PropShare Platina, the first SM REIT offering from Property Share Investment Trust, saw the overall book being fully subscribed helped by corporate demand, though it attracted very little institutional interest.

According to exchange data, the total issue was subscribed 1.19 times, corporates being responsible for bulk of the bids.

Of the 839 units on offer for non-institutional investors, bids came in for 3,668 units of which corporates bid for 2,732 units while individuals bid for 880 units.

The institutional investor portion, however, remained undersubscribed. Of the 2,514 units on offer, bods were made only for 334 units, the major portion coming in from foreign institutional investors while domestic institutions and mutual funds stayed away.

PropShare Platina, the first SM REIT IPO, is raising ₹353 crore. It comprises 2,46,935 square feet of office space in Prestige Tech Platina, located on Outer Ring Road, Bengaluru, developed by the Prestige group and proposed to be fully leased to a US-based tech company through a fresh 9-year lease with a 4.6 year weighted average lock-in and escalation in rents every three years.

The scheme offers investors a projected distribution yield of 9 per cent for FY26, 8.7 per cent in FY27 and 8.6 per cent in FY28.

The response to the scheme is being keenly watched by other SM REITs that are also planning to launch their first offering. Analysts said that such schemes usually attract considerable interest from family offices, small businesses and high net worth individuals.