PropShare Titania SM REIT IPO opens today. Check key details before subscribing

The IPO of PropShare Titania, a scheme under the Property Share Investment Trust, opened for subscription on Monday, marking one of the earliest listings from a Sebi-registered Small and Medium Real Estate Investment Trust (SM REIT).

The issue is a fresh offer of Rs 473 crore and is being offered in a book-building format, with a price band of Rs 10,00,000 to Rs 10,60,000 per unit. Bidding will remain open until Friday and listing is tentatively scheduled on BSE on Monday.

The IPO offers one unit per lot, with a minimum application size of Rs 10.6 lakh, restricting participation primarily to high-net-worth individuals and institutional investors.


Up to 75% of the issue is reserved for QIBs, while the remaining 25% is for non-institutional investors (NIIs). No retail quota has been carved out.

About the issuer

PropShare Titania is the second scheme floated under the Property Share Investment Trust, registered in June 2024. The trust is backed by Axis Trustee Services Ltd, a prominent name in fiduciary services, acting as the trustee for REITs, InvITs, AIFs, and other structured products.

This particular offering is focused on acquiring and managing income-generating real estate assets through its Titania SPV. The SPV structure allows the REIT to directly or indirectly own completed commercial properties that generate regular rental income.

Proceeds from the issue will be deployed as follows:

Rs 217 crore to acquire the entire equity of the Titania SPV

Rs 232.94 crore to repay debentures (OCDs) issued by the Titania SPV, including accrued interest

The remaining amount will be used for general purposes

With its entry, PropShare Titania becomes a pioneer in India's nascent SM REIT segment. While traditional REITs target large institutional investors and mega portfolios, the SM REIT framework allows more focused participation in smaller-ticket, single-asset or single-city opportunities.

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