PropShare Platina IPO gets 1.2 times subscription on final day of bidding

The initial public offering (IPO) of PropShare Platina, the country's first SM REIT scheme, was subscribed 1.2 times on the final day of bidding on Wednesday.

PropShare Platina is the first scheme of SM-REIT -- Property Share Investment Trust.

The issue received bids of 4,002 units against the offered 3,353 units, according to data available on the stock exchange.

Institutional Investors portion and non-institutional investors part were subscribed 13 per cent and 4.37 times, respectively.

The IPO is entirely a fresh issue of Platina units with no offer for sale (OFS) component.

The price band for the issue is Rs 10 lakh to Rs 10.5 lakh per unit, Property Share Investment Trust (PSIT) had said in a statement last month.

Property Share Investment Trust, India's first registered Small and Medium Real Estate Investment Trust, had last month said the Rs 353-crore initial public offering (IPO) of PropShare Platina will open on December 2.

Proceeds of the IPO are proposed to be utilised primarily for acquisition of the Prestige Tech Platina asset by the Platina SPVs (special purpose vehicles).

PropShare Platina comprises 2,46,935 square feet of office space in Prestige Tech Platina, a LEED Gold office building located on Outer Ring Road (ORR), Bengaluru, proposed to be fully leased to a US-based tech company through a fresh 9-year lease with a 4.6-year weighted average lock-in and 15 per cent escalation in rents every 3 years.

ICICI Securities is the sole lead manager to the offer. The units are proposed to be listed on BSE.