PropShare Titania SM REIT IPO to open on July 21 with ₹473 crore Fresh Issue

PropShare Titania SM REIT IPO opens for subscription from July 21 to July 25, 2025, with a fresh issue of ₹473 crore. The price band is set at ₹10,00,000 to ₹10,60,000 per unit, and the minimum application size is 1 unit.

PropShare Titania is the second scheme launched by Property Share Investment Trust (PSIT), which is India’s first SEBI-registered small and medium real estate investment trust(SM REIT). PropShare Titania features a Grade A+ office asset of 4.38 lakh sq. ft. in G Corp Tech Park located in Thane within the Mumbai Metropolitan Region(MMR). The property is fully leased to a diversified mix of high-quality tenants, including Aditya Birla Capital, Concentrix, a Fortune 500 healthcare company and a Japanese multinational conglomerate.

Use of IPO proceeds

IPO proceeds will be used to acquire 100% equity of the Titania Special Purpose Vehicle SPV (₹217 Cr) and provide ₹233 Cr in loans to repay its existing debenture liabilities, including optionally convertible debentures. The balance will go toward general corporate purposes. PSIT, as the investment manager, will also invest at least 5% of the units from its own capital, ensuring strong alignment with investors.

What are SM REITs?

A Small and Medium Real Estate Investment Trust (SM REIT) is a SEBI-regulated investment vehicle that allows investors to pool their capital to invest in income-generating commercial real estate assets, specifically targeting small and medium-sized properties.
Unlike traditional REITs that focus on massive portfolios(Min of Rs 500 Cr) and commercial properties, SM REITs provide access to high-quality but comparatively smaller assets(Rs 50 to 500 Cr) spanning both commercial and residential properties, making it easier for investors to diversify their real estate holdings without needing to buy entire properties themselves.