
Propshare Titania SM REIT IPO
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Schedule of Propshare Titania SM REIT
Issue open date | 21 Jul 2025 |
Issue close date | 25 Jul 2025 |
UPI mandate deadline | 25 Jul 2025 (5 PM) |
Allotment finalization | 30 Jul 2025 |
Refund initiation | 31 Jul 2025 |
Share credit | 31 Jul 2025 |
Listing date | 04 Aug 2025 |
Mandate end date | 10 Aug 2025 |
Lock-in end date for anchor investors (50%) | 29 Aug 2025 |
Lock-in end date for anchor investors (remaining) | 28 Oct 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Propshare Titania SM REIT
PropShare Titania is the second scheme launched by Property Share Investment Trust, India’s first SEBI-registered small and medium real estate investment trust. The scheme comprises office premises across six floors of G Corp Tech Park, a Grade A+ commercial property in Thane, Mumbai Metropolitan Region, with a leasable area of 437,973 sq. ft. The property is fully leased to a mix of tenants, including Aditya Birla Capital, Concentrix, a Fortune 500 healthcare company, and a Japanese multinational conglomerate. The Trust focuses on income-generating commercial real estate assets leased to established corporate tenants.
What is Small and Medium Real Estate Investment Trust (SM REIT)?
SM REIT is a SEBI-regulated investment vehicle that pools funds to acquire income-generating commercial and residential properties. With portfolios ranging from ₹50–500 crore, these REITs distribute rental income as quarterly dividends to unit holders. The minimum investment is ₹10 lakh, making it suitable for investors with a high risk appetite. Applications must be made through net banking only; Kite applications are not supported. The process to apply is shared below.
Financials of Propshare Titania SM REIT
How to apply?
Application Supported by Blocked Amount (ASBA) i.e. investors’ application money remains in their bank accounts but is temporarily blocked until the shares are allotted. Once the shares are allotted, the blocked amount is debited from the investor’s account. If shares are not allotted, the amount is unblocked.
To apply online:
- Login to the internet banking portal, and fill out the required details, including the demat account details. Find the 16-digit Demat ID here, console.zerodha.com/account/demat.
- Depository: CDSL
- DP name: Zerodha
To apply offline:
- Download the blank ASBA form from BSE (WEB).
- Print the forms and fill in information such as personal details, demat account details, bid quantity, price etc.
- Submit it to the bank. The bank must be designated as a Self-Certified Syndicate Bank (SCSB) (WEB).
Issue size
Funds Raised in the IPO | Amount |
Overall | ₹473 crores |
Utilisation of proceeds
Purpose | INR crores (%) |
Acquisition of the entire issued and paid-up equity share capital of the Titania SPV as per the Share Purchase Agreement | 217 (45.87%) |
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); | 232.94 (49.2%) |
General corporate purposes | – |
Strengths
- Grade A+ campus-style development with LEED Platinum, WELL Health & Safety, and BEE 5-star certifications.
- Business model includes embedded rental growth, stable cash flows, and mark-to-market potential.
- Fully occupied by a diversified tenant base, including Fortune 500 companies, MNCs, and bluechip tenants such as Aditya Birla Capital and Concentrix.
- Low market vacancy and projected 5-year rental CAGR of 5.6% for Grade A+ commercial assets in Thane, MMR.
- Located ~300 metres from the upcoming Kasarvadavali metro station on Line 4 (Wadala to Gaimukh).
- Managed by an experienced investment and asset management team, with governance oversight from a seasoned Board and prominent investor participation.
Risks
- Formation Transactions are pending and may affect the Issue.
- Tax disputes of ₹629.61 million may impact financials.
- Business is sensitive to real estate market fluctuations in Thane, MMR.
- Revenue relies on a few key tenants and a single submarket.
- Actual performance may differ from projections.
- Asset valuation is indicative and assumption-based.
- Competitive market may hinder growth execution.
- Fund deployment lacks independent appraisal; subject to management discretion.
Subscription Figures for PropShare Titania
Subscription numbers as of 5:00 PM on 23 July 2025:
Category | Reserved | Applied | Subscription (X times) |
---|---|---|---|
NII | 1124 | 407 | 0.36x |
Total | 4493 | 407 | 0.09x |