Property Share files for ₹353-cr IPO for India’s first SM REIT scheme

The IPO is a fresh issue, with no offer-for-sale component and proceeds will be mainly used for acquisition of the Prestige Tech Platina asset, according to the draft papers filed on Thursday.

SM REITs, a new asset class regulated by markets regulator Sebi, target assets valued between ₹50-500 crore and are required to distribute 95 per cent of earnings to investors.

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PropShare Platina includes 246,935 sq ft of office space in the Prestige Tech Platina building in Bengaluru. The property will be leased to a US-based tech firm for nine years, with rent increasing 15 per cent every three years. Investors are projected to receive 9 per cent distribution yield for FY26.

Property Share was founded by Kunal Moktan and Hashim Khan, both with extensive real estate experience, and boasts a senior team with 62 years of combined experience.

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ICICI Securities is the lead manager, and the units will be listed on BSE.