Property Share Investment Trust- Propshare Platina
Mainboard₹353 Cr issue
0.00%
Listing gain over issue price
Issue size
₹353 Cr
1 lot at cut-off
₹10,50,000
Lot size
1shares
Open
02 Dec 2024
Close
04 Dec 2024
Allotment
05 Dec 2024
Listing
10 Dec 2024
Listing performance
Issue price
₹10,50,000
Listed at
₹10,50,000
Listing-day close
₹10,48,945.70
Latest price
₹11,10,000
Close on 23 Oct 2026
Listing gain
0.00%
Return since issue
+5.71%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 02 Dec 2024 – 04 Dec 2024
- Listing date
- 10 Dec 2024
- Issue price
- ₹10,50,000 per share
- Lot size
- 1 shares
- Total issue size
- ₹353 Cr
- Market cap at offer price
- ₹353 Cr
- ISIN
- INE19RO25013
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 16th Floor, SKAV Seethalakshm, Kasturba Road,, Bangalore, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 1 shares per lot, in multiples, at ₹10,50,000
| Application | Lots | Shares | Amount |
|---|---|---|---|
| B-HNI (min) | 1 | 1 | ₹10,50,000 |
One lot costs more than the ₹2 lakh retail ceiling, so this issue has no retail application band — the smallest permitted bid falls in the small-HNI category.
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹10,50,000 per share
Valuation and performance
Valuation at offer price
₹10,50,000 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹353 Cr |
About Property Share Investment Trust- Propshare Platina
Property Share Investment Trust was settled on June 27, 2024, in Bangalore, Karnataka, India as a contributory, determinate and irrevocable trust under the Indian Trusts Act, 1882, and registered with SEBI on August 5, 2024 as a small and medium real estate investment trust with registration number IN/SM-REIT/24-25/0001. The Trust's principal investment objective is to own, operate and invest in rent or income generating retail real estate assets and any other assets in India in accordance with the REIT Regulations. The Trust operates through one or more schemes, with PropShare Platina being the first scheme, which includes commercial office spaces in Bangalore. The Trust is managed by PropShare Investment Manager Private Limited and supervised by Axis Trustee Services Limited. The Trust raises funds through the issuance of units and makes investments in accordance with REIT Regulations and the investment strategy set out in offer documents.
Company Analysis
from RHPProperty Share Investment Trust is India's first registered Small and Medium Real Estate Investment Trust (SM REIT) that invests in completed, revenue-generating commercial real estate properties through special purpose vehicles.
Property Share Investment Trust was settled on June 27, 2024, in Bangalore, Karnataka, India as a contributory, determinate and irrevocable trust under the Indian Trusts Act, 1882, and registered with SEBI on August 5, 2024 as a small and medium real estate investment trust with registration number IN/SM-REIT/24-25/0001. The Trust's principal investment objective is to own, operate and invest in rent or income generating retail real estate assets and any other assets in India in accordance with the REIT Regulations. The Trust operates through one or more schemes, with PropShare Platina being the first scheme, which includes commercial office spaces in Bangalore. The Trust is managed by PropShare Investment Manager Private Limited and supervised by Axis Trustee Services Limited. The Trust raises funds through the issuance of units and makes investments in accordance with REIT Regulations and the investment strategy set out in offer documents.
Real estateCommercial office real estateRetail real estate
Objects of the Issue
- Acquisition of Project Platina (office premises in Prestige Tech Platina) through Platina SPVs ₹310.70 crores (purchase consideration); total issue size up to ₹353 crores (3,530 million) p.111
- Payment of statutory charges for acquisition including stamp duty, registration fees, surcharge and cess To be reimbursed from Offer Proceeds p.112
- General corporate purposes and working capital of PropShare Platina and Platina SPVs
- Acquisitions of the Project Platina by Platina SPVs as commercial office spaces and reimbursement of the payment of applicable statutory charges under applicable laws (including stamp duty, registration, surcharge and cess etc. for the registration of sale deeds) to the Investment Manager for the proposed acquisition of the Project Platina by the Platina SPVs as commercial office spaces by way of lending to the Platina SPVs and subscribing to the equity and debt instruments of Platina SPVs Up to ₹3,390 million p.165
- General purposes p.168
- Fresh Issue of Platina Units ₹3,530 million p.185
- Acquisition of the Subject Property (commercial office building) through sale-cum-leaseback arrangement ₹310,70,00,000 (Indian Rupees Three Hundred Ten Crores Seventy Lakhs) - proposed purchase price p.264
Issue Structure
Business Model
The Trust generates revenue from leasing completed and revenue-generating real estate properties, particularly commercial office spaces. The Trust derives substantial revenue from long-term lease rentals of real estate properties in India through lease agreements with tenants. The Trust holds assets through special purpose vehicles (SPVs) and earns rental income from these properties.
Business Segments
First scheme of the REIT including commercial office spaces in Bangalore
Ownership and leasing of grade-A commercial office space in Prestige Tech Platina, Bangalore. The property comprises six floors (ground through fifth) with a total leasable area of 246,935 square feet, fully leased to 24[7].ai, a US-based technology company.
Grade A+ office development providing premium commercial office spaces with parking. The property is leased to corporate tenants and generates rental income.
Leasable office space in Grade A commercial building
Leasable office space in Grade A commercial building
Leasable office space in Grade A commercial building
Leasable office space in Grade A commercial building
Leasable office space in Grade A commercial building
Leasable office space in Grade A commercial building
Leasing of Grade A commercial office space to IT/ITeS sector occupants
Renting, management and sale of properties for capital appreciation.
SWOT Analysis
Strengths
- • India's first registered Small and Medium REIT with focused investment strategy(p.15)
- • Experienced investment management team with deep real estate expertise(p.32)
- • Strong institutional governance structure with independent board oversight(p.32)
- • Reputable trustee with established infrastructure and experience(p.36)
- • Grade A, LEED-certified property developed by reputable developer(p.87)
- • Prime location on Outer Ring Road, Bangalore's largest office market(p.88)
- • 100% occupancy with long-term lease from creditworthy tenant(p.89)
- • Stable cash flows with contracted rental escalations(p.91)
- • Experienced investment and asset management team with strong track record(p.93)
- • Backing from marquee institutional investors(p.94)
- • Low management fees with alignment of investor interests(p.94)
- • Services sector dominance with 50%+ contribution to GDP(p.115)
- • India positioned as top-7 global services exporter with rapid growth(p.115)
- • Tech sector exports dominate services with ~50% of total services exports(p.115)
- • Strong Grade A office stock growth across top 7 markets(p.126)
- • High institutional ownership penetration in Bengaluru office market(p.146)
- • Bengaluru as dominant GCC hub with 42% of India's GCC occupied stock(p.143)
- • Green certification penetration increasing with rental premiums(p.129)
- • Grade A, LEED Gold asset by leading developer(p.207)
- • Prime location on Outer Ring Road, Bangalore's largest office market(p.207)
- • 100% committed lease to US-based technology company(p.207)
- • Long-term stable lease with staggered lock-in period(p.207)
- • Inflation-linked escalations in lease payments(p.207)
- • Prime location in ORR Zone 1, a fast-developing IT corridor with high concentration of IT Parks and SEZ developments(p.268)
- • Grade A commercial office development, completed and operational with good infrastructure(p.264)
- • 100% committed occupancy with single anchor tenant (US-based tech company) providing stable, long-term cash flows(p.270)
- • Weighted Average Lease Expiry (WALE) of 9 years provides extended revenue visibility(p.276)
- • Freehold tenure provides ownership security and capital appreciation potential(p.270)
- • Strong Bengaluru market fundamentals with ORR Southeast being the largest office cluster in India(p.286)
- • Good condition building with well-maintained utilities and no visible defects requiring major repairs(p.271)
Weaknesses
- • Newly established entity with limited track record in REIT operations(p.32)
- • Dependence on third-party operators for property management and operations(p.18)
- • Limited control over shared or common areas in certain properties(p.17)
- • Trademark application not yet approved, creating usage uncertainty(p.22)
- • Reliance on trademark licenses from parent company(p.22)
- • No binding agreements yet for proposed acquisition of Project Platina(p.101)
- • No operating history and untested ability to generate cash flows(p.101)
- • Concentration risk with 100% revenue from single tenant(p.101)
- • Actual results may differ materially from projections(p.102)
- • Limited liability protection and recovery rights against Investment Manager and Trustee(p.106)
- • Newly incorporated SPVs with no established operating history or financial records(p.102)
- • Rising vacancy rates across top office markets(p.145)
- • High SEZ vacancy following tax holiday withdrawal(p.128)
- • Infrastructure development lagging rapid city growth in Bengaluru(p.142)
- • Concentration of SEZ in specific tech markets(p.129)
- • Pending title litigation and discrepancies in Project Platina(p.172)
- • Concentration of revenue from single tenant(p.207)
- • Single asset portfolio(p.237)
- • Leverage in capital structure creates debt service obligations(p.237)
- • Single tenant concentration creates significant revenue concentration risk(p.275)
- • Smaller asset size in small to medium REIT increases cash flow risk upon tenant exit(p.262)
- • 68 fewer parking slots than originally sanctioned, below metro-adjusted requirements(p.337)
- • Material litigation involving the tenant (CO) with 26 High Court cases and 8 District Court cases active(p.307)
- • Acquisition contingent on future execution of sale and lease deeds, not yet completed as of valuation date(p.264)
- • Pre-revenue stage with no commercial operations(p.355)
- • Negative equity position(p.359)
- • High debt-to-equity ratio(p.363)
- • Inadequate working capital(p.363)
- • Deficiency in backup procedures for electronic records(p.367)
- • Severe liquidity crisis with current ratio of 0.25(p.456)
- • Negative shareholder equity of Rs 72.18 thousand(p.445)
- • Operating loss of Rs 82.18 thousand in first year(p.446)
- • Negative working capital position requiring on-demand debt repayment(p.453)
- • Minimal cash reserves of only Rs 24.70 thousand(p.453)
- • Company yet to commence commercial operations(p.448)
Opportunities
- • Multiple scheme expansion potential within regulatory REIT framework(p.15)
- • Growth in commercial office space demand in India(p.15)
- • Structured acquisition and upgrade strategy for existing properties(p.15)
- • Improved connectivity from upcoming metro line by June 2026(p.92)
- • Tenant retention strategy focused on long-term relationships(p.95)
- • Potential exit opportunities through secondary market or structured sale(p.95)
- • First-mover advantage as India's first listed SM REIT(p.86)
- • India's strong economic growth supporting real estate demand(p.115)
- • Strong demographic dividend with young working-age population(p.119)
- • Rapid urbanization driving real estate demand(p.119)
- • GCC expansion opportunities with 65-70% of Global 500 yet to leverage India(p.125)
- • SM REIT market opportunity of ~USD 48 billion(p.139)
- • Institutional investment surge in real estate sector(p.122)
- • Flex space growing as emerging occupier segment(p.132)
- • Record office leasing momentum with H1 2024 surpassing historical highs(p.131)
- • Post lock-in period rent renegotiation potential(p.235)
- • Growth in Bangalore's IT corridor and office market expansion(p.248)
- • Potential for additional REIT schemes within the trust structure(p.187)
- • Bengaluru's emergence as global GCC hub with ~42% of India's GCC occupied stock, driving sustained demand(p.279)
- • Upcoming Phase 2A Metro line will enhance accessibility to the ORR Southeast micromarket(p.268)
- • ORR Southeast expected to lead in supply and net absorption with average 2.5-3.0 million sq ft annual supply during 2024-2026(p.290)
- • Sustained demand from diversified occupier mix including tech, manufacturing, GCC, flex, and healthcare/biotech(p.290)
- • Rental growth trajectory for ORR Southeast showing 59% index growth from 2015 to Q2 2024(p.288)
- • Bengaluru forecasted to grow faster than national economy, driven by IT and business services sectors(p.280)
- • Proposed acquisition by REIT structure(p.364)
- • Real estate business model for capital appreciation(p.355)
- • Real estate sector engagement with capital appreciation potential(p.454)
Threats
- • Cyclical nature of real estate markets and economic slowdowns(p.17)
- • Tenant default risk and lease termination under insolvency proceedings(p.16)
- • Exposure to macroeconomic and geopolitical risks in India(p.26)
- • Intense competition from established commercial real estate operators(p.22)
- • Regulatory changes and increased taxation burden(p.28)
- • Foreign exchange and currency repatriation restrictions(p.26)
- • Regulatory complexity and compliance burden under REIT Regulations(p.24)
- • Risk of tenant default or early termination of lease(p.101)
- • Downturns in tenant's business or conglomerate affecting rental income(p.101)
- • Fluctuations in rental levels in Outer Ring Road submarket(p.104)
- • No active secondary trading market for newly listed units(p.103)
- • Evolving SM REIT regulatory framework still at inception stage(p.104)
- • Fluctuations in Indian Rupee exchange rates affecting foreign investors(p.105)
- • Global economic headwinds and volatility in securities markets(p.103)
- • Global economic uncertainty and geopolitical tensions affecting FDI(p.117)
- • Inflation volatility from food supply shocks and monsoon dependency(p.116)
- • Currency depreciation pressures from global monetary tightening(p.117)
- • Tech sector slowdown reducing office demand(p.132)
- • Uncertainty in monsoon-dependent agricultural output affecting inflation(p.116)
- • Regulatory risk from potential SEZ denotification impacting existing assets(p.129)
- • Tenant default or lease termination risk(p.237)
- • Regulatory changes to REIT structure or taxation(p.237)
- • Foreign exchange risk on US-based tenant payments(p.205)
- • Interest rate risk on variable-rate debt obligations(p.237)
- • High office vacancy rates rising across India as supply outpaces absorption, now at 13.9% in Bengaluru vs. single digits historically(p.282)
- • Tenant occupying 100% of property may relocate if business conditions change or consolidate operations(p.262)
- • New supply in ORR Southeast and city continues at elevated levels, potentially creating future vacancy pressures(p.281)
- • Economic slowdown or tech sector downturn could reduce occupier demand and rental growth(p.277)
- • Regulatory changes or building code amendments (NBC 2005 vs. NBC 2016) may require costly upgrades(p.320)
- • Dependency on metro infrastructure completion; any delays could reduce accessibility advantage(p.268)
- • Going concern uncertainty due to lack of operations and losses(p.355)
- • Dependency on REIT acquisition for viability(p.382)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| PropShare Investment Manager Private Limited | Settlor / Investment Manager | — | — |
| Kunal Moktan | Co-founder / Promoter | — | — |
| Hashim Qadeer Khan | Co-founder / Promoter | — | — |
| PropShare Investment Manager Private Limited | Investment Manager | — | 5% of total Platina Units (subject to finalization of Basis of Allotment) |
| AltInvest Online Platform Private Limited | Parent company of Investment Manager, backed by marquee investors including Westbridge Capital, Lightspeed India, BEENEXT and Pravega Ventures | — | — |
| PropShare Investment Manager Private Limited | Investment Manager / Promoter | — | 5% minimum of the Offer (subscription at face value) |
| Prestige Group / Prestige Estates Private Limited (PEPL) | Developer / Asset Provider | — | — |
| PropShare Investment Manager Private Limited | Investment Manager | — | [●]% |
| PropShare Investment Manager Private Limited | Promoter/Manager | — | — |
| Kodur Amarendrajoysa Pallavi | Promoter | 50.00% | — |
| Birur Srinivasamurthy Bhagyalakshmi | Promoter | 50.00% | — |
Leadership
Kunal Moktan · Chief Financial Officer / Non-Independent Director / Chief Investment Officer cum Chief Executive Officer (at Property Share)
Hashim Qadeer Khan · Chief Executive Officer / Non-Independent Director / Chief Technology Officer (at Property Share)
Deepa Rath · Managing Director / Chief Executive Officer (Trustee - Axis Trustee Services Limited)
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Property Share Investment Trust- Propshare Platina IPO FAQs
What is the lot size of Property Share Investment Trust- Propshare Platina IPO?
The minimum lot size of Property Share Investment Trust- Propshare Platina IPO is 1 shares. One lot costs ₹10,50,000 at the cut-off price.
When does Property Share Investment Trust- Propshare Platina IPO open and close?
Property Share Investment Trust- Propshare Platina IPO opened for subscription on 02 Dec 2024 and closed on 04 Dec 2024.
What is the listing date of Property Share Investment Trust- Propshare Platina IPO?
Property Share Investment Trust- Propshare Platina IPO listed on 10 Dec 2024.