IPO Corner: Property Share Investment Trust

Property Share Investment Trust (“SM REIT”), India’s first registered Small and Medium Real Estate Investment Trust, has filed the Key Information of the Trust and Key Information of the Scheme (“Offer Documents”) for PropShare Titania, their second scheme under the trust aggregating to up to Rs 473 crore.

• Issue Opens: July 21, 2025
• Issue Closes: July 25, 2025
• Price Band: Rs 10 lakhs to ₹ 10.6 Lakhs
• Minimum Bid Size: Rs 10,00,000

The Bid/Issue opens Monday, July 21, 2025 and closes Friday, July 25, 2025. The price band for the Issue is ₹ 10.0 lakhs to ₹ 10.6 Lakhs per Titania Unit. The minimum bid size is Rs 10,00,000 the minimum investment amount. Bids can be made for a minimum of 1 Titania Unit and in multiples of 1 Titania Unit thereafter by bidders.

The IPO comprises of a fresh issue of Titania Units with no offer for sale component (the “Issue”). This Issue is being made through the Book Building Process and in compliance with the Securities and Exchange Board of India (Real Estate Investment Trusts)  Regulations, 2014 and the REIT Master Circular dated July 11, 2025, wherein not more than 75% of the Net Issue shall be available for allocation on a proportionate basis to Institutional Investors and balance 25% of the Net Issue shall be available for allocation to Non-Institutional Investors, in accordance with the REIT Regulations.

SM REITs are a new asset class introduced by the Securities and Exchange Board of India as a sub-class within the REIT framework for assets valued between Rs. 50-500 crores. Similar to REITs, SM REIT units are required to be listed on the stock exchange(s) but with a minimum lot size of 1 unit of ₹ 10.0 lakhs. SM REITs are not permitted to invest in under-construction assets or land and must distribute 95% of earnings as distributions to unit holders.