Whalesbook
Arre bhai log, suno! India ka IPO market pichhle ek saal mein sabse dheema ho gaya hai. Yeh trend dikha raha hai ki investors ka dimaag ab thoda badal gaya hai. Jab market mein uncertainties chal rahi ho aur IPOs mein paisa atakne ka darr ho, toh sab log wahaan shift ho rahe hain jahaan se predictable returns milte hain. Isi wajah se, Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), aur Non-Convertible Debentures (NCDs) jaise options abhi bohat demand mein hain. Ye instruments na sirf predictable cash flows dete hain, balki attractive yields bhi offer karte hain, jis se investors ka paisa volatile equity market se nikal kar idhar aa raha hai.
Aur yeh koi aam baat nahi hai! Haal hi mein dekho, teen NCD issues, do InvIT launches, aur ek SM REIT market mein aaye hain. Next week toh Bagmane Prime Office REIT ka ₹3,400 crore ka IPO khulne wala hai. Investors ka interest kaafi zyada hai, jiska proof hai ki Citius TransNet Investment Trust ka IPO is mahine 20x oversubscribed hua, aur March mein Raajmarg InvIT (jo NHAI backed hai) 5x subscribe hua. Yeh sab isiliye ho raha hai kyunki jab tak economic uncertainty hai, sabko pakka paisa chahiye.
REITs aur InvITs filhaal bahut attractive lag rahe hain, kyunki inmein income visibility aur potential capital appreciation dono hain. Rules ke mutabik, in trusts ko apne net distributable cash flows ka kam se kam 90% distribute karna padta hai, isiliye income ki predictability pakki hai. Currently, listed REITs 7-9% yield de rahe hain, jabki InvITs 9-12% tak de dete hain. Jab se central bank ne interest rates kam kiye hain, yeh trusts inflation ko beat karne wale returns de rahe hain. Nuvama Wealth bhi keh raha hai ki yeh instruments equity aur traditional debt se alag hain, aur diversification mein help karte hain. High-quality NCDs bhi 9.5% se 10.5% tak returns de rahe hain 3 se 5 saal ke liye, jo bank deposits aur debt mutual funds se better hai. Tax rules mein recent changes ne bhi inko aur competitive bana diya hai.
Aur iska asar bhi dikh raha hai! Nifty REIT-InvIT index ne bhi kamaal kiya hai. July 2019 se March 2026 tak, isne 12% annualized return diya hai, jo Nifty 50 ke 11.1% aur debt funds ke 7.5% se zyada hai. Lekin haan, yahaan ek warning bhi hai! Nifty REITs & InvITs index ka P/E ratio filhaal 44.62 hai, jo last 7 saal ke median 30.67 se kaafi upar hai. Iska matlab yeh sectors abhi thode expensive lag sakte hain aur market mein koi gadbad hone par inki valuations zyada gir sakti hain.
InvITs mein kuch structural risks bhi hain, jaise traffic volume fluctuations ya project delays. Aur NCDs mein toh issuer ke creditworthiness ka risk rehta hi hai, matlab company kitni strong hai. Lekin SEBI bhi regulations ko improve kar raha hai taaki InvITs ko aur flexibility mile aur investor protection badhe. Overall, jab tak market mein uncertainty hai, aise yield-generating instruments ki demand bani rahegi. Aap dekho, 2019 mein sirf 19,000 investors the, ab 2026 tak yeh 8 lakh hone wale hain! Yeh dikhata hai ki Indian investors ab in alternative assets ko apna rahe hain aur inki value samajh rahe hain.