PropShare Platina: India's First SM REIT Scheme IPO Oversubscribed

PropShare Platina, the first SM REIT in India, saw its IPO oversubscribed by 1.2 times. The issue, priced between Rs 10 lakh to Rs 10.5 lakh per unit, attracted more bids than the 3,353 units offered. The proceeds will fund the acquisition of the Prestige Tech Platina asset.

PropShare Platina, marking its debut as India's first Small and Medium Real Estate Investment Trust (SM REIT), witnessed remarkable investor interest as its initial public offering (IPO) was oversubscribed 1.2 times on the concluding day of bidding.

According to stock exchange data, the IPO received 4,002 bids against an offer of 3,353 units, underscoring significant demand. Institutional investors subscribed to 13 percent of the units, while non-institutional investors' component was subscribed 4.37 times.

The funds raised through this IPO are set to be directed chiefly toward acquiring the Prestige Tech Platina asset, a LEED Gold office building, located on Bengaluru's Outer Ring Road and poised for occupancy by a US-based tech company.

(With inputs from agencies.)