PropShare Titania IPO Opens at ₹10.6 Lakh Per Unit Amid ₹473 Cr Fundraising Plan

Mumbai, 21 July 2025: Property Share Investment Trust has launched its second scheme, PropShare Titania IPO, on the BSE platform with a total issue size of ₹473 crore. The bidding window opens today, July 21, 2025, and will close on July 25, 2025. The IPO consists solely of a fresh issue, priced between ₹10,00,000 and ₹10,60,000 per unit, with a minimum application size of one unit per investor.

₹473 Cr IPO Aimed at Strategic Real Estate Acquisition and Debt Resolution

The IPO proceeds will be directed towards three key objectives –

• First, ₹217 crore will be used to acquire the entire equity share capital of Titania SPV, as detailed in the Share Purchase Agreement.
• Second, ₹232.94 crore will go toward providing a loan to the Titania SPV to redeem debenture liabilities through the extinguishment of Optionally Convertible Debentures (OCDs), including any accrued interest.
• The balance proceeds will be used for general corporate purposes.

PropShare Titania IPO Timeline: Listing Expected by August 4

The IPO allotment is expected to be finalised by Wednesday, July 30, 2025. Refunds will be initiated by July 31, and the listing on the BSE is tentatively scheduled for Monday, August 4, 2025. The cut-off time for UPI mandate confirmation is 5 PM on the closing day, July 25.

Price Band Set Between ₹10,00,000-₹10,60,000; Retail Lot Size Set at 1 Unit

Investors can bid for a minimum of one unit, with each unit priced between ₹10 lakh and ₹10.6 lakh. The IPO has a book-building structure under the Small and Medium Real Estate Investment Trust (SM REIT) category. No defined lot size or bid range has been provided for high net-worth individuals (HNIs) and institutional categories as of now.

Subscription Split: QIB to Get up to 75%, NII at Least 25%

According to the allocation structure, Qualified Institutional Buyers (QIBs) are eligible for not more than 75% of the net issue, while Non-Institutional Investors (NIIs) will receive at least 25% of the net issue.

Backed by Axis Trustee Services; Registered with SEBI

Property Share Investment Trust was incorporated in June 2024 and is registered with SEBI as a Small and Medium REIT. The trustee to the scheme is Axis Trustee Services Limited, a well-established entity offering a broad array of trustee services, including escrow and custody solutions, securitization, share monitoring, and REIT and InvIT trusteeship.

Financial Performance Shows Steady Growth Over Three Years

The financial performance of PropShare Titania reflects consistent year-over-year growth in income and profitability. For FY2025, total income stood at ₹400.66 million, up from ₹346.65 million in FY2024 and ₹310.70 million in FY2023. Operating expenses remained stable at ₹66.38 million, compared to ₹60.82 million the previous year.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) for FY2025 reached ₹334.28 million, increasing from ₹285.83 million in FY2024. Finance costs came in at ₹161.15 million, slightly down from ₹177.26 million a year earlier.

Profit before tax (PBT) for FY2025 rose to ₹122.84 million, up significantly from ₹58.22 million in FY2024 and ₹35.66 million in FY2023. Net profit for the latest fiscal year stood at ₹89.69 million. The company reported no other comprehensive income, aligning the total comprehensive income for FY2025 with its net profit figure.

Outlook: Key Focus on Institutional Participation and Post-Listing Metrics

With the IPO now open, market watchers will closely observe subscription levels across QIB and NII categories. Post-listing performance, expected by August 4, will be shaped by investor interest, real estate sector trends, and the financial stability of the Titania SPV. The outcome of this IPO could also serve as a barometer for future SM REIT listings in the Indian market.

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