Blackstone-backed Nexus files for IPO

NEW DELHI: Nexus Select Trust, which is sponsored by global investment firm Blackstone, has filed the draft paper with the Securities and Exchange Board of India (Sebi) to launch India’s first public issue of retail real estate investment trust (REIT) to raise around $500 million (about ₹4,000 crore), said people aware of the development.

Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering about 10 million square feet of area. Nexus Select Trust has filed the draft red herring prospectus with Sebi and aims to hit the capital market with India’s first retail REIT public issue in the first half of 2023.