Rs 473 crore Initial Public Offering for India’s 2nd SM REIT scheme to open on Monday, July 21, 2025
MUMBAI, July 15 (The CONNECT)- 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 for PropShare Titania, their second scheme under the trust aggregating to up to Rs 473 crore.
The 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.
Kunal Moktan, Co-founder, Property Share said the issue marks another milestone in the company’s mission in creating a transparent, liquid, and institutional-quality real estate investment platform for individual investors.
The IPO comprises of a fresh issue of Titania Units with no offer for sale component. 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.
Property Share will also invest a minimum 5% of the Titania Units of the scheme from its capital into the offering as the Investment Manager contribution.
“In a volatile equity market environment, rent-yielding commercial assets like SM REITs are emerging as an alternative investment opportunity for investors,” Moktan said.
PropShare Titania comprises of a 4,37,973 square feet Grade A+ office space in G Corp Tech Park located in Thane, Mumbai Metropolitan Region, with ESG Certifications including LEED Platinum (O&M), WELL Health and Safety rating and BEE 5-star certifications. It is 100% occupied by a diversified tenant portfolio comprising Fortune 500 companies, MNCs and blue-chip tenants including Aditya Birla Capital and Concentrix. The scheme offers investors a projected distribution yield of 9.0% for FY26, FY27, FY28 and 8.7% for FY29.
PropShare Titania is located on the main Ghodbunder Road, Thane, which is part of the Mumbai Metropolitan Region. Thane has a large residential catchment area with robust social infrastructure (Source: JLL Report).
The Investment Manager to the Trust is Property Share Investment Manager Private Limited. The Net Proceeds are proposed to be utilized to the extent of Rs 217.00 crore for acquisition of the entire issued and paid-up equity share capital of the Titania SPV as per the Share Purchase Agreement; Rs 232.94 crore for providing loan to the Titania SPV for extinguishment and redemption of the debenture liability of the Titania SPV, by redeeming the OCDs (including any accrued interest); and general corporate purposes.
Hashim Khan, Co-founder, Property Share said “PropShare Titania continues to offer investors access to a Grade A+ commercial assets at an attractive entry point.
Kotak Mahindra Capital Company Limited is the sole lead manager (BRLM) to the Issue and KFin Technologies Ltd is the Registrar to the Issue. Cyril Amarchand Mangaldas is the domestic legal counsel for the Trust and Investment Manager in relation to the Issue and Trilegal is the domestic legal counsel for the sole lead manager in relation to the Issue. Axis Trustee Services Limited is the Trustee for the Issue, and PropShare Investment Manager Private Limited is the Investment Manager for the Issue.. The Titania Units are proposed to be listed on BSE Limited (BSE).
