Property Share Investment REIT IPO: Shares to debut today. Here's what GMP indicates
shares of Property Share Investment REIT IPO will debut on the BSE platform on Monday. Ahead of the listing, the company's shares had no GMP in the grey market.
The REIT IPO of Property Share Investment Trust was fully subscribed on the final day of bidding at 1.19 times at close.
Property Share is launching an REIT IPO for PropShare Platina, which is the first scheme under PSIT. Small and medium REITs are a new asset class regulated by the Sebi as a sub-class within the REIT framework for assets valued between Rs 50-500 crore.
The offer proceeds are proposed to be utilized primarily for acquisition of the Prestige Tech Platina asset by the Platina SPVs with the remaining for other general corporate purposes.
PropShare Platina spans 246,935 sq. ft. of office space within Prestige Tech Platina, a LEED Gold-certified building situated on Bangalore's Outer Ring Road (ORR). The property is set to be fully leased to a leading US-based tech firm under a fresh 9-year lease, featuring a weighted average lock-in period of 4.6 years and a 15% rent escalation every three years.
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