Brookfield India
Mainboard₹3,800 Cr issue
+0.02%
Listing gain over issue price
Issue size
₹3,800 Cr
1 lot at cut-off
₹55,000
Lot size
200shares
Open
03 Feb 2021
Close
05 Feb 2021
Allotment
11 Feb 2021
Listing
16 Feb 2021
Listing performance
Issue price
₹275
Listed at
₹275.05
Listing-day close
₹269.96
Latest price
₹302.07
Close on 23 Oct 2026
Listing gain
+0.02%
Return since issue
+10.71%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 03 Feb 2021 – 05 Feb 2021
- Listing date
- 16 Feb 2021
- Face value
- ₹10 per share
- Issue price
- ₹275 per share
- Lot size
- 200 shares
- Total issue size
- ₹3,800 Cr
- Market cap at offer price
- ₹8,327 Cr
- ISIN
- INE0FDU25010
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Ambit Pvt.Ltd.
- Registered office
- Candor TechSpace IT/ ITES SEZ, Building 5A/10,, Tikri (Near Subash Chowk), Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 6,21,80,800 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 200 shares per lot, in multiples, at ₹275
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 200 | ₹55,000 |
| Retail (max) | 3 | 600 | ₹1,65,000 |
| S-HNI (min) | 4 | 800 | ₹2,20,000 |
| S-HNI (max) | 18 | 3,600 | ₹9,90,000 |
| B-HNI (min) | 19 | 3,800 | ₹10,45,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
6,21,80,800
Anchor portion
₹1,710 Cr
at ₹275 per share
Valuation and performance
Valuation at offer price
₹275 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹8,327 Cr |
About Brookfield India
Brookfield India Real Estate Trust, registered on July 17, 2020, is India's only institutionally managed public commercial real estate vehicle sponsored by an affiliate of Brookfield Asset Management. The REIT owns an initial portfolio of 14.0 million square feet comprising four large campus-format office parks located in Mumbai (Kensington), Gurugram (Candor Techspace G2), Noida (Candor Techspace N1), and Kolkata (Candor Techspace K1). These properties are strategically positioned to serve the India's technology and corporate services sectors, leveraging India's highly skilled workforce and competitive cost advantages. The REIT generates revenue primarily through long-term lease agreements with marquee multinational tenants and provides comprehensive ecosystem services including property management, facilities management, and various tenant amenities. With a WALE of 7.1 years, the portfolio demonstrates stable, contracted cash flows with 75% of gross contracted rentals from multinational corporations such as Barclays, TCS, Cognizant, and Accenture.
Company Analysis
from RHPBrookfield India Real Estate Trust is a REIT that owns and operates large campus-format office parks in India's key gateway markets across the IT/ITeS and commercial real estate sectors.
Brookfield India Real Estate Trust, registered on July 17, 2020, is India's only institutionally managed public commercial real estate vehicle sponsored by an affiliate of Brookfield Asset Management. The REIT owns an initial portfolio of 14.0 million square feet comprising four large campus-format office parks located in Mumbai (Kensington), Gurugram (Candor Techspace G2), Noida (Candor Techspace N1), and Kolkata (Candor Techspace K1). These properties are strategically positioned to serve the India's technology and corporate services sectors, leveraging India's highly skilled workforce and competitive cost advantages. The REIT generates revenue primarily through long-term lease agreements with marquee multinational tenants and provides comprehensive ecosystem services including property management, facilities management, and various tenant amenities. With a WALE of 7.1 years, the portfolio demonstrates stable, contracted cash flows with 75% of gross contracted rentals from multinational corporations such as Barclays, TCS, Cognizant, and Accenture.
Commercial real estateInformation technology and IT-enabled servicesSpecial Economic Zones (SEZ)Office parks and campus-format developments
Objects of the Issue
- Repayment of borrowings and general corporate purposes To be utilized for debt reduction and operational needs; specific allocation not stated in this section p.30
- Acquisition of the Identified Assets p.119
- Repayment of borrowings and general corporate purposes p.121
- Capital expenditure and asset enhancement initiatives p.129
- Partial or full pre-payment or scheduled repayment of the existing indebtedness of our Asset SPVs ₹35,750 million p.224
- General purposes ₹350 million p.224
- Repayment of borrowings; Funding capex for the new plant; General corporate purposes p.232
- Formation Transactions and capital structure ₹38,000 million p.293
- Repayment of borrowings and debt reduction p.292
- Not stated in this part - Objects of the issue/Offer would be in earlier sections of the DRHP not included in Part 7
Issue Structure
- Total Issue
- ₹38,000 million
- Fresh Issue
- 138,181,800 Units at ₹275 per Unit (subject to finalisation of Basis of Allotment)
- Price Band
- ₹274 (Floor Price) to ₹275 (Cap Price)
- Lot Size
- Minimum Bid Size: ₹0.05 million for non-Anchor Investors; ₹100 million for Anchor Investors; Bid Lot: 200 Units
Business Model
The REIT earns revenue primarily through rental income from operating lease agreements with corporate tenants at its office parks, supplemented by property management fees, maintenance services income, and ancillary services. Revenue is generated by leasing completed office space to tenants under long-term contracts with embedded rent escalation clauses, creating a stable, recurring cash flow model. The REIT also derives income from on-campus development opportunities and has identified growth potential through acquisitions of additional properties owned by Brookfield entities.
Business Segments
Private IT/ITeS SEZ office property located in Mumbai's island city
Largest office SEZ in Gurugram (by leasable area), located in the central business district with 3.9 msf of completed area
One of the largest IT parks in Noida, an established technology hub, with 1.9 msf of completed area and 0.1 msf under construction
Largest campus style office development in eastern India with 3.1 msf of completed area and 2.7 msf of future development potential
Private IT/ITeS SEZ located in Mumbai's competitive commercial market (Andheri and Powai micro-market), leasing Grade-A office space to multinational and domestic tenants
Grade-A office park located in Gurugram on co-developed land with the G2 Co-Developer, governed by co-development agreement with indivisible rights in the complex
Grade-A office park located in Noida on land leased from NOIDA, subject to lease deed compliance and specific use restrictions
Grade-A office park and commercial-cum-retail development located in Kolkata with joint development agreement for expansion potential
1.5 msf Grade-A office SEZ complex, the only private IT/ITeS SEZ in the island city of Mumbai, located in Powai micro-market with 11 tenants primarily from technology and financial services sectors
4.0 msf office SEZ spread over 28.53 acres, the largest office SEZ in Gurugram, located in Gurugram North CBD with 49 tenants from consulting, financial services, technology, healthcare sectors
2.8 msf office IT park spread over 19.25 acres in Sector 62 Noida, one of the largest office parks in the micro-market with 38 tenants from financial services, technology hardware, technology, consulting sectors
5.7 msf office SEZ spread over 48.38 acres in Rajarhat, Kolkata, the largest campus style office development in eastern India with 40 tenants primarily from technology and consulting sectors
Owns and operates Kensington, an IT/ITES SEZ property in Powai, Mumbai comprising office and IT/ITES facilities.
Owns and operates Candor Techspace K1 in Kolkata and Candor Techspace G2 (acquired through merger of Candor Gurgaon 2) in Gurgaon - commercial office properties.
Owns and operates Candor Techspace N1 in Noida - a commercial office property.
Grade-A office park in Mumbai providing leased office space, car parking, signage, and fit-out rentals to tenants primarily in financial services and technology sectors. Includes maintenance services (common area maintenance, security, housekeeping).
Large campus-format office park in Gurugram providing operating lease rentals, car parking, fit-out rentals, and maintenance services. Co-development arrangement with Gurgaon Infospace Limited (GIL); REIT entitled to 72% of gross rentals and deposits, GIL 28%.
Campus-format office park in Noida providing leased office space, car parking, fit-out rentals, and maintenance services. Recently completed 0.5 msf tower (Tower 5) received occupancy certificate on September 22, 2020.
Large campus-format office park in Kolkata providing operating lease rentals, car parking, fit-out rentals, and maintenance services to marquee tenants. Subject to 80% IT/ITES occupancy requirement as private IT park.
Property management and operational services provider for the REIT's office parks (G2, N1, K1) providing common area maintenance, security, housekeeping, and administrative services. CIOP discontinued operational services to Identified Assets effective September 1, 2020.
Operational commercial office buildings with 25 buildings (12 in K1, 13 in G2)
Operational commercial office buildings with 6 operational buildings and 1 under construction
Operational commercial office buildings with 2 operational buildings
Developing and leasing of commercial real estate property in India, primarily in IT/ITeS Special Economic Zone (SEZ) in New Town, Rajarhat, Kolkata and Sector 21, Dundahera Gurugram
Developing and leasing of commercial real estate property in India, primarily in IT/ITeS sector in Sector 62, Noida, Uttar Pradesh
Developing and leasing of commercial real estate property in India, primarily in IT/ITeS Special Economic Zone (SEZ) in Powai, Mumbai
Providing management related service including facilities management service and property management services
IT/ITeS SEZ office space in campus format with 13 completed buildings comprising office towers, amenity blocks with retail area, parking facilities. Provides leasing of office space to IT/ITeS tenants.
IT/ITeS Park providing leased office space and maintenance services to tenants
IT/ITeS SEZ providing leased office space and maintenance services to tenants
IT/ITeS SEZ property providing leased office space to tenants
Provides property management fees services
IT/ITeS office park with completed buildings offering large floor plates and amenities
IT/ITeS office park with completed, under-construction and future development buildings in campus format
IT/ITeS SEZ office space in campus format with 12 operational buildings and future mixed-use development
IT/ITeS SEZ office building with two wings, parking facilities, and operational occupancy
SWOT Analysis
Strengths
- • Global sponsorship by Brookfield Asset Management with extensive real estate expertise and capital markets experience(p.31)
- • Large, strategically located, difficult-to-replicate office parks in key gateway markets with high barriers to entry(p.32)
- • Diversified marquee blue-chip tenant roster with stable long-term cash flows and 7.1-year WALE(p.32)
- • Proven track record in asset management with strong occupancy and leasing performance since 2015(p.30)
- • Significant organic growth opportunities through contractual escalations, mark-to-market headroom, and on-campus development(p.30)
- • Experienced senior management team with deep domain knowledge and decades of real estate industry experience(p.33)
- • Institutional placemaking capabilities providing unique fully-integrated campus-format workspace ecosystem(p.32)
- • Market-leading Grade-A office portfolio in key Indian cities(p.96)
- • Strong occupancy rates across portfolio assets(p.96)
- • Positioned in high-growth technology sector markets(p.89)
- • Institutional-quality business park assets outperform market(p.81)
- • Experienced global asset manager with 120-year real estate track record(p.76)
- • Largest office SEZ in Gurugram with premium infrastructure and integrated campus model(p.124)
- • Largest campus-style office park in Eastern India with strong absorption(p.124)
- • Placemaking capabilities with comprehensive amenities and service-based experience(p.124)
- • Diversified blue-chip tenant roster with 75% MNC concentration and stable cash flows(p.120)
- • Strong WALE of 7.1 years providing cash flow stability(p.120)
- • Significant mark-to-market upside of 36% for rental growth(p.136)
- • Sponsor backed by Brookfield with US$575B AUM and global real estate expertise(p.123)
- • Experienced management team with 25+ years average real estate experience(p.125)
- • 100% ownership of portfolio assets post-acquisition(p.172)
- • Diversified portfolio across multiple geographies and asset types(p.182)
- • Strong credit ratings assigned by CRISIL(p.224)
- • Long-term debt facilities with staggered repayments providing stable cash flows(p.221)
- • Global sponsorship with local expertise(p.297)
- • Difficult to replicate, dominant and strategically located properties(p.297)
- • Diversified blue chip tenant roster and cash flow stability(p.297)
- • Significant identified internal and external growth opportunities(p.297)
- • Experienced, cycle-tested senior management team(p.297)
- • Institutional corporate governance framework and strong alignment of interests(p.297)
- • Placemaking capabilities(p.297)
- • Diversified portfolio across major metro locations with established office supply(p.467)
- • High occupancy rates demonstrating strong tenant demand(p.467)
- • High-quality asset ratings and certifications(p.467)
- • Operational cash flows from completed portfolio with 93% of market value(p.462)
- • Campus-format design with significant amenities supporting tenant retention(p.467)
- • Large-scale IT/ITeS campus developments with significant leasable areas across multiple high-demand markets(p.471)
- • High committed occupancy rates demonstrating strong tenant demand and revenue stability(p.484)
- • Premium sustainability and operational certifications enhancing asset quality and tenant appeal(p.469)
- • Strategic location advantage with proximity to major infrastructure and institutional anchors(p.469)
- • Comprehensive on-campus amenities reducing tenant friction and supporting long-term occupancy(p.469)
- • Significant future development pipeline providing revenue growth optionality(p.469)
Weaknesses
- • High concentration of revenue from limited number of tenants and sectors, particularly technology sector(p.39)
- • Significant revenue dependence on single asset Candor Techspace G2, representing 42.7% of FY2020 revenues(p.40)
- • No operating history as a REIT and inability to assure future performance will match historical results(p.40)
- • Audit qualification regarding share application money handling in prior years at SPPL Noida and Candor Kolkata(p.40)
- • Assumed liabilities of Portfolio Companies with limited representations, warranties and indemnification(p.37)
- • Significant indebtedness limiting financial flexibility despite conservative post-Issue leverage target(p.47)
- • Significant contingent liabilities from tax disputes(p.50)
- • Restrictive covenants limit operational and financial flexibility(p.50)
- • Dependence on manager key personnel for success(p.64)
- • Title and development rights subject to legal uncertainties(p.56)
- • Lease compliance risks for Candor Techspace N1(p.53)
- • Concentration of leasehold land with NOIDA in Candor Techspace N1(p.148)
- • Reliance on co-development arrangement at Candor Techspace G2 with 28% revenue share to GIL(p.142)
- • Recently completed tower at Candor Techspace N1 with lower immediate occupancy at 72%(p.148)
- • Dependence on a few large tenants; top 10 tenants represent significant portion of gross rentals(p.143)
- • High financial leverage with debt exceeding 100% of asset value(p.215)
- • Significant debt-to-equity imbalance with negative equity(p.215)
- • Dependence on Brookfield Group for management and operations(p.202)
- • Operating losses reported in recent periods(p.217)
- • No assurance or guarantee of distributions to Unitholders; quantum may decrease(p.291)
- • Dependence on lease-up of vacant areas; material revenue impact from delays(p.288)
- • Material direct and indirect tax liabilities pending(p.343)
- • Share application money compliance issues in SPPL Noida and Candor Kolkata(p.381)
- • Pending inter-corporate deposit collection disputes(p.382)
- • Negative equity position at historical cost(p.387)
- • Operating losses in recent periods(p.389)
- • High financial leverage and substantial debt burden(p.437)
- • Concentration of revenue from three major customers(p.436)
- • Significant contingent liabilities from tax disputes(p.432)
- • Dependency on specific tenant segments (IT/ITeS) across all properties(p.415)
- • Joint development agreement reducing full ownership benefits(p.462)
- • Moderate occupancy rate in N1's completed portfolio indicating leasing challenges or tenant concentration risk(p.484)
- • Significant capital expenditure requirements for under-construction and future development phases(p.470)
- • Concentration of future development in single location (K1) with extended delivery timeline(p.472)
Opportunities
- • Large identified acquisition pipeline of 8.3 msf of near-stabilized properties in Gurugram and Noida through Agreements to Purchase(p.30)
- • ROFO rights on 6.7 msf of premium commercial real estate in Mumbai providing path to nearly double portfolio(p.30)
- • Significant structural growth in technology sector and office absorption driven by expanding workforce(p.29)
- • Organic NOI growth of 25% projected through FY2023 from existing portfolio through multiple drivers(p.30)
- • Access to Brookfield's global platforms, local market knowledge and proprietary data for identifying market opportunities(p.31)
- • Conservative capital structure with less than 18.5% debt-to-market-value providing capacity for value-accretive acquisitions(p.33)
- • India's GDP projected to recover strongly post-COVID(p.81)
- • Growing demand for Grade-A office space in high-growth markets(p.80)
- • Expansion of Global Capability Centers driving office demand(p.90)
- • Consolidation trends favor large, well-capitalized office players(p.92)
- • Under-construction assets and development potential for portfolio growth(p.57)
- • India's IT sector expected to grow at 13% CAGR to US$350 billion by FY 2025(p.119)
- • Structural workforce expansion with ~90 million expected additions to Indian workforce by 2030(p.119)
- • Identified Assets acquisition rights in Gurugram and Noida with 8.3 msf potential(p.120)
- • Right of First Offer on 6.7 msf of premium Mumbai properties with consolidation potential(p.131)
- • 25% projected NOI growth by FY 2023 through contractual escalations and lease-ups(p.129)
- • 3.7 msf Future Development Potential for on-campus development across portfolio(p.131)
- • Demand outpacing supply in key micro-markets with rental growth momentum(p.103)
- • Tenant consolidation and expansion trend providing additional growth avenues(p.125)
- • Right of first offer on future acquisition opportunities(p.176)
- • Five-year right of first offer on ROFO company assets(p.179)
- • Planned debt reduction through net proceeds utilization(p.224)
- • Access to Brookfield Group resources and expertise(p.192)
- • Issue proceeds to be utilized for debt reduction and growth investments(p.293)
- • Portfolio expansion through internal and external growth opportunities identified(p.297)
- • Lease-up of vacant areas drives revenue recovery(p.288)
- • Future development area representing 7% of portfolio value to be monetized(p.462)
- • Planned metro connectivity expansion enhancing property accessibility(p.468)
- • Rental reversion opportunity as existing leases mature at below-market rates(p.466)
- • Strong IT/ITeS sector growth driving occupier demand(p.465)
- • Capital expenditure requirements enabling portfolio modernization(p.468)
- • Expansion into mixed-use development model to diversify revenue streams beyond office leasing(p.471)
- • Leverage post-pandemic workplace normalization to capture delayed expansion demand(p.483)
- • Capitalize on metro connectivity and institutional growth in emerging office micro-markets(p.471)
- • Monetize amenity infrastructure through public-facing F&B and retail offerings(p.469)
Threats
- • COVID-19 pandemic creating significant uncertainty with potential for prolonged business disruption and demand destruction(p.38)
- • Commercial real estate market performance dependent on broader economic cycles and sector-specific downturns(p.39)
- • Regulatory restrictions on asset acquisitions and investments under REIT Regulations and foreign exchange regulations(p.36)
- • Tenant concentration risk with three tenants representing 46% of gross contracted rentals in concentrated micro-markets(p.39)
- • Technology sector dependency creating vulnerability to technology industry downturns and business model shifts(p.39)
- • SEZ regulatory compliance requirements and potential shift in work-from-home models reducing office demand(p.39)
- • Construction completion risks for Under Construction Area and Future Development Potential affecting projected returns(p.45)
- • Evolving and uncertain regulatory framework for REITs(p.52)
- • COVID-19 pandemic impact on commercial real estate sector(p.49)
- • Future supply may increase vacancy and compress rentals(p.91)
- • SEZ benefits and tax incentives subject to withdrawal(p.55)
- • Foreign exchange restrictions and regulatory compliance burden(p.52)
- • Occupancy volatility demonstrated by drop from 96% to 87% due to lease expiries and completions(p.135)
- • High market vacancy in Gurugram overall at 18.9% despite portfolio outperformance(p.102)
- • Limited supply of quality Grade-A office stock creates substitution risk if new entrants develop comparable properties(p.124)
- • COVID-19 pandemic impact on commercial real estate demand and tenant operations(p.119)
- • Noida market showing reversals with vacancy increasing from 6.1% (2019) to 14.4% (Q3 2020)(p.109)
- • Kolkata market characterized by limited institutional-quality supply and low rental growth at 0.7% CAGR(p.113)
- • Metro infrastructure development delays could reduce competitive advantage of property locations(p.105)
- • Restrictive debt covenants limiting operational flexibility(p.222)
- • Dependence on debt refinancing and market conditions(p.225)
- • Pre-payment penalties on existing debt facilities(p.222)
- • Potential conflicts of interest with Sponsor and Manager(p.212)
- • Lease-up delays in commercial real estate market impact occupancy and revenue(p.288)
- • Regulatory approvals pending for portfolio companies could delay operations(p.340)
- • Reliance on tenant base and cash flow stability subject to market conditions(p.297)
- • COVID-19 pandemic impact on operations and asset valuations(p.382)
- • Regulatory compliance risks on property tax levying at commercial rates(p.344)
- • Direct tax dispute exposure across multiple entities(p.344)
- • Indirect tax demand exposure(p.344)
- • COVID-19 pandemic creating uncertainty in commercial real estate demand(p.459)
- • Regulatory and tax environment uncertainty(p.461)
- • Competitive supply growth in established office micro-markets(p.467)
- • Interest rate and discount rate volatility affecting valuations(p.468)
- • Tenant concentration risk in specific sectors and limited diversification(p.436)
- • COVID-19 pandemic causing delays in construction completion and suppressing near-term leasing demand(p.483)
- • Shift in tenant preferences toward peripheral office locations driven by cost optimization post-pandemic(p.483)
- • Prolonged uncertainty in tenant expansion and consolidation decisions impacting lease renewal activity(p.483)
- • Intense competitive supply from multiple grade-A office developments in proximity to portfolio assets(p.469)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| BSREP India Office Holdings V Pte. Ltd. | Sponsor | — | — |
| BSREP India Office Holdings V Pte. Ltd. | Sponsor | — | 17.87% |
| BSREP India Office Holdings V Pte. Ltd. and Sponsor Group | Sponsor and Sponsor Group | — | 54.36% |
| Brookfield Asset Management | Sponsor | — | — |
| Brookfield REIT Sponsor | Sponsor | 32.87% | 17.87% |
| Sponsor Group (excluding our Sponsor) | Promoter Group | 67.13% | 36.49% |
| Brookfield Asset Management (BAM) / Brookfield Group | Promoter/Sponsor | — | — |
| BSREP India Office Holdings V Pte. Ltd. | Sponsor | 32.87% | 17.87% |
| BSREP India Holdings | Promoter Group | 25.21% | 13.71% |
| BSREP India Office III | Promoter Group | 22.31% | 12.13% |
| BSREP II India | Promoter Group | 17.06% | 9.28% |
| BSREP India Office Holdings V Pte. Ltd. | Sponsor | — | — |
| Brookprop Management Services Private Limited | Manager/Settlor | — | — |
| BSREP India Office Holdings V Pte Ltd | Sponsor | — | — |
| Brookprop Management Services Private Limited | Manager | — | — |
| Axis Trustee Services Limited | Trustee | — | — |
Leadership
Alok Aggarwal · Managing Director and Chief Executive Officer – India office business of the Manager
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Brookfield India IPO FAQs
What is the lot size of Brookfield India IPO?
The minimum lot size of Brookfield India IPO is 200 shares. One lot costs ₹55,000 at the cut-off price.
When does Brookfield India IPO open and close?
Brookfield India IPO opened for subscription on 03 Feb 2021 and closed on 05 Feb 2021.
What is the listing date of Brookfield India IPO?
Brookfield India IPO listed on 16 Feb 2021.