India's First SM REIT PropShare Platina Launches IPO for Rs 353 Crore

Property Share Investment Trust has filed for an IPO of its PropShare Platina scheme, worth up to Rs 353 crore. The fresh issue will fund the acquisition of office space leased to a US-based tech firm. Investors can expect a 9% yield for FY26. ICICI Securities will manage the listing on BSE.

Property Share Investment Trust, India's first Small and Medium Real Estate Investment Trust (SM REIT), has filed documents for an initial public offering (IPO) of its PropShare Platina scheme, aiming to raise up to Rs 353 crore.

According to the draft papers submitted on Thursday, the IPO is a fresh issue with no offer-for-sale component. The proceeds will primarily be utilized for the acquisition of the Prestige Tech Platina asset.

SM REITs, a new asset class regulated by SEBI, typically target assets valued between Rs 50-500 crore and are required to distribute 95 percent of their earnings to investors. PropShare Platina encompasses 246,935 sq ft of office space in Bengaluru’s Prestige Tech Platina building. The property will be leased to a US-based tech firm for nine years, with rent increasing 15 percent every three years. Investors are expected to receive a 9 percent distribution yield for FY26. The IPO is managed by ICICI Securities and will be listed on BSE.