Embassy REIT receives tepid response on listing day

The first real estate REIT to be listed on the Indian exchanges traded stably on its first day of trading. The real estate investment trust (REIT) traded up by more than 4 per cent intraday on Monday.

On BSE exchange, the stock of Embassy Office Parks REIT listed on its issue price of Rs. 300 and was placed under an upper circuit limit of 20 per cent. The REIT's Rs. 4,750 crore initial public offering (IPO) was open for subscription between March 18 to 20 and was subscribed 2.58 times.

Embassy Office Parks REIT owns and operates a 33 million square feet (msf) real estate portfolio spread across major cities of the country including Bengaluru, Mumbai, Pune and the National Capital Region (NCR). The company's portfolio consists of seven office parks and four city-center office buildings, four hotels and a solar park. The company's portfolios consist of 24.8 msf completed projects with 95 per cent occupancy rate.

On Monday, at 14:56 hours, the stock of Embassy Office Parks REIT was trading at Rs. 314.39 per share, up by Rs. 14.39 or 4.80 per cent from its issue price and its opening price of Rs. 300 on BSE. The stock hit an intraday high of Rs. 324.50 per share, while it did not dip beyond its issue price on its debut day.