Property Share Investment Trust (PSIT) has filed a DRHP with the market regulator SEBI with the aim of raising funds via an Initial Public Offering (IPO) of its second scheme, PropShare Titania.
This IPO comprises entirely a fresh issue of up to ₹472 crore with no Offer-for-sale component
The proceeds raised from the fresh issue will be used to buy the property of around 4.4 lakh square feet to top-grade office space in G Corp Tech Park, Mumbai. The property is completely tenanted to top companies such as Fortune 500 firms, global corporations, and well-known tenants like Aditya Birla Capital and Concentrix.
Up to 75% of the total issue will be for the institutional investors, whereas the remaining 25% will be kept aside for the non-institutional investors.
Previously, Property Share Investment Trust (PSIT) launched a fully fresh issue of ₹353 crore IPO in November 2024 for its first scheme, PropShare Platina.
According to the co-founder of Proper Share, Kunal Moktan, the reason behind the launch of the IPO is to become an accessible, trustworthy, and high-quality real estate investment platform for individuals.
The sole book-running lead manager of the issue is Kotak Mahindra Capital Limited, while KFin Technologies Ltd is the registrar to the issue. Cyril Amarchand Mangaldas and Trilegal, with Axis Trustee Services Limited, serve as the Trustee. While the Units of the schemes of the Trust are proposed to be listed on the BSE Limited.
Market Regulator, SEBI, has launched a new type of investment called SM REITs for real estate assets valued between ₹50 crore and ₹500 crore. Just like REITs, SM REITs are to be listed on the stock exchange, with a minimum investment of ₹10 lakh per unit.
Property Share IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Property Share Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2022 | ₹31.77 | ₹8.78 | ₹0.57 |
| 2023 | ₹31.07 | ₹5.01 | ₹3.57 |
| 2024 | ₹34.67 | ₹6.08 | ₹5.11 |
| December 2024 | ₹28.62 | ₹4.76 | ₹5.66 |
Property Share IPO Valuation – FY2024
Property Share IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹- (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | -% |
| Net Asset Value (NAV): | ₹- |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| NA | – | – | – | – | – Cr. |
| NA | – | – | – | – | – Cr. |
Objects of the Issue
- Acquisition of the entire issued and paid-up equity share capital of the Titania SPV as per the share purchase agreement to be executed between the parties;
- Providing loan to the Titania SPV for extinguishment and redemption of the debenture liability of the Titania SPV, by redeeming the OCDs (including any accrued interest); and
- General purposes.
IPO Lead Managers aka Merchant Bankers
- Kotak Mahindra Capital Company Limited
