Property Share Investment Trust IPO: Price band set at ₹10 lakh-₹10.5 lakh per unit, check lot size and key dates

The initial public offering of Property Share Investment Trust, India's first registered Small and Medium Real Estate Investment Trust (SM REIT), will open for subscription on December 2. The issue, with a price band of ₹10 lakh to ₹10.5 lakh per unit, will conclude on December 5. The company targets to raise ₹353 crore.

The IPO of PropShare Platina, the first scheme by Property Share Investment Trust, is a fresh issue without an offer-for-sale component.

The money raised will be used by the Platina special purpose vehicles (SPVs) to acquire Prestige Tech Platina assets.

Kunal Moktan, Director of Property Share, said, "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."

Property Share Investment Trust IPO: Lot size

Interested investors can bid for at least one unit (₹10 lakh to ₹10.5 lakh per unit) and in multiples after that.

The company has reserved 75% of the net offer for qualified institutional buyers and 25% for non-institutional investors.

Property Share Investment Trust IPO: Allotment and listing date

• Bidding period: December 2 to December 4
• Basis of Allotment: December 5
• Refund initiation: December 6
• Demat transfer: December 6
• Listing: December 9

PropShare Platina consists of 2.46 lakh square feet of office space in Prestige Tech Platina, a LEED gold-certified building in Bengaluru. It is proposed to be rented to a US-based tech firm for nine years with a 4.6-year weighted average lock-in and a 15% rent increase every three years.

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

The scheme provides investors with a projected distribution yield of 9% for the financial year 2025-26 (FY26), 8.7% for FY27, and 8.6% for FY28.

The book-running lead manager for the issue is ICICI Securities, while KFin Technologies is the registrar.