(Reuters) – Blackstone-backed Embassy Office Parks REIT’s 47.50 billion rupee ($689.85 million) initial public offering, the first by a real estate investment trust in India, was subscribed more than two times by 1030 GMT on the last day of sale on Wednesday.

Investors bid for about 175.8 million shares, or 2.47 times the 71.3 million on offer, stock exchange data showed.

The REIT, which owns offices that house multinational tenants such as JP Morgan and Google, will use proceeds of the IPO to reduce its debt and fund acquisition of assets, according to the IPO prospectus.

The offering comes at a time when the primary market in India is seeing greenshoots, but analysts expect sentiment to remain cautious ahead of national elections starting in April.

At a minimum lot size of 800 units and a price band of 299-300 rupees per unit, the REIT’s offering implies an investment of at least 240,000 rupees.

Anchor investors had already committed to buy 58.1 million units at 300 rupees per unit, while 8.76 billion rupees worth of units were reserved for strategic investors.

The REIT aims to list its units on the National Stock Exchange of India Ltd and the BSE Ltd.

Morgan Stanley India, Kotak Mahindra Capital, J.P. Morgan India and DSP Merrill Lynch are global coordinators and book running lead managers for the offering.