Property Share Investment Trust Limited has launched its Initial Public Offering (IPO), with a book-building issue size of ₹472.00 crore, opening for subscription from 21st July to 25th July 2025. This IPO comprises a 100% fresh issue, and the shares are expected to be listed on the BSE on 4th August 2025.
Despite the premium price band, the IPO is generating buzz due to its unique structure and the scale of its investment strategy. However, as of 21st July 2025, the Grey Market Premium (GMP) stands at ₹0, indicating flat listing expectations.
Let’s dive into the detailed breakdown of this IPO, including GMP trends, objectives, allotment schedule, registrar details, and whether it makes sense to apply.
📊 IPO Snapshot
| Particulars | Details |
|---|---|
| Company Name | Property Share Investment Trust Ltd. |
| Issue Size | ₹472.00 crore |
| Issue Type | Book Building IPO |
| Face Value | ₹[.] per share |
| Price Band | ₹10,00,000 – ₹10,60,000 per share |
| Lot Size (Retail & HNI) | 1 share per lot |
| Minimum Investment | ₹10,60,000 |
| IPO Open Date | 21st July 2025 |
| IPO Close Date | 25th July 2025 |
| Allotment Date | 30th July 2025 |
| Refund Initiation | 31st July 2025 |
| Listing Date (Tentative) | 4th August 2025 |
| Listing Exchange | BSE |
| Registrar | Kfin Technologies Limited |
| IPO Website | www.propertyshare.com |
📈 Property Share IPO GMP (Grey Market Premium)
As of the latest data on 21st July 2025, the GMP is ₹0, indicating no grey market premium or discount.
| Date | IPO Price | GMP | Est. Listing Price | Listing Gain (%) |
|---|---|---|---|---|
| 21-07-2025 | ₹10,60,000 | ₹0 | ₹10,60,000 | 0.00% |
| 20-07-2025 | ₹10,60,000 | ₹0 | ₹10,60,000 | 0.00% |
| 19-07-2025 | ₹10,60,000 | ₹0 | ₹10,60,000 | 0.00% |
| 18-07-2025 | ₹10,60,000 | ₹0 | ₹10,60,000 | 0.00% |
| 17-07-2025 | ₹10,60,000 | ₹0 | ₹10,60,000 | 0.00% |
Note: GMP trends may fluctuate closer to listing depending on investor sentiment and institutional bids.
🎯 Objectives of the IPO
Property Share Investment Trust Limited plans to utilize the ₹472 crore raised via IPO for:
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Acquisition of Titania SPV:
To acquire 100% equity share capital of Titania SPV in accordance with the Share Purchase Agreement. -
Loan Provision to Titania SPV:
A substantial portion will go towards extinguishing the outstanding Optional Convertible Debentures (OCDs), including accrued interest. -
General Corporate Purposes:
To strengthen the balance sheet, enhance working capital, and fund operational costs.
🔍 Review & Investment Considerations
✅ Positives:
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100% fresh issue, indicating capital inflow directly into business.
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Structured for institutional-grade real estate investors.
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Strong use-case in fractional real estate platforms—an emerging segment.
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High-value offering—filters out speculative retail flows.
⚠️ Concerns:
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Extremely High Ticket Size: Retail participation is almost excluded due to the lot size of ₹10.6 lakh per share.
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No GMP Premium: Zero listing gains anticipated as per current GMP trends.
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Lack of Retail Liquidity: Could be difficult to exit due to limited participation and potential low volume trading post-listing.
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Undisclosed Financial Ratios: PE, EPS, RoNW, and other metrics still awaited or not disclosed in RHP.
🧾 Registrar Details
Registrar: Kfin Technologies Limited
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IPO Status Portal: https://kosmic.kfintech.com/ipostatus
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Contact: 04067162222, 04079611000
Investors can visit this portal for checking allotment status, refund details, and any discrepancy queries.
🧠 Expert Verdict: Apply or Avoid?
The Property Share IPO presents a unique investment proposition but comes with notable limitations:
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If you’re a high net-worth individual (HNI) or institutional investor, this IPO might appeal as a long-term entry into premium commercial and fractional property ownership platforms.
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For retail investors, the high lot size and lack of liquidity make it high-risk.
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The ₹0 GMP shows muted market interest, at least in the short term.
Consensus:
⭐ Neutral to Avoid for retail investors.
⭐ Apply selectively for long-term HNIs focused on real estate diversification.
📬 FAQs – Property Share IPO
Q1: What is the Property Share IPO price band?
₹10,00,000 to ₹10,60,000 per share.
Q2: What is the lot size for retail investors?
1 lot = 1 share = ₹10,60,000. Retail/HNI minimum bid is 1 share.
Q3: What is the GMP of the Property Share IPO as of 21st July 2025?
₹0 per share, implying no premium or discount.
Q4: When is the Property Share IPO listing date?
Tentative listing on 4th August 2025, on BSE.
Q5: Who is the registrar of the IPO?
Kfin Technologies Limited.
🏁 Conclusion
The Property Share IPO is unconventional in its scale, structure, and market appeal. It is designed more for wealthier and institutional investors than typical retail participants. While the fundamentals of fractional real estate investment remain strong, current market response (as seen in GMP and muted buzz) suggests caution.
If you’re looking for high liquidity, short-term gains, or low-ticket entries—this IPO might not be suitable.
ALSO READ: Do Indian IPOs Favour Insiders Over Retail?
