Property Share Investment Trust is set to raise up to Rs 473 crore through an initial public offering for its second Small and Medium Real Estate Investment Trust (SM REIT) scheme, PropShare Titania, with the offer opening on Monday, July 21 and closing Friday, July 25.
The price band has been fixed at Rs 10 lakh to Rs 10.6 lakh per unit, with a minimum bid size of one unit.
The offering comes seven months after Property Share listed India’s first SM REIT and will make PropShare Titania the country’s second public vehicle under the new framework introduced by Sebi in 2024 for rent-generating real estate assets valued between Rs 50 crore and Rs 500 crore.
Each unit of PropShare Titania is priced between Rs 10 lakh and Rs 10.6 lakh. Bidders are required to invest in at least one unit, and in multiples of one unit thereafter. The units will be listed on BSE post-issue.
The IPO consists solely of a fresh issue of units and will be offered through a book-building process. Property Share, as investment manager, will also subscribe to at least 5% of the units from its own capital.
Kotak Mahindra Capital Company is acting as the sole book-running lead manager, and KFin Technologies is the registrar to the issue. Axis Trustee Services is the trustee for the scheme.
According to the offer document, the scheme is expected to deliver a distribution yield of 9.0% for FY26 through FY28 and 8.7% in FY29.
Property Share was the first firm to receive an SM REIT licence, launching PropShare Platina, India’s first listed SM REIT, in December 2024.
Also read | Property Share files for Rs 472 crore IPO for second SM REIT scheme
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
The price band has been fixed at Rs 10 lakh to Rs 10.6 lakh per unit, with a minimum bid size of one unit.
The offering comes seven months after Property Share listed India’s first SM REIT and will make PropShare Titania the country’s second public vehicle under the new framework introduced by Sebi in 2024 for rent-generating real estate assets valued between Rs 50 crore and Rs 500 crore.
Price band and bidding terms
Each unit of PropShare Titania is priced between Rs 10 lakh and Rs 10.6 lakh. Bidders are required to invest in at least one unit, and in multiples of one unit thereafter. The units will be listed on BSE post-issue.The IPO consists solely of a fresh issue of units and will be offered through a book-building process. Property Share, as investment manager, will also subscribe to at least 5% of the units from its own capital.
IPO structure and allocations
The offering is structured in accordance with the Sebi REIT Regulations and the REIT Master Circular dated July 11, 2025. Up to 75% of the net issue will be allocated to institutional investors, while the remaining 25% will be available for non-institutional investors.Kotak Mahindra Capital Company is acting as the sole book-running lead manager, and KFin Technologies is the registrar to the issue. Axis Trustee Services is the trustee for the scheme.
Underlying asset
The trust’s second scheme comprises a 4.38 lakh sq ft Grade A+ commercial office property in G Corp Tech Park, located on Ghodbunder Road in Thane, part of the Mumbai Metropolitan Region. The building is fully leased to a tenant base that includes Aditya Birla Capital and Concentrix, and has received ESG certifications including LEED Platinum (O&M), WELL Health and Safety, and BEE 5-star.According to the offer document, the scheme is expected to deliver a distribution yield of 9.0% for FY26 through FY28 and 8.7% in FY29.
Proceeds use
The trust intends to use Rs 217 crore from the IPO proceeds to acquire 100% equity in the Titania SPV. Another Rs 232.94 crore will be extended as a loan to the SPV to redeem outstanding optionally convertible debentures (OCDs), including accrued interest. The remaining funds will be used for general corporate purposes.SM REIT context and regulatory background
SM REITs are a SEBI-backed category within the broader REIT framework, created in March 2024 to allow public listing of income-generating real estate assets valued between Rs 50 crore and Rs 500 crore. These trusts must list on a stock exchange and have a minimum application size of Rs 10 lakh per investor. SM REITs cannot invest in land or under-construction properties and are required to distribute 95% of their income to unitholders.Property Share was the first firm to receive an SM REIT licence, launching PropShare Platina, India’s first listed SM REIT, in December 2024.
Also read | Property Share files for Rs 472 crore IPO for second SM REIT scheme
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
