Per unit Rs. 10,00,000 and Rs. 10,50,000, with total subscriptions in the issue of Rs. 65 crore or 1.19x was exceeded. While the share of institutional investors was subscribed 0.13 times, the share of non-institutional investors saw significant interest with a subscription of 4.37 times, data obtained from stock exchanges mentioned.
Propshare Investment Managers Private Limited is serving as the investment manager for the scheme, with ICICI Securities Ltd as the lead manager and KFin Technologies Ltd as the registrar.
Propshare Platina is the first scheme launched under the new SM REIT rules introduced by SEBI in March 2024. It includes around 2.45 lakh square feet of office space in Prestige Tech Platina, a LEED Gold-certified office building located on Bangalore’s Outer Ring Road. (ORR).
Developed by Prestige Group, the property is fully leased to the US-based technology firm under a new 9-year lease with a weighted average lock-in period of 4.6 years and rent escalations every three years. The plan offers an estimated distribution yield of 9.0% for FY 2026, 8.7% for FY 2027 and 8.6% for FY 2028.
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To attract investors, the investment manager has waived all annual management fees (including investment and property management fees) for FY 2025 and FY 2026, with a nominal fee of 0.25% in FY 2027 and 0.30% from FY 2028. The manager also commits to invest at least 5% of the total units of the scheme. Marking a milestone for India’s real estate market, this IPO establishes a new avenue of investment under the evolving SM REIT framework.
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