Post Nexus Select Trust listing, Blackstone to still hold 43%: Asheesh Mohta

Blackstone Group is planning to dilute its equity holding by 43% via the IPO of Nexus Select Trust, India’s largest retail platform encompassing 17 malls in 14 high-consumption cities. The group aims to raise Rs 3,200 crore ($434 million) including primary and secondary components at a distribution yield of 8.25% and a three-year average of 9%. The primary raise will be used to pay off existing shareholder loans, while the secondary raise will come from Blackstone funds and a partner in Pune, as its leverage continues to be low at 15%.