About
PropShare Titania is the second scheme launched by Property Share Investment Trust, India’s first SEBI-registered small and medium real estate investment trust. The scheme comprises office premises across six floors of G Corp Tech Park, a Grade A+ commercial property in Thane, Mumbai Metropolitan Region, with a leasable area of 437,973 sq. ft. The property is fully leased to a mix of tenants, including Aditya Birla Capital, Concentrix, a Fortune 500 healthcare company, and a Japanese multinational conglomerate. The Trust focuses on income-generating commercial real estate assets leased to established corporate tenants.
What is an SM REIT?
SM REIT (Small and Medium Real Estate Investment Trust) is essentially a smaller, more flexible version of traditional REITs that has been recently regulated by SEBI. While traditional REITs primarily focus on commercial properties, SM REITs have the flexibility to invest in both commercial and residential real estate properties, though with a much smaller portfolio value (ranging from Rs 50 crore to less than Rs 500 crore). Like regular REITs, they pool money from investors to buy revenue-generating properties, collect rental income, and distribute it as dividends to unitholders. However, SM REITs come with higher concentration risk due to their smaller, less diversified portfolios, and require a significantly higher minimum investment of Rs 10 lakh compared to the Rs 10,000-15,000 minimum for traditional REITs, making them suitable only for investors with high risk appetite.
Financials
| Financial Year Ended | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
| Total Assets | 64.51 | 102.12 | 148.06 |
| Revenue | 72.72 | 141.27 | 155.66 |
| Profit After Tax | 8.59 | 30.01 | 34.83 |
IPO schedule
| Issue open date | 2025-07-22 |
|---|---|
| Issue close date | 2025-07-24 |
| UPI mandate deadline | 2025-07-24 (5 PM) |
| Allotment finalization | 2025-07-25 |
| Refund initiation | 2025-07-28 |
| Share credit | 2025-07-28 |
| Listing date | 2025-07-29 |
| Mandate end date | 2025-08-08 |
| Lock-in end date for anchor investors (50%) | 2025-08-24 |
| Lock-in end date for anchor investors (remaining) | 2025-10-23 |
How to apply?
Application Supported by Blocked Amount (ASBA) i.e. investors’ application money remains in their bank accounts but is temporarily blocked until the shares are allotted. Once the shares are allotted, the blocked amount is debited from the investor’s account. If shares are not allotted, the amount is unblocked.
To apply online:
- Login to the internet banking portal, and fill out the required details, including the demat account details. Find the 16-digit Demat ID here, console.zerodha.com/account/demat.
- Depository: CDSL
- DP name: Zerodha
To apply offline:
- Download the blank ASBA form from BSE (WEB).
- Print the forms and fill in information such as personal details, demat account details, bid quantity, price etc.
- Submit it to the bank. The bank must be designated as a Self-Certified Syndicate Bank (SCSB) (WEB).
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Overall | ₹93.75 crores |
| Fresh issue | ₹93.75 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
|---|---|
| Funding Capital Expenditure for purchase of machinery | 31.98 (34.11%) |
| Working capital requirements | 30 (32%) |
| General corporate purposes |
Strengths
- Offers comprehensive engineering solutions, spanning from initial surveys and planning to detailed design and project execution
- Consistent growth in revenue and profitability
- Broad client base across government and private sectors
- Diversified sector coverage including roads, railways, metros, ports and oil & gas
- Promoter’s expertise in Infrastructure Consultancy Service Industry
Risks
- High reliance on Maharashtra (84% revenue in FY25), exposing the business to regional disruptions
- Ongoing litigation and contingent liabilities, if materialised, poses financial risks
- Dependence on a few large government and corporate clients
- Operates in highly competitive and tender-based model