Property Share’s ₹473 Cr IPO for its second SM REIT, PropShare Titania, opens on July 21, 2025. Co-founders Kunal Moktan and Hashim Khan offer a Grade A+ Thane commercial asset with a projected 9% yield. Minimum investment: ₹10 lakh
BILKULONLINE
Ahmedabad, July 16: Property Share Investment Trust, India’s pioneering registered Small and Medium Real Estate Investment Trust (SM REIT), has filed offer documents for its second scheme, PropShare Titania, proposing to raise up to ₹473 crore.
This marks the country’s second SM REIT public offering following the success of its debut scheme, PropShare Platina.
The Initial Public Offering (IPO) of Titania Units will open on Monday, July 21, 2025, and close on Friday, July 25, 2025. The price band has been fixed between ₹10.0 lakh to ₹10.6 lakh per unit, with a minimum bid size of ₹10 lakh. The issue comprises a fresh issue only, with no offer-for-sale component, and will follow the book-building process in line with SEBI’s REIT regulations.
As per the regulatory framework, 75% of the Net Issue is reserved for Institutional Investors, and 25% for Non-Institutional Investors. Property Share will also contribute 5% of the total Titania Units from its capital as part of the Investment Manager’s commitment.
Prime Commercial Asset in Thane
PropShare Titania comprises 4.38 lakh sq. ft. of Grade A+ office space in G Corp Tech Park, strategically located on Ghodbunder Road, Thane, part of the Mumbai Metropolitan Region. The asset is 100% leased to marquee tenants, including Aditya Birla Capital and Concentrix, and holds LEED Platinum, WELL Health-Safety, and BEE 5-star certifications.
The scheme offers a projected distribution yield of 9.0% for FY26 to FY28 and 8.7% for FY29, positioning itself as a compelling yield-driven opportunity in a volatile equity market.
Fund Utilization
- The IPO proceeds will be used for:
- Acquisition of Titania SPV equity for ₹217 crore
- Redemption of OCDs and debenture liabilities for ₹232.94 crore
- General corporate purposes
Strong Promoter Credentials
Founded in 2015 by Kunal Moktan and Hashim Khan, Property Share became the first entity licensed to operate as an SM REIT after SEBI’s March 2024 notification. The firm’s first SM REIT scheme, PropShare Platina, was listed on the BSE in December 2024.
Kunal Moktan, former Blackstone executive and IIM Ahmedabad alumnus, stated, “With Titania, we continue our mission to democratize access to institutional-grade commercial real estate.” Co-founder Hashim Khan, an IIT Kanpur and IIM Ahmedabad graduate, added, “SM REITs like Titania offer an attractive entry point into Grade A+ assets for serious investors.”
Robust Management and Backing
Property Share is led by a 45-member team with backgrounds from top institutions such as IITs and IIMs. Its leadership board includes industry veterans from HSBC, RBI, Sobha Ltd, and the UK real estate market. The company’s parent entity, AltInvest Online Platform Pvt. Ltd., is backed by marquee investors including Westbridge Capital, Lightspeed India, BEENEXT, and Pravega Ventures.
About SM REITs
SM REITs are SEBI-regulated real estate investment vehicles focusing on assets worth between ₹50–₹500 crore. They are required to list on stock exchanges and distribute at least 95% of earnings to unit holders. Notably, they cannot invest in under-construction assets or land parcels.
Kotak Mahindra Capital is the sole lead manager, KFin Technologies is the registrar, and Axis Trustee Services acts as trustee to the issue. The Titania Units will be listed on BSE Limited.
For high-net-worth and institutional investors looking for stable, yield-generating real estate exposure, PropShare Titania offers a regulated, transparent, and accessible opportunity.
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