IPO Details

Bidding Dates

02 Dec '24 - 04 Dec '24

Minimum Investment

₹10,50,000 / 1 Lot (1 Share)

Price Range

₹10,00,000 - ₹10,50,000

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

₹352.91 crore

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |   eligible employees  |  

Property Share REIT IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Dec 2, 2024

IPO Closing Date

Dec 4, 2024

Basis of Allotment

Dec 5, 2024

Initiation of Refunds

Dec 6, 2024

Listing Date

Dec 9, 2024

About Property Share REIT IPO

Property Share REIT IPO is set to open for subscription from December 2, 2024, to December 4, 2024.Registered with SEBI, this small and medium real estate investment trust focuses on structured real estate investments. The first scheme, PropShare Platina, includes 6 wholly owned SPVs in compliance with REIT Regulations.

Property Share REIT IPO is a book-built issue of ₹352.91 crore, comprising an entirely fresh issue of 0.03 lakh shares. The price band is set between ₹10,00,000 and ₹10,50,000 per share, with a minimum application size of one share, requiring a minimum investment of ₹10,50,000 for retail investors.

The allotment is expected to be finalised on December 5, 2024, and the shares are scheduled to list on the BSE SME platform on December 9, 2024. Axis Trustee Services Limited serves as the trustee for the REIT, with ICICI Securities Limited acting as the book-running lead manager and KFin Technologies Limited managing the IPO’s registrar duties.

Industry Outlook

  1. The number of listed REITs worldwide surged from 120 in 1992 to 893 across 40+ countries in 2022, reflecting REITs’ growing global popularity.
  2. India’s REIT market, representing only 13.7% (₹29,272 crore) of listed real estate, highlights vast untapped potential compared to the US (98.9%) and Australia (94.8%).

Property Share REIT IPO Objectives 

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. The acquisition of Project Platina by Platina SPVs involves commercial office spaces and reimbursement of statutory charges (e.g., stamp duty, registration). This will be facilitated through lending to Platina SPVs and subscribing to their equity and debt instruments.
  2. General Purposes.

About Property Share Investment Trust REIT 

Incorporated in June 2024, Property Share Investment Trust is a SEBI-registered small and medium real estate investment trust (REIT). The Trust’s initial scheme, PropShare Platina, operates under a robust structure with six wholly-owned Special Purpose Vehicles (SPVs) in compliance with the REIT Regulations.

The Trustee of Property Share Investment Trust is Axis Trustee Services Limited, a renowned entity in the domestic market offering diverse trustee and financial services. These services include acting as a debenture trustee, security trustee, facility agent, escrow agency, and provider of custody services. Additionally, Axis Trustee Services oversees trust and retention accounts, acts as a securitisation trustee, share monitoring trustee, and lender repayment trustee, and provides digital escrow agency services. The Trustee also administers REITs, Infrastructure Investment Trusts (InvITs), Alternative Investment Funds (AIFs), family trusts, and more.

With its comprehensive expertise and diversified service portfolio, Property Share Investment Trust is poised to establish itself as a key player in India's REIT sector.

How To Check the Allotment Status of the Property Share REIT IPO?

A: Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How to apply for Property Share REIT IPO online?

You can easily apply for this IPO by either of the following ways:

  1. If you have an Angel One sub broker, please ask them for ASBA form for Property Share REIT. Fill out the required details and submit it to your bank.
  2. Download the form here. Fill out the required details and submit it to your bank.

Property Share REIT IPO Reservation

Investor Category

Shares Offered

QIB Shares Offered

Not more than 75.00% of the Net offer

NII (HNI) Shares Offered

Not less than 25.00% of the Net Issue

Property Share REIT IPO Prospectus

Property Share REIT IPO - Subscription Update

The Property Share Investment Trust (PSIT) IPO has gained attention as India’s first small and medium Real Estate Investment Trust (REIT) IPO. By December 3, the second day of its subscription period, the IPO achieved 5% subscription. Investors placed bids for 153 units out of the 3,353 units on offer.

The "other investors" category has seen an 18% subscription, while institutional investors are yet to participate. Property Share Investment Trust aims to raise ₹352.91 crore through this offering, which is entirely a fresh issue for its PropShare Platina scheme.

Priced between ₹10 lakh and ₹10.5 lakh per unit, the IPO aligns with SEBI's framework for small and medium REITs introduced earlier this year, catering to assets valued between ₹50 crore and ₹500 crore. The PSIT IPO provides a fresh opportunity for retail investors, who can apply for a minimum of one unit.

Property Share REIT IPO Registrar and Lead Managers

Property Share REIT IPO Lead Managers:

  • ICICI Securities Limited

Registrar for Property Share REIT IPO

Kfin Technologies Limited

  • Contact Number: 04067162222, 04079611000
  • Email Address: propshare.ipo@kfintech.com

Website:Property Share REIT IPO Registrar

Know before investing

Strengths

6

  1. Grade A LEED Gold asset by Prestige Group.

  2. Located in Bangalore's largest office market, Outer Ring Road.

  3. 9-year lease with 3-7 year staggered lock-in period.

  4. Inflation-linked cash flows with escalations every 3 years.

  5. Improved connectivity via metro operational by June 2026.

  6. Low management fee: 0% in Year 1, max 0.3%.

Risks

11

  1. Low occupancy or rent levels may affect cash flows.

  2. Future upgrades face regulatory, financing, and profitability risks.

  3. Tenant defaults, early terminations, or disputes impact revenues.

  4. The real estate market downturn weakens rental demand and income.

  5. Shared property rights complicate upgrades and operational control.

  6. Valuation assumptions may not reflect true asset value.

  7. Ownership of SPVs or land rights may face legal challenges, potentially incurring additional costs to address defects.

  8. High costs and growing expenses may outpace revenue growth, affecting profitability.

  9. Threats like natural disasters, cybercrime, or political unrest may harm tenants, employees, and reputation.

  10. Poor property management could reduce SPV attractiveness, affecting operations and cash flow.

  11. Operational metrics based on estimates or tenant data may be incomplete, affecting business decisions and trust.

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Property Share REIT IPO FAQs

What is the Property Share REIT IPO?

Property Share REIT IPO is a book built issue REIT. It will be open from December 2, 2024, to December 4, 2024.

When will Property Share REIT IPO be allotted?

The Basis of Allotment will happen on Thursday, December 5, 2024.

When will Property Share REIT IPO open for subscription?

The IPO subscription window will open on December 2, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 1 share.

When will Property Share Investment Trust REIT list on exchanges?

The listing date for Property Share Investment Trust REIT is Monday, December 9, 2024.

What is the issue size of Property Share REIT IPO?

The issue size of the Property Share REIT IPO is up to ₹352.91 crore, with a complete fresh issue.

What are the open and close dates of the Property Share REIT IPO?

The open and close dates for Property Share REIT IPO are from December 2, 2024 to December 4, 2024.

What would be the listing gains on the Property Share REIT IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

How to increase your chances of getting a Property Share REIT IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for Property Share REIT IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Property Share Investment Trust REIT using one PAN?

You can submit only one application using your PAN card.

How to read Property Share Investment Trust REIT's financial statements?

To read Property Share Investment Trust REIT’s financial statements, download the IPO’s  RHP document.

What is 'pre-apply' for Property Share Investment Trust REIT IPO?

Pre-apply allows investors to apply for the  Rajputana Biodiesel  IPO two days before the subscription period opens, ensuring an early submission of your application.

If I pre-apply for the Property Share Investment Trust REIT IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.

When will I know if my Property Share Investment Trust REIT IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.

Who is the registrar of Property Share REIT IPO?

Kfin Technologies Limited is the registrar responsible for managing the IPO allotment process and handling investor queries.

Where is the Property Share REIT IPO getting listed?

Property Share Investment Trust REIT IPO is proposed to be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).