Property Share Investment Trust, India’s first registered Small and Medium Real Estate Investment Trust (SM REIT), has filed the offer documents for its second scheme—PropShare Titania—with a proposed Initial Public Offering (IPO) size of Rs473 crore.
The IPO will open for subscription on July 21, and close on July 25, 2025. The price band has been set between Rs10.0 lakh and Rs10.6 lakh per unit, with a minimum investment requirement of one unit (Rs10 lakh). The offering is a pure fresh issue, with no offer-for-sale component.
Commenting on the launch, Kunal Moktan, Co-founder of Property Share, said the second scheme reaffirms the company’s commitment to building a robust and transparent investment platform for retail investors. “This IPO strengthens our mission to build a transparent and institutional-grade real estate investment platform for individuals,” he said.
Anchor Asset and Yield Projections
PropShare Titania is backed by a Grade A+ commercial office asset spanning 4.38 lakh square feet located in G Corp Tech Park, Thane, within the Mumbai Metropolitan Region. The property is fully leased to a diversified tenant base including Aditya Birla Capital and Concentrix, and is certified with LEED Platinum (Operations & Maintenance), WELL Health-Safety, and BEE 5-Star ratings.
The scheme is expected to deliver a projected distribution yield of 9% for FY26–FY28, and 8.7% for FY29, positioning it as a high-yield, income-generating investment opportunity.
In line with SEBI’s SM REIT guidelines, 75% of the issue will be allocated to institutional investors, with the remaining 25% reserved for non-institutional investors. Property Share, as the sponsor, will invest a minimum of 5% of the total units from its own capital.
The net proceeds from the IPO will be utilized as follows:
- Rs217 crore for acquisition of 100% equity in the Titania SPV
- Rs232.94 crore to repay outstanding debenture liabilities of the SPV
- The remainder towards general corporate purposes
Echoing the sentiment, Hashim Khan, Co-founder of Property Share, highlighted the value proposition of the offering. “PropShare Titania offers access to premium, rent-yielding assets at a compelling valuation—backed by a new-age SM REIT framework,” he added.
Issue Details and Market Listing
Kotak Mahindra Capital Company Limited is the sole book-running lead manager to the issue, while KFin Technologies Limited is the registrar. Axis Trustee Services serves as the trustee to the issue, and the Titania units are proposed to be listed on BSE.
About SM REITs
Small and Medium REITs (SM REITs) are a distinct category introduced by the Securities and Exchange Board of India (SEBI) for completed real estate assets valued between Rs50 crore and Rs500 crore. SM REITs are required to be listed on recognized stock exchanges with a minimum lot size of Rs10 lakh. These trusts cannot invest in under-construction assets or land, and must distribute at least 95% of their net distributable cash flows to investors, offering a steady income stream.
