Property Share eyes Rs 485-crore IPO via PropShare Lumina

A group called Property Share Investment Trust wants to raise money by selling units to people through something called an initial public offering, or IPO.

This group is the first registered Small and Medium Real Estate Investment Trust in the country, also called an SM REIT.

It plans to raise up to 485 crore rupees, which is about 4,846.80 million rupees.

The units are being sold through a new plan called PropShare Lumina.

With the money, investors get a small share of two office towers in a business centre in Noida.

The buildings have about 4,37,025 square feet of space.

All of that space is already rented out to 19 different companies, so the property is fully occupied.

In the past, big office buildings like these were usually only open to big institutional investors.

Now, regular retail investors can also buy into such commercial property through this type of scheme.