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India's largest corporate landlord, Blackstone has reportedly hired six investment banks for the IPO of its Indian retail mall Real Estate Investment Trust.
For the unversed, Blackstone is a leading global investment business investing capital on behalf of pension funds, large institutions, and individuals. Its mission is to create long-term value for its investors through investment in alternative asset classes like private equity, real estate, credit, hedge funds, etc.
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Nexus Malls is the Indian retail portfolio arm of Blackstone which was initiated in 2016. Currently, Nexus Malls has a portfolio of 17 malls across 13 cities in India, controlling around 10 million square feet of Grade A retail space.
Late in August 2022, certain reports had suggested that Blackstone was planning to initiate the process of taking Nexus Malls public. The reports said that the firm was planning to file relevant documents by September 2022 and planning to launch its IPO & list on Indian bourses in early 2023.
It was estimated that the alternate investment firm was planning to raise around $500 million while valuing its portfolio at $2.5 billion. Fresh reports have indicated that Blackstone has hired Morgan Stanley, Kotak Mahindra Capital, BofA Securities, JP Morgan, Axis Capital, and Citi for the issue.
Moreover, sources have also suggested that more investment banks could come on board if necessary. These reports may cement the rumors regarding the IPO of Nexus Malls. If the IPO goes through, it would be India's first-ever pure-play retail mall REIT listing.
Blackstone Group is listed on NYSE. It closed at $95.15 per share, up 3.22%, on Monday.
Article by Aman Agarwal.
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