IPO Spotlight: PropShare Titania SM REIT Opens for Subscription with Promising Returns

The PropShare Titania SM REIT IPO, India’s second offering under the Small and Medium Real Estate Investment Trust framework, opened today, July 21, 2025. Backed by Property Share Investment Trust, this ₹473 crore issue marks a significant step in democratizing access to income-generating commercial real estate.

 

Key highlights of the offering:

 

- The IPO is a fresh issue with no offer-for-sale component. Units are priced between ₹10 lakh and ₹10.6 lakh.

- Minimum investment is one unit, with no retail quota. 75% of the issue is reserved for institutional investors and 25% for non-institutional investors.

- The asset comprises 4.38 lakh sq ft of Grade A+ office space in G Corp Tech Park, Thane, fully leased to blue-chip tenants including Aditya Birla Capital and Concentrix.

- Projected distribution yield is 9% annually for FY26–FY28 and 8.7% in FY29, translating to ₹42–45 lakh per unit over four years.

- Distributions will include interest income, dividends, and capital repayment.

 

Use of proceeds:

- ₹217 crore will be used to acquire 100% equity in the Titania SPV.

- ₹232.94 crore will be loaned to the SPV to redeem debenture liabilities.

- Remaining funds will support general corporate purposes.

 

Additional details:

- Kotak Mahindra Capital Company is the sole lead manager.

- KFin Technologies is the registrar.

- Axis Trustee Services acts as the trustee.

- Units are expected to list on BSE by August 4, 2025.

 

Sources: Economic Times, Moneycontrol, ETRealty, Rediff Money, The Week.