Trilegal advised on second ever IPO in India by a scheme of an SM REIT
The leading Indian law firm Trilegal advised Kotak Mahindra Capital Company Limited (the lead manager) on the second ever public issue of units by a scheme of a Small and Medium Real Estate Investment Trust (SM REIT).
The initial public offering was undertaken by PropShare Titania, the second scheme of the Propshare Investment Trust (“Scheme”), for an amount aggregating to ₹4,729.72 million. The IPO proceeds were utilised to fund the acquisition of a special purpose vehicle (“Titania SPV”) which owns six floors in G Corp Tech Park, a Grade A+ commercial office development in Thane, Mumbai Metropolitan Region, with a leasable area of 437,973 square feet.
Propshare Investment Trust, established on June 27, 2024, is India’s first registered SM REIT, registered on August 5, 2024. The Scheme was set up for:
- (i) Acquiring the entire paid-up equity share capital of the Titania SPV; and
- (ii) Providing loan to the Titania SPV for extinguishment and redemption of its debenture liability.
The units of the Scheme were listed on BSE Limited on August 4, 2025.
The Trilegal Capital Markets team advising on the matter was led by Abhinav Maker (Partner) and supported by Mrinal Kumar (Associate), Kalyan Reddy (Associate) and Animan Sharma (Associate).
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