India's first SM REIT IPO from Property Share opens today. Check key dates, price band, subscription and other details

The REIT IPO of Property Share Investment Trust (PSIT), India’s first registered small and medium real estate investment trust, will open for subscription today. The issue will be available for bidding till December 4.

Property Share is launching an REIT IPO for PropShare Platina, which is the first scheme under PSIT. Small and medium REITs are a new asset class regulated by the Sebi as a sub-class within the REIT framework for assets valued between Rs 50-500 crore.

The offer proceeds are proposed to be utilized primarily for acquisition of the Prestige Tech Platina asset by the Platina SPVs with the remaining for other general corporate purposes.

Property Share SM REIT IPO: Key dates

The IPO opened on December 2 and will close on December 4. The share allotment for the same will be finalised on December 5. The listing date is on December 9.

Also Read: IPO Calendar: 3 IPOs, 8 listings to keep primary market busy this week

Property Share SM REIT IPO: Price band

The price band for the REIT IPO is fixed at Rs 10 lakh to Rs 10.5 lakh per unit.

About Property Share SM REIT IPO

PropShare Platina comprises 246,935 sf of office space in Prestige Tech Platina, a LEED Gold office building located on Outer Ring Road (ORR), Bangalore. This property is 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% escalation in rents every 3 years.

The scheme offers investors a projected FY26 distribution yield of 9%. Outer Ring Road is the largest office market in Bangalore with 34% of total office stock as per research by Jones Lang LaSalle and houses offices of various multinationals including Adobe, Amazon, Google, Samsung, CISCO, JP Morgan, Morgan Stanley, Wells Fargo among others.

For the first scheme, the investment manager, PropShare Investment Manager has decided to waive off all annual management expenses for FY25 and FY26 and will charge a nominal fee of 0.25% in FY27 and 0.3% from FY28 onwards.

Property Share will also invest a minimum 5% of the units of the scheme or Rs 17.6 crore from its capital into the offering as the IM contribution. The IPO is entirely a fresh issue of Platina units with no offer for sale component.

ICICI Securities is the sole lead manager to the offer and KFin Technologies is the registrar.

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