The initial share sale of Property Share Investment Trust, a Small and Medium REIT, saw muted response from investors on the second day of bidding (December 3) as well.
Investors have applied for 267 units of REIT in the IPO on Tuesday, which is 8 percent of the offer size of 3,361 units, the subscription data on BSE showed.
Non-institutional investors provided support to the issue, buying 32 percent units of their allotted quota, while institutional investors have not participated in the offer yet.
Up to 75 percent of net offer size has been reserved for institutional investors and the remainder 25 percent portion for non-institutional investors.
Property Share Investment Trust, the India’s first registered small and medium real estate investment trust, targets to raise Rs 353 crore through its maiden public issue during December 2-4. The price band for the offer has been fixed at Rs 10 lakh to 10.5 lakh per unit.
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The object of the REIT is to carry on the activity of a small and medium real estate investment trust through one or more schemes. The 'PropShare Platina' is the first scheme of the REIT and includes commercial office spaces in Bangalore.
The REIT, managed by investment manager PropShare Investment Manager, aims to make investment or re-investments in completed and revenue generating real estate properties under schemes through special purpose vehicles (SPVs) and other investments (including liquid assets and any business of operation and maintenance of any REIT assets).
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