 "IPO, Initial public offerings")
Property Share Investment Trust (PSIT), India’s first registered small and medium real estate investment trust (SM Reit), has filed a draft offer document for an initial public offering (IPO) of PropShare Titania, its second SM Reit scheme. The offering, aggregating up to Rs 472 crore, is entirely a fresh issue.
PropShare Titania comprises about 4.4 lakh square feet (sq ft) of grade A+ office space in G Corp Tech Park located in Mumbai. The space is fully occupied by a diversified tenant portfolio comprising Fortune 500 companies, multinational corporations, and blue-chip tenants, including Aditya Birla Capital and Concentrix, the firm stated. The net proceeds are proposed to be utilised primarily for the acquisition of the asset.
According to PSIT, the tenants have occupied the building for more than nine years and have a 3.3-year weighted average lease expiry. There is a 5 per cent annual rental escalation across all the tenant leave and licence agreements.
The scheme offers investors a projected distribution yield of 9.0 per cent for the financial year 2026 (FY26), 9.0 per cent for FY27, and 9.1 per cent for FY28, PSIT noted.
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This issue is being made through the book-building process and in compliance with the Reit regulations and the Reit master circular, wherein not more than 75 per cent of the net issue shall be available for allocation on a proportionate basis to institutional investors, and the balance 25 per cent shall be available for allocation to non-institutional investors, in accordance with the Reit regulations.
Earlier, in November 2024, PSIT issued a Rs 353 crore IPO for its first scheme, PropShare Platina, which was also an entirely fresh issue.
PropShare Titania is located on the main Ghodbunder Road, Thane, a part of the Mumbai Metropolitan Region. The asset, developed by the G Corp Group, is located close to the upcoming metro station on Metro Line 4.
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.”
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 Rs 50 crore and Rs 500 crore. Similar to Reits, SM Reit units are required to be listed on the stock exchanges but with a minimum lot size of one unit of Rs 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.
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 "IPO")
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 "ipo market listing share market")
 "Securities and Exchange Board of India, SEBI")
