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As on : 05-Dec-2024

IPO Centre - IPO News
05-Dec-2024 15:37

PropShare Platina REIT IPO ends with 1.19x subscription

The initial public offer (IPO) of Property Share Investment Trust SM REIT (PropShare Platina) received bids for 4,002 shares as against 3,353 shares on offer. The issue was subscribed 1.19 times.

The institutional investors category, comprising foreign institutional investors, domestic financial institutions, and mutual funds, was subscribed just 0.13 times. The other investor category, made up of corporations, individual investors, and others, was subscribed to 4.37 times.

The issue opened for bidding today, 2 December 2024, and it closed on Wednesday, 4 December 2024. The price band of the IPO is fixed at Rs 10 lakh to 10.50 lakh.

The IPO comprised 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.

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