The initial public offer (IPO) of Property Share Investment Trust SM REIT (PropShare Platina) received bids for 267 shares as against 3,353 shares on offer, as per the Bombay Stock Exchange (BSE) website data at 17:00 IST on 3 December 2024. The issue was subscribed 0.08 times.
The issue opened for bidding today, 2 December 2024, and it will close on Wednesday, 4 December 2024. The price band of the IPO is fixed at Rs 10 lakh to 10.50 lakh.
The IPO comprises a fresh issue of 3353 equity shares, aggregating up to Rs 353 crore.
The proceeds from the offer will be utilised towards acquisitions of the real estate properties by the SPVs as commercial office spaces by way of lending to the Platina SPVs or subscribing to the equity and debt instruments of our SPVs and general purposes.
The Property Share Investment Trust (REIT) is India’s first registered small and medium real estate investment trust. The object and purpose of the REIT is to carry on the activity of a small and medium real estate investment trust through one or more schemes, as permitted under the REIT Regulations.
Each scheme may have its own investment objectives, in accordance with the REIT Regulations. The investment of the Schemes shall only be in completed and revenue-generating real estate properties through SPVs.