Property Share Investment Trust- Propshare Titania
Mainboard₹473 Cr issue
-0.01%
Listing gain over issue price
Issue size
₹473 Cr
1 lot at cut-off
₹10,60,000
Lot size
1shares
Open
21 Jul 2025
Close
25 Jul 2025
Allotment
30 Jul 2025
Listing
04 Aug 2025
Listing performance
Issue price
₹10,60,000
Listed at
₹10,59,900
Listing-day close
₹10,61,100
Latest price
₹10,70,000
Close on 21 Oct 2026
Listing gain
-0.01%
Return since issue
+0.94%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Jul 2025 – 25 Jul 2025
- Listing date
- 04 Aug 2025
- Issue price
- ₹10,60,000 per share
- Lot size
- 1 shares
- Total issue size
- ₹473 Cr
- Market cap at offer price
- ₹473 Cr
- ISIN
- INE19RO25021
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- 16th Floor,, SKAV Seethalakshmi,, 21/22, Kasturba Road, 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 ₹10,60,000
| Application | Lots | Shares | Amount |
|---|---|---|---|
| B-HNI (min) | 1 | 1 | ₹10,60,000 |
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 ₹10,60,000 per share
Valuation and performance
Valuation at offer price
₹10,60,000 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹473 Cr |
About Property Share Investment Trust- Propshare Titania
PropShare Titania is the second scheme of Property Share Investment Trust, registered with SEBI as India's first SM REIT. It proposes to acquire 100% of Eranthus Developers Private Limited (Titania SPV), which owns 4,37,973 square feet of commercial office space spread across six floors (5th part, 7th, 9th, 11th, 12th, and 13th) of G Corp Tech Park, a Grade A+ office building in Thane, MMR. As of February 28, 2025, the property is 100% occupied by 11 tenants including Fortune 500 companies and MNCs. The trust generates revenue primarily through lease rentals with contracted annual escalations of 5%, complemented by maintenance services income. The property has LEED Platinum, WELL Health & Safety, and BEE 5-star certifications.
Company Analysis
from DRHPPropShare Titania is a small and medium real estate investment trust (SM REIT) scheme that owns and operates commercial office space across six floors of G Corp Tech Park in Thane, Mumbai Metropolitan Region, generating revenue through lease rentals from corporate tenants.
PropShare Titania is the second scheme of Property Share Investment Trust, registered with SEBI as India's first SM REIT. It proposes to acquire 100% of Eranthus Developers Private Limited (Titania SPV), which owns 4,37,973 square feet of commercial office space spread across six floors (5th part, 7th, 9th, 11th, 12th, and 13th) of G Corp Tech Park, a Grade A+ office building in Thane, MMR. As of February 28, 2025, the property is 100% occupied by 11 tenants including Fortune 500 companies and MNCs. The trust generates revenue primarily through lease rentals with contracted annual escalations of 5%, complemented by maintenance services income. The property has LEED Platinum, WELL Health & Safety, and BEE 5-star certifications.
Real Estate Investment Trusts (SM REIT)Commercial Real EstateOffice Space Leasing
Objects of the Issue
- Acquisition of the entire issued and paid-up equity share capital of the Titania SPV as per the share purchase agreement to be executed between the parties Portion of ₹4,720 million gross proceeds p.7
- Providing loan to the Titania SPV for extinguishment and redemption of the debenture liability of the Titania SPV, by redeeming the OCDs (including any accrued interest) Up to ₹2,206.16 million p.7
- General purposes p.7
- Acquisition of the entire issued and paid-up equity share capital of the Titania SPV p.60
- Acquisition of the entire issued and paid-up equity share capital of the Titania SPV as per the share purchase agreement to be executed between the parties ₹2,059.90 million p.159
- Providing loan to the Titania SPV for extinguishment and redemption of the debenture liability of the Titania SPV, by redeeming the OCDs (including any accrued interest) ₹2,206.16 million p.159
- General purposes p.162
- Fresh Issue of Titania Units Up to ₹ [●] p.176
- Acquisition of Titania SPV (Eranthus Developers Private Limited) and infusion of scheme loan into the Titania SPV for discharge of debenture liabilities and general corporate purpose Up to ₹4,720 million (Gross Proceeds from IPO) p.266
Issue Structure
- Total Issue
- Up to ₹4,720 million
- Fresh Issue
- Up to [●] Titania Units aggregating up to ₹4,720 million
- Offer for Sale
- Not Applicable
- Price Band
- ₹ [●] per Titania Unit (Floor Price: ₹ [●]; Cap Price: ₹ [●])
- Lot Size
- 1 Titania Unit and in multiple of 1 Titania Unit thereafter; Bid Lot: 1 unit; Minimum Bid Size: ₹1 million for Bidders
- Face Value
- [●]
Business Model
PropShare Titania generates revenue through lease rentals from commercial office tenants, with additional revenue from maintenance services (common area maintenance). As of February 28, 2025, monthly rental income before tax is ₹33.48 million (comprised of ₹32.75 million in lease rentals and ₹4.39 million in common area maintenance income, less ₹3.66 million in common area maintenance expenses). The trust is required to distribute at least 95% of net distributable cash flows from the SPV to unitholders, with distributions declared quarterly.
Business Segments
Owns and leases commercial office premises across six floors of G Corp Tech Park with a total leasable area of 4,37,973 square feet. The property is fully occupied (100% occupancy) by corporate tenants including Fortune 500 companies, MNCs, and blue-chip organizations across BFSI, Technology, Healthcare & Lifesciences sectors.
Holds and leases completed, revenue-generating commercial office property through the Titania SPV; generates rental income from tenants
Leasing of office space across six floors (5th part, 7th, 9th, 11th, 12th, and 13th floors) in G Corp Tech Park to Fortune 500 companies, multinational corporations, and blue-chip tenants; provision of common area maintenance services
Owns and operates Project Titania, a Grade A+ commercial tech park in Thane, MMR comprising 437,973 square feet of leasable area. Property is 100% occupied with diversified tenant portfolio including Fortune 500 companies, multinational corporations, and blue-chip tenants. Generates revenue through lease rentals with annual escalation of 5%.
Leasing of Grade A IT office space across six floors in G Corp Tech Park, Thane, Maharashtra. The Scheme owns and leases approximately 437,973 square feet of leasable office area to multiple tenants under leave and license agreements.
Financial services and banking operations occupying office space
Information Technology and IT-enabled Services operations
Healthcare and life sciences company operations
SWOT Analysis
Strengths
- • Established REIT regulatory framework with SEBI oversight(p.54)
- • Professional asset management and institutional-quality oversight(p.83)
- • Access to Grade A+ institutional-quality office assets(p.90)
- • Thane submarket offers significant cost advantage vs other Mumbai office markets(p.100)
- • Strong occupancy and tenant quality in Grade A+ assets(p.115)
- • Experienced investment and asset management team(p.197)
- • 100% occupancy with diversified tenant portfolio(p.197)
- • Strong tenant retention and renewal track record(p.197)
- • Sustainability certifications and green building credentials(p.197)
- • Embedded rental growth mechanism(p.197)
- • Strategic metro connectivity(p.197)
- • Established operational IT park asset with long lease terms(p.281)
- • Strong occupancy with multiple tenants and contractual rent escalations(p.260)
- • Premium location with established infrastructure(p.281)
- • LEED Platinum rated development signaling quality and sustainability(p.297)
- • LEED Platinum certified building with multiple sustainability certifications(p.309)
- • Prime location on Ghodbunder Road with excellent connectivity and accessibility(p.302)
- • 100% occupancy with strong tenant profile including BFSI, technology, and healthcare sectors(p.304)
- • Grade A+ quality office building with low vacancy in micro-market(p.317)
- • Completed and fully operational facility with all requisite approvals(p.304)
- • Well-maintained infrastructure with 15-year history demonstrating operational stability(p.304)
- • Strong weighted average lease expiry (WALE) of 3.47 years indicating tenant stability(p.312)
Weaknesses
- • History of losses in FY 2022 with low occupancy(p.54)
- • Limited operating history as newly formed trust(p.55)
- • Dependence on tenant lease renewals at favorable terms(p.54)
- • Limited recourse against Investment Manager and Trustee(p.56)
- • Insufficient insurance coverage for certain risks(p.57)
- • High leverage and debt burden(p.218)
- • Concentration of portfolio in single asset(p.223)
- • Limited operational history as new REIT scheme(p.224)
- • Significant finance costs impacting profitability(p.219)
- • Contingent acquisition subject to future Share Purchase Agreement execution(p.298)
- • Title held by erstwhile company requiring transfer completion(p.242)
- • Significant outstanding contingent income tax liabilities(p.252)
- • High financial leverage with substantial debt burden(p.251)
- • Negative retained earnings indicating cumulative losses(p.245)
- • Tenant concentration risk with top 6 tenants representing 76% of gross rentals(p.311)
- • Single glazed façade requires future replacement within 5-8 years(p.379)
- • Toilet facilities below NBC standards on most floors(p.376)
- • Parking utilization below market standard at ratio of 1:1100 sft vs. 1:300 sqm requirement(p.376)
- • Building age requires capital expenditure for equipment and systems upgrades(p.379)
- • Pending fire NOC renewal requiring ongoing compliance management(p.376)
Opportunities
- • SM REIT market expansion with ~USD 44 billion of SM REIT-worthy office assets(p.94)
- • Strong demand from Global Capability Centres (GCCs)(p.81)
- • Thane's infrastructure development and connectivity improvements(p.109)
- • India's robust office market growth with strong talent and cost advantages(p.90)
- • Rapid urbanization driving demand for commercial real estate(p.75)
- • Shift towards institutional ownership and professional asset management(p.96)
- • Projected rental growth in Grade A+ commercial properties(p.197)
- • Infrastructure development in Thane MMR(p.197)
- • Market transformation of Thane as commercial hub(p.197)
- • Expanding commercial real estate demand(p.197)
- • Lease renewal and expansion at higher market rents during projection period(p.260)
- • Sustained rental growth from contractual escalations(p.267)
- • Thane IT market expansion and emerging office supply concentration(p.281)
- • REIT platform providing capital-efficient growth structure(p.240)
- • Projected strong cash generation and distribution yields(p.265)
- • Grade A+ rental growth trajectory with 5-6% annual appreciation forecast(p.325)
- • Upcoming Wadala-Kasarvadavali Metro Line 4 enhancing property connectivity(p.302)
- • Limited Grade A+ supply pipeline creating pricing power for quality assets(p.325)
- • Thane office market transitioning to dominant BFSI and back-office operations(p.321)
- • Expansion of infrastructure including Thane-Borivali Twin Tunnel and Eastern Motorway(p.315)
- • Possibility to optimize parking with additional 100+ spaces or stack parking(p.376)
Threats
- • Competitive pressures and oversupply in office markets(p.54)
- • Regulatory changes to REIT and tax frameworks(p.54)
- • Foreign exchange volatility impacting foreign investors(p.57)
- • Nascent regulatory framework for SM REITs with evolving compliance requirements(p.55)
- • Tenant defaults, early terminations, and downward rental pressure(p.54)
- • Dependence on India's economic growth and office sector demand(p.55)
- • Tenant concentration risk(p.197)
- • Interest rate and financing costs volatility(p.218)
- • Real estate market cyclicality(p.197)
- • Regulatory changes affecting REITs(p.201)
- • Thane office market competitive intensity and new supply(p.284)
- • Tenant concentration risk with top tenants occupying significant area(p.282)
- • Lock-in period constraints limiting rent adjustment flexibility(p.267)
- • External debt dependence with interest rate exposure(p.251)
- • India-specific regulatory and tax uncertainties(p.270)
- • Overall Thane office market vacancy expected to remain in range of 11-14%(p.322)
- • Regulatory changes to fire and MEP requirements not currently compliant(p.379)
- • Macro-level economic conditions affecting tenant occupancy and rental negotiations(p.361)
- • Rising operating costs including CAM, property tax, and insurance expenses(p.334)
- • Competition from new Grade A+ supply completion in 2025 (1.9 mn sq ft Hiranandani Centaurus)(p.322)
- • Pending litigations against promoter including High Court and NCLT cases(p.360)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| GOF I (Master A) Pte. Ltd. | Shareholder of Titania SPV | 81.25% of issued and paid-up equity share capital (6,71,12,500 equity shares of ₹10 each) | — |
| Anamudi Real Estates LLP | Shareholder of Titania SPV | 18.75% of issued and paid-up equity share capital (1,54,87,500 equity shares of ₹10 each) | — |
| GOF I (Master A) Pte. Ltd. | Current shareholder of Titania SPV (Seller) | 81.25% | — |
| Anamudi Real Estates LLP | Current shareholder of Titania SPV (Seller) | 18.75% | — |
| PropShare Investment Manager Private Limited | Investment Manager | — | at least 5% |
| GOF I (Master A) Pte. Ltd. | Shareholder of Titania SPV | 81.25% | — |
| Anamudi Real Estates LLP | Shareholder of Titania SPV | 18.75% | — |
| PropShare Investment Manager Private Limited | Investment Manager and proposed acquirer | — | 100% (through PropShare Titania) |
| GOF I (Master A) Pte Ltd | Shareholder of Titania SPV (Eranthus Developers Private Limited) | 81.25% | — |
| Anamudi Real Estates LLP | Shareholder of Titania SPV (Eranthus Developers Private Limited) | 18.75% | — |
| GOF I (Master A) Pte. Ltd. | Holding Company / Equity Investor | 671.13 million (equity capital as of December 31, 2024) | — |
| Anamudi Real Estates LLP | Equity Investor | 154.88 million (equity capital as of December 31, 2024) | — |
| Property Share Investment Trust | Sponsor | — | — |
| Axis Trustee Services Limited | Trustee | — | — |
| Godrej Fund Management (through Eranthus Developers Private Limited) | Current owner | — | — |
Leadership
Kunal Moktan · Contact Person of the Investment Manager (PropShare Investment Manager Private Limited)
Prashant Kataria · Compliance Officer of the Property Share Investment Trust
Anil Grover · Chief Operating Officer / Contact Person of the Trustee (Axis Trustee Services Limited)
Auto-extracted from the company's DRHP 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 DRHP before relying on it.
Property Share Investment Trust- Propshare Titania IPO FAQs
What is the lot size of Property Share Investment Trust- Propshare Titania IPO?
The minimum lot size of Property Share Investment Trust- Propshare Titania IPO is 1 shares. One lot costs ₹10,60,000 at the cut-off price.
When does Property Share Investment Trust- Propshare Titania IPO open and close?
Property Share Investment Trust- Propshare Titania IPO opened for subscription on 21 Jul 2025 and closed on 25 Jul 2025.
What is the listing date of Property Share Investment Trust- Propshare Titania IPO?
Property Share Investment Trust- Propshare Titania IPO listed on 04 Aug 2025.