Property Share Investment Trust REIT IPO Opens on July 21: ₹473 Crore Fresh Issue to Acquire Titania SPV and Settle Debt

Mumbai, 16 July 2025: Property Share Investment Trust, a SEBI-registered small and medium REIT, is all set to launch its latest public offering-PropShare Titania SM REIT IPO-on July 21, 2025. The IPO, worth ₹473 crore, is an entirely fresh issue and will remain open for subscription until July 25, 2025. The offering marks a significant milestone in the growth strategy of the Trust, aimed at acquiring and consolidating its stake in the Titania SPV and restructuring associated liabilities.

High-Value Investment Opportunity: Price Band Ranges from ₹10 Lakh to ₹10.6 Lakh

The price band for the IPO has been fixed between ₹10,00,000 to ₹10,60,000 per unit, with a lot size of one unit per application. The minimum investment requirement for retail investors stands at ₹10,60,000. This offering is aimed at institutional and high-net-worth individuals looking for direct exposure to income-generating real estate assets through a REIT structure. Listing is expected to take place on BSE with a tentative listing date of August 4, 2025.

Strategic Purpose Behind IPO: Acquisition and Debt Redemption Drive the Objectives

The proceeds from the PropShare Titania IPO are strategically allocated across key objectives:

• ₹217 crore will be used for the acquisition of the full equity share capital of Titania SPV, as outlined in the Share Purchase Agreement.
• ₹232.94 crore will be used to provide a loan to Titania SPV, facilitating the redemption of Optionally Convertible Debentures (OCDs), including accrued interest.
• Remaining funds are allocated for general corporate purposes.

This strategic financial structuring underlines the Trust’s focus on asset consolidation and improved financial health of its underlying SPV.

Key Dates: Allotment by July 30, Listing on August 4

The IPO process is tightly scheduled with important dates investors should keep in mind:

• Subscription Window: July 21 to July 25, 2025
• UPI Mandate Cut-Off: 5 PM on July 25, 2025
• Allotment Finalisation: July 30, 2025
• Refund Initiation: July 31, 2025
• Tentative Listing Date: August 4, 2025

Axis Trustee Services to Oversee the Trust Operations

Axis Trustee Services Limited acts as the trustee of the Property Share Investment Trust. Known for its comprehensive fiduciary services, Axis Trustee Services handles a range of responsibilities including acting as debenture trustee, security trustee, escrow agent, facility agent, and more. This partnership ensures robust compliance, governance, and asset management oversight.

Balanced Allocation Strategy: Institutional and Non-Institutional Quotas Defined

The IPO follows a bookbuilding process with defined reservation norms:

• Qualified Institutional Buyers (QIBs): Not more than 75% of the net issue
• Non-Institutional Investors (NIIs): Not less than 25% of the net issue

This structured allocation aims to maintain a healthy participation from institutional players while providing room for HNIs to take part in this high-ticket REIT offering.

About the Issuer: PropShare Titania is the Trust’s Second Scheme

Incorporated in June 2024, the Property Share Investment Trust operates under SEBI’s framework for small and medium REITs. PropShare Titania is the Trust’s second scheme under this regulatory setup. The initiative reflects the increasing investor appetite for alternate investment avenues such as REITs, especially in India’s maturing real estate finance market.

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