Property Share Investment Trust's initial public offering was fully booked at 1.19 times on December 4, the final day of bidding, but the institutional investors' book remained undersubscribed. This is the first small and medium real estate investment trust (REIT).
The REIT targets to raise Rs 353 crore through initial share sale which was opened for subscription on December 2. The price band for the issue is between Rs 10 lakh and Rs 10.5 lakh per unit.
The public issue has received bids for 4,002 units against the offer size of 3,353 units, the subscription data on the BSE showed.
Non-institutional investors remained at the leading position, applying for 3,668 units during three days of subscription, higher by 4.37 times compared to 839 units reserved for them. However, the part set aside for institutional investors saw subdued demand, subscribing 13 percent as they bought 334 units against their reserved portion of 2,514 units.
Up to 75 percent of the total offer size has been reserved for institutional investors and the remainder for non-institutional investors.
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The Property Share Investment Trust REIT does the activity of a small and medium real estate investment trust through one or more schemes. It invests or re-invests in completed and revenue generating real estate properties under schemes through special purpose vehicles (SPVs) and other investments.
PropShare Platina is the first scheme launched by Property Share Investment Trust, India's first registered small and medium REIT, including commercial office spaces in Bangalore.
PropShare Platina offers investors an opportunity to invest in six floors of Prestige Tech Platina, a commercial office space in Bengaluru. The property has a leasable area of 2,46,935 square feet and is proposed to be fully leased to 24[7].ai (24/7 Customer Private Limited), a US-based tech company on a 9-year lease. The scheme offers a projected distribution yield of 9.0 percent for the fiscal 2026, 8.7 percent for FY27 and 8.6 percent for FY28, the REIT said in the RHP.
Property Share Investment Trust will make its debut on the BSE effective December 9.
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