PropShare Titania's ₹473-crore SM Reit IPO set to open on 21 July

PropShare Titania IPO to offer 9% projected yield from grade A+ asset in Thane; Sebi's new SM Reit category targets retail investors via ₹10 lakh unit lots

The ₹473-crore initial public offering (IPO) of PropShare Titania, the second scheme of Property Share Investment Trust (PSIT), a small and medium real estate investment trust (SM Reit), is set to open on 21 July (Monday).

 

The issue will close on Friday, 25 July 2025. The price band for the issue is ₹10 lakh to ₹10.6 lakh per Titania unit. Bids can be made for a minimum of one Titania unit and in multiples of one unit thereafter.

 

The IPO comprises a fresh issue of Titania units, with no offer-for-sale component. This issue is being made through the book-building process. PSIT had filed offer-related documents in May.

 

 

PropShare Titania comprises 4.37 lakh square feet of grade A+ office space in G Corp Tech Park, located in Thane, Mumbai Metropolitan Region (MMR).

 

The asset is 100 per cent occupied by a diversified tenant portfolio comprising Fortune 500 companies, multinational corporations, and blue-chip tenants, including Aditya Birla Capital and Concentrix.

 

The scheme offers investors a projected distribution yield of 9 per cent for FY26, FY27, and FY28, and 8.7 per cent for FY29. 

 

The net proceeds of the issue are proposed to be utilised as follows: ₹217 crore for acquisition of the entire issued and paid-up equity share capital of the Titania special purpose vehicle (SPV) as per the share purchase agreement; ₹232.94 crore for providing a loan to the Titania SPV for extinguishment and redemption of the debenture liability; and the remainder for general corporate purposes.

 

Kunal Moktan, co-founder, Property Share, said: ‘This marks another milestone in our mission to create a transparent, liquid, and institutional-quality real estate investment platform for individual investors. In a volatile equity market environment, rent-yielding commercial assets like SM Reits are emerging as an alternative investment opportunity for investors.’

 

Earlier, in November 2024, PSIT issued a ₹353-crore IPO for its first scheme, PropShare Platina, also an entirely fresh issue.

 

Additionally, SM Reits are a new asset class introduced by the Securities and Exchange Board of India (Sebi) as a sub-class within the Reit framework for assets valued between ₹50 crore and ₹500 crore. Similar to Reits, SM Reit units must be listed on stock exchanges but with a minimum lot size of one unit worth ₹10 lakh. SM Reits are not permitted to invest in under-construction assets or land and must distribute 95 per cent of earnings as distributions to unit holders.

 

Property Share was the first firm to receive the SM Reit licence after Sebi notified the SM Reit regulations in March 2024.