IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Mindspace Business Parks REIT IPO: Valuation Insights

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Mindspace Business Parks REIT / Equity Capital Markets

<p><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> owns an office portfolio located in four key office markets (Mumbai Region, Hyderabad, Pune and Chennai) of India. The portfolio has a total leasable area of 29.5 msf and is one of the largest Grade-A office portfolios in India, according to C&amp;W. It has filed for an IPO in India to raise Rs45 billion ($603 million) through a primary offer of Rs10 billion ($134 million) and a secondary offer of Rs35 billion ($469 million). Mindspace will be the second REIT listing in India after <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>. The IPO already received commitments worth Rs11.2 billion ($151 million) from strategic investors including GIC, affiliates of Fidelity Group, Capital Group and Fullerton Group. </p><div class="content-highlight"><p>Mindspace's portfolio consists of five integrated business parks and five independent offices. The total market value of the portfolio is Rs236,751 million as of 31 March 2020. On balance, we believe that Mindspace offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector.</p></div>

Mindspace Business Parks REIT (MBP IN) owns an office portfolio located in four key office markets (Mumbai Region, Hyderabad, Pune and Chennai) of India. The portfolio has a total leasable area of 29.5 msf and is one of the largest Grade-A office portfolios in India, according to C&amp;W. It has filed for an IPO in India to raise Rs45 billion ($603 million) through a primary offer of Rs10 billion ($134 million) and a secondary offer of Rs35 billion ($469 million). Mindspace will be the second REIT listing in India after Embassy Office Parks REIT (EOP IN). The IPO already received commitments worth Rs11.2 billion ($151 million) from strategic investors including GIC, affiliates of Fidelity Group, Capital Group and Fullerton Group. Mindspace's portfolio consists of five integrated business parks and five independent offices. The total market value of the portfolio is Rs236,751 million as of 31 March 2020. On balance, we believe that Mindspace offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector.

Mindspace Business Parks REIT IPO Initiation: Getting Back to Work