India’s First SM REIT IPO: Property Share Investment Trust To Launch ₹353 Crore PropShare Platina Issue On December 2

Property Share Investment Trust, India's first registered Small and Medium Real Estate Investment Trust, on Monday said the Rs 353-crore initial public offering (IPO) of PropShare Platina will open on December 2.

PropShare Platina is the first scheme of SM-REIT -- Property Share Investment Trust.

The IPO, which is entirely a fresh issue of Platina units with no offer for sale (OFS) component, will conclude on December 4.

"The price band for the issue is Rs 10 lakh to Rs 10.5 lakh per unit," Property Share Investment Trust (PSIT) said in a statement.

Proceeds of the IPO are proposed to be utilised primarily for acquisition of the Prestige Tech Platina asset by the Platina SPVs (special purpose vehicles).

"We believe SM REITs like PropShare Platina provide investors with an alternative asset class with hybrid returns in the form of regular rental yields and capital appreciation of the underlying real estate," Kunal Moktan, Director of Property Share, said.

PropShare Platina comprises 2,46,935 square feet of office space in Prestige Tech Platina, a LEED Gold office building located on Outer Ring Road (ORR), Bengaluru, proposed to be fully leased to a US-based tech company through a fresh 9-year lease with a 4.6-year weighted average lock-in and 15 per cent escalation in rents every 3 years.

The scheme offers investors a projected distribution yield of 9 per cent for the financial year 2026, 8.7 per cent for the financial year 2027 and 8.6 per cent for the financial year 2028.

Hashim Khan, Director of Property Share, said that SM REIT's direct investment model allows investors to invest in the particular asset, tenant and micro market of their choosing putting investors at the forefront of the decision-making process.

ICICI Securities is the sole lead manager to the offer. The units are proposed to be listed on BSE.