTrust into a much larger platform, delivering both profitable as well as sustainable growth.

“Given the size and scale of the Indian market, and despite healthy expansion rates over the last six years, there’s still a lot of room to grow,” he added.

Apart from managing the trust’s operations, Dasgupta, 53, also prioritises family time with his college-going son, and daughter, a recent university graduate. His wife, a social entrepreneur, has been actively involved in supporting Singapore’s COVID-19 containment efforts amongst migrant workers.

Belonging to a family of foodies, he bonds with his wife and children over kitchen activities. This usually involves him playing role of food critic, while they whip up delectable South Indian, Thai and Italian dishes.

“You can be the most successful CEO in any organisation, but the toughest job in the world is still being a parent,” he said with a chuckle. “As parents, we want to provide love and support for our kids, and ensure they grow up with the right values.”

“That’s always a work in progress.”

 

Ascendas India Trust

Ascendas India Trust (a-iTrust) listed on SGX in August 2007 as the first Indian property trust in Asia. Its principal objective is to own income-producing real estate used primarily as business space in India. a-iTrust may also develop and acquire land or  uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion. As at 30 June 2020, a-iTrust’s assets under management stand at S$2.1billion.

a-iTrust’s portfolio comprises seven world-class IT business parks and one logistics park in India – International Tech Park Bangalore, International Tech Park Chennai and CyberValein Chennai, International Tech Park Hyderabad, CyberPearl, and aVancein Hyderabad, aVancein Pune and Arshiya warehouses near Mumbai.

a-iTrust is managed by Ascendas Property Fund Trustee Pte Ltd, a wholly  owned  subsidiary of SGX-listed CapitaLand Ltd, one of Asia’s largest diversified real estate groups, which owns and manages a global portfolio worth S$131.9 billion as at 31 December 2019.

The company website is: <a href="http://www.a-itrust.com">www.a-itrust.com</a>. 
Click <a href="https://www.sgx.com/securities/equities/CY6U">here </a>for the company's StockFacts page. 
For the six months ended 30 June 2020 financial results, click <a href="https://ir.a-itrust.com/newsroom/1._1H_FY2020_Press_Release_final.pdf">here</a>.

 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. 
For previous editions of kopi-C: the Company brew, please click <a href="http://edm.sgx.com/a/hBd-CspB86%24MfB90noBAABR54ZH/link10">here</a>.   
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="///C:/Users/tanje/Desktop/Working%20Files/kopi-C/jennifer.t@sgx.com">jennifer.t@sgx.com</a>.
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    a-iTrust-CEO


Prudence is very much a watchword for chartered accountant by training Sanjeev Dasgupta.

The CEO of the trustee-manager of SGX-listed Ascendas India Trust, whose early career spans corporate finance, investment banking, as well as private equity real estate, is big on risk management.

“I learned many lessons from the Global Financial Crisis that hit India’s real estate sector between 2009 and 2012,” he recalled. “For one, managing risk has to be a critical part of a sustainable and responsible growth strategy for any organisation.”

“During boom times, there’s a tendency to be over-aggressive on investing, with less focus on risk mitigation, which means there’s quite a bit of pain once a crisis hits.”

The second lesson came from an ex-colleague’s pithy remark: Nobody makes money when they invest – only when they divest. “During good times, everyone is focused on investing – they, at times, miss the crux of the issue, which is being able to make a meaningful profit when you exit the investment,” he added.

Dasgupta, a Bachelor of Commerce graduate from Mumbai University who also holds a Master in Business Administration from London Business School, joined a-iTrust in January 2014. Prior to this role, he held the position of President, Real Estate, at ICICI Venture Funds Management between 2009 and 2013, and was the Managing Director of Future Capital Real Estate from 2005 to 2009.

For Dasgupta, the differences between the worlds of private equity and listed REITs are stark.

“The key differentiator for REITs is their corporate governance framework, which investors draw a lot of comfort from. DPUs also keep REIT management teams disciplined, as they need to prioritise risk management to ensure distributions to unitholders are not compromised,” he noted, referring to distributions per unit, a closely watched industry metric.

“In comparison, private equity structures, arguably, have much more freedom and flexibility, but much greater risk.”

Ascendas India Trust (a-iTrust) was listed on SGX in August 2007 as Asia’s first Indian property trust. Its principal objective is to own income-producing real estate used primarily as business space in India. a-iTrust may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion.

a-iTrust’s portfolio – which has a healthy committed occupancy rate of 98% – comprises seven world-class IT business parks and one logistics park in India. Assets under management (AUM) stood at S$2.1 billion as at 30 June 2020.

a-iTrust, structured as a business trust, offers stable income distributions similar to a real estate investment trust. It is managed by Ascendas Property Fund Trustee Pte Ltd, a wholly owned subsidiary of SGX-listed CapitaLand Ltd.

CapitaLand became the Sponsor of the trust in June 2019 after its acquisition of Ascendas Pte Ltd and Singbridge Pte Ltd. CapitaLand is one of Asia’s largest diversified real estate groups, with AUM of more than S$130 billion. The Group has a significant global footprint in the real estate investment management business, managing seven listed REITs and business trusts as well as over 20 private funds.

DPU-Accretive

For a-iTrust, one primary growth driver has been its ability to execute value-add growth strategies. One example is its use of forward purchase deals to acquire assets in India at lower prices, instead of buying overpriced income-producing assets.

“The Ascendas Group has a 25-year operating history on the ground in India, with strong leasing, project execution and property management expertise. This gives us the confidence to deal with potential risks if the environment becomes challenging,” Dasgupta added.

More acquisitions are also on the cards for a-iTrust. “The assets must, first and foremost, be DPU-accretive,” he noted. “We’ve set a certain hurdle rate for our investments in India, and they have to be at or above that rate.”

The geographic focus remains on the country’s six metro cities, which are relatively large in size and have a lot of untapped potential. Staying within the IT corridors in those six cities is also a must, he added.

The logistics sector remains a key focus area for a-iTrust, which acquired its first logistics asset two years ago. “India doesn’t have a large base of Grade A warehouse assets, so there’s a need to create that pipeline for ourselves,” Dasgupta pointed out. “At the Sponsor level, we have created a platform with a local partner, which gives us the requisite expertise to grow faster in this asset class.”

“Following COVID-19, logistics has also become the one of the most coveted asset classes among investors globally, due to the acceleration of e-commerce growth.”

Another sector that a-iTrust is evaluating is data centres. “We’re looking at how we can participate in the growth of this asset class, which will, in part, be driven by the government’s data localisation regulations that require financial services and healthcare data to be kept onshore,” Dasgupta said.

According to the Ericsson Mobility Report 2020, Indians used about 12GB of data per month on average in 2019, the highest consumption globally, and this figure is expected to double to over the next five years. “So this is one sector that merits close attention, and we’re optimistic about its outlook,” he added.

Currently, IT business parks comprise 93% of a-iTrust’s portfolio, with logistics accounting for the remaining 7%. “IT business parks are still growing, and the IT services sector is expanding at a reasonable pace, even during COVID, due to the acceleration of digital transformation,” Dasgupta said.

“Over time, we expect logistics and data centres – which are at a nascent growth stage – to account for a larger proportion of the overall portfolio, and India will continue to be an exciting market on all three fronts.”

Mitigating Risks

Notwithstanding the robust outlook, a-iTrust continues to grapple with foreign currency risks, although these are mitigated by its hedging strategy, said Dasgupta.

“The fact that the rupee is a long-term depreciating currency – relative to the US dollar and Singapore dollar – is a big challenge.”

“We try to achieve a growth that is meaningfully higher than the annual currency depreciation rate of 2.5%-3.0%,” he added. “Over the last six years, we’ve been able to deliver 9%-10% dividend growth in Sing dollar terms to investors, which translates to 12%-13% rupee growth. This has helped us to mitigate the FX risks.”

a-iTrust’s financial position remains robust – it has a low gearing ratio of 29%, with cash and undrawn committed facilities totalling S$198 million. Of its total borrowings, 82% are effectively on a fixed-interest rate basis and 65% are hedged into rupees.

Meanwhile, the next biggest – and most obvious – challenge for the trust remains COVID-19, with India’s infection rate still climbing.

Following the economic consequences of the outbreak, the country’s gross domestic product is forecast to contract 5.9% in 2020 and recover to 3.9% next year, according to a UN Conference on Trade and Development (UNCTAD) report published in last month.

“We continue to monitor our physical occupancy levels closely,” Dasgupta said. “We also see this as an opportunity to differentiate our properties by bringing in know-how and infrastructure from Singapore, like thermal scanners and air purification technology, to keep our park population safe. The fact that we’re doing more than other landlords is very much appreciated by our tenants.”

Nonetheless, Dasgupta remains optimistic about a-iTrust’s portfolio occupancy rates. “The cost of real estate for IT parks in India is not high, whereas companies have to reimburse staff for bandwidth and utility costs for work-from-home protocols, so actually, the cost-benefit analysis in terms of rental savings doesn’t really work for India, unlike in other developed markets,” he added.

Looking ahead, Dasgupta has made it his personal target to develop a-iTrust into a much larger platform, delivering both profitable as well as sustainable growth.

“Given the size and scale of the Indian market, and despite healthy expansion rates over the last six years, there’s still a lot of room to grow,” he added.

Apart from managing the trust’s operations, Dasgupta, 53, also prioritises family time with his college-going son, and daughter, a recent university graduate. His wife, a social entrepreneur, has been actively involved in supporting Singapore’s COVID-19 containment efforts amongst migrant workers.

Belonging to a family of foodies, he bonds with his wife and children over kitchen activities. This usually involves him playing role of food critic, while they whip up delectable South Indian, Thai and Italian dishes.

“You can be the most successful CEO in any organisation, but the toughest job in the world is still being a parent,” he said with a chuckle. “As parents, we want to provide love and support for our kids, and ensure they grow up with the right values.”

“That’s always a work in progress.”

 

Ascendas India Trust

Ascendas India Trust (a-iTrust) listed on SGX in August 2007 as the first Indian property trust in Asia. Its principal objective is to own income-producing real estate used primarily as business space in India. a-iTrust may also develop and acquire land or  uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion. As at 30 June 2020, a-iTrust’s assets under management stand at S$2.1billion.

a-iTrust’s portfolio comprises seven world-class IT business parks and one logistics park in India – International Tech Park Bangalore, International Tech Park Chennai and CyberValein Chennai, International Tech Park Hyderabad, CyberPearl, and aVancein Hyderabad, aVancein Pune and Arshiya warehouses near Mumbai.

a-iTrust is managed by Ascendas Property Fund Trustee Pte Ltd, a wholly  owned  subsidiary of SGX-listed CapitaLand Ltd, one of Asia’s largest diversified real estate groups, which owns and manages a global portfolio worth S$131.9 billion as at 31 December 2019.

The company website is: www.a-itrust.com.  
Click here for the company's StockFacts page.  
For the six months ended 30 June 2020 financial results, click here.

 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.



Ascendas India Trust Targets Logistics, Data Centre Growth

Mindspace Business Parks REIT / Equity Capital Markets

<div><a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN) </a>raised around US$600m in its IPO, making it the second REIT listing for India.</div><div>In my previous insights I've covered the company background, its projected growth, compared it to its main listed peer: </div><ul>
<li> <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-decent-growth-but-not-all-assets-are-equal" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal</a>,</li>
<li>
<a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-updates-aren-t-so-great" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Updates aren't so great</a>,</li>
<li><a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-ipo-price-appears-fair-strategic-investors-are-top-notch" target="_blank" rel="noopener">Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch</a></li>
</ul>In this insight, I will re-visit some of the deal dynamics, comment on share price drivers and provide a table with implied valuations.

Mindspace Business Parks REIT (MBP IN) raised around US$600m in its IPO, making it the second REIT listing for India.In my previous insights I've covered the company background, its projected growth, compared it to its main listed peer: 
 Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal,

Mindspace Business Parks REIT Pre-IPO - Updates aren't so great,
Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch
In this insight, I will re-visit some of the deal dynamics, comment on share price drivers and provide a table with implied valuations.

Mindspace Business Park REIT Trading Update - Much Better Debut that Embassy

<a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN)</a>  (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. In my earlier note, <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-decent-growth-but-not-all-assets-are-equal" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal</a> and <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-updates-aren-t-so-great" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Updates aren't so great</a>, I spoke about the company background and some of its assets.In this note, I’ll run the deal through our framework and talk about deal dynamics.

Mindspace Business Parks REIT (MBP IN)  (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. In my earlier note, Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal and Mindspace Business Parks REIT Pre-IPO - Updates aren't so great, I spoke about the company background and some of its assets.In this note, I’ll run the deal through our framework and talk about deal dynamics.

Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch

Singapore

Capitaland India Trust operates as a property trust. The Trust acquires, owns, and develops income-producing real estates such as IT business parks, logistics space, and industrial facilities. Capitaland India Trust serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
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Capitaland India Trust (CLINT SP)

Embassy Office Parks REIT Placement - Early Look - Big Deal but Will Come with Ample Warning

Embassy Office Parks REIT plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement,...

Sumeet Singh

Two Key Industries Underpinning Singapore’s Strongest YTD Performers

Despite a challenging year for the regional stock market, 36 of Singapore’s 100 most traded stocks this year generated gains. More than half...

Singapore Exchange Ltd (SGX)

Ascendas India Trust Targets Logistics, Data Centre Growth

Prudence is very much a watchword for chartered accountant by training Sanjeev Dasgupta. The CEO of the trustee-manager of...

Singapore Exchange Ltd (SGX)

Mindspace Business Park REIT Trading Update - Much Better Debut that Embassy

Mindspace Business Parks REIT (MBP IN) raised around US$600m in its IPO, making it the second REIT listing for India.In my previous insights I've...

Sumeet Singh

Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch

Mindspace Business Parks REIT (MBP IN) (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.MBP...

Sumeet Singh

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