SM REIT IPO opens today: Check key dates, price band, and other details

Property Share REIT IPO: The Property Share Investment Trust (SM REIT) IPO, referred to as the Property Share REIT IPO, opens for subscription today, December 2, 2024. The IPO is a book-built issue, aiming to raise Rs 352.91 crore through a fresh issue of 3,361 units.

  The price band for the Property Share REIT IPO is set between Rs 10,00,000 and Rs 10,50,000 per unit, with a minimum bid size of Rs 10,00,000. The public offering will remain open until Wednesday, December 4, 2024.

 

According to SEBI guidelines, the investment manager may, in consultation with the lead manager, close the subscription window for qualified institutional buyers one working day earlier than the scheduled closing date, the company said in a scheme ofer document filed with market regulator Stock Exchange Board of India (Sebi).

 

The basis of allotment for the issue is expected to be finalised on Thursday, December 5, 2024. The company in the offer document said, “Our units of the schemes of the Trust are proposed to be listed on BSE (BSE) or National Stock Exchange of India (NSE).” “In-principle approval for listing was received from BSE on November 12, 2024,” it said.

 

Kfin Technologies is acting as the registrar for the IPO, while ICICI Securities is the book-running lead manager.

 

As outlined in the offer document, the REIT aims to make investments in completed and revenue-generating real estate properties through schemes and SPVs. It also plans to hold funds pending investment or distribution to unitholders as part of its strategy. The first scheme under this trust, PropShare Platina, was settled by the investment manager for an initial sum of Rs 0.02 million.

 

Property Share Investment Trust is a SEBI-registered small and medium real estate investment trust, incorporated in June 2024. Its first scheme, PropShare Platina, comprises six wholly owned SPVs, as per REIT Regulations. Axis Trustee Services serves as the Trustee, providing a range of services including debenture trustee, security trustee, facility agent, escrow agency, custody services, and more, catering to the domestic market.